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| Global Cannabis Beverage Market |
The Cannabis Beverage Market is estimated to be valued at US$ 547.43 Mn in 2023 and is expected to exhibit a CAGR of 2.2 %
over the forecast period 2023 to 2030, as highlighted in a new report published
by Coherent Market Insights.
Market Overview:
Cannabis beverages are non-alcoholic drinks infused with tetrahydrocannabinol
(THC) or cannabidiol (CBD). These beverages offer a convenient way to consume
cannabis for its perceived health benefits. Popular cannabis beverages include
drinks infused with marijuana, sodas, teas, juices, cocktails and beer. The use
cases for these products include medical application to treat conditions like
chronic pain, epilepsy, muscle spasms, insomnia and more. Recreational users
consume these drinks for relaxation purposes.
Market Dynamics:
The demand for cannabis beverages is primarily driven by increasing
legalization of recreational and medical marijuana in various parts of the
world. As of 2022, over 25 countries and 30 U.S. states have legalized medical
marijuana while 19 U.S. states have legalized recreational use for adults.
Growing public acceptance of cannabis infused products and wide availability
are boosting sales. Furthermore, key players are launching various innovative
product types, flavours and packaging which is attracting both first time and
regular cannabis users. However, strict regulations regarding production, sale
and consumption of marijuana infused drinks pose a challenge to market growth.
Segment Analysis
The global cannabis beverage market is dominated by the alcohol replacement
sub-segment. The alcohol replacement sub-segment accounts for over 35% of the
total market share due to rising health consciousness among individuals.
Consumers above the age of 30 are switching from alcohol beverages to cannabis
beverages to avoid risks of hangover.
PEST Analysis
Political: Most of the countries have legalized the use of cannabis for medical
purposes however legal aspects related to recreational use vary across regions.
This limits the market scope.
Economic: Rising income levels and growing consumer health awareness are
positively impacting the market growth. However, high production costs remain a
challenge.
Social: Cannabis beverages are gaining popularity as alternatives for alcohol.
The flexible consumption options appeal to a wider consumer base. However,
social stigma remains in some communities.
Technological: New extraction methods aid higher yields and consistency.
Innovations in THC/CBD delivery systems enhance product efficacy and consumer
experience. Traceability technologies improve compliance.
Key Takeaways
The Global
Cannabis Beverage Market is expected to witness high growth, exhibiting
CAGR of 2.2% over the forecast
period, due to increasing health consciousness and experimentation among
millennials and generation Z.
The North American region dominates the cannabis beverage market holding over
60% share due to the legalization of cannabis across multiple states in the US
and Canada. Key players are focusing on this region by launching new products.
Europe is expected to be the fastest growing region, advancing at a CAGR of
around 25% owing to the growing medicinal applications of cannabis and
favorable regulations in multiple countries including Germany, Italy, and the
UK.
Key players operating in the cannabis beverage market are MedReleaf Corp.,
Cronos Group Inc., Jazz Pharmaceuticals, Phoena Holdings, VIVO Cannabis Inc.,
Tilray Inc., General Cannabis Corporation, Koios Beverage Corporation, New Age
Beverages Corporation, Dutch Windmill Spirits, Heineken, Canopy Growth, and SK
Rodnik. Strategic partnerships and product line extensions are among the key
strategies adopted by these players to strengthen their market presence.
Read More: https://www.rapidwebwire.com/cannabis-beverage-market-overview-and-scope/