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| Global Cannabis Beverage Market Growth |
The Cannabis Beverage Market involves beverages infused with cannabidiol (CBD)
and tetrahydrocannabinol (THC) extracts obtained from cannabis or hemp plants.
Cannabis beverages include sodas, teas, juices, and alcohol- mixed drinks. They
provide an alternative format of cannabis consumption to smoking, and help
deliver the desired effects in a social setting. The products are gaining
popularity among consumers as they provide relaxation without the intoxicating
effects of alcohol.
The global Cannabis Beverage Market is estimated to be
valued at US$ 630.64 Bn in 2024 and
is expected to exhibit a CAGR of 8.2% over
the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Cannabis Beverage market are IBM Corporation,
Microsoft Corporation, SAP SE, and Oracle Corporation. These companies are
investing heavily in innovation and new product development to cater to the
increasing demand.
There is huge growth potential for cannabis beverages due to the growing
acceptance of cannabis among individuals for medical and recreational purposes.
Many countries and states are legalizing the use of cannabis which is expanding
the total addressable market for cannabis companies.
Major players are focusing on global expansion plans to leverage opportunities
in new markets. Partnerships and mergers and acquisitions are expected to surge
as companies look to build global distribution networks. The increasing
penetration in international markets will drive the next phase of growth for
cannabis beverages.
Market Drivers
The growing consumer demand is a major driver contributing to the growth of Global
Cannabis Beverage Market Growth. Users prefer beverages as they allow
for a consistent and controlled dose intake without the health risks of
smoking. The wide social acceptability of drinks allows for discrete consumption.
This helps address the demand for a social format of cannabis use.
The increasing legalization of marijuana for medical and recreational purposes
across regions is expanding the total addressable market. Since cannabis
beverages provide an alternative method of marijuana intake, the growth in
consumer acceptability and addressing social use occasions is expected to
propel market revenues.
Market Restrains
Stringent regulations around the production, distribution, and sale of
cannabis-infused products in many countries act as a restraint. There are
ongoing debates around appropriate serving sizes and concentrations to ensure
consumer safety. This adds compliance complexity for businesses.
Lack of standardized manufacturing practices and quality control procedures is
another challenge. Inconsistent results across batches can impact consumer
confidence in products. High innovation and testing costs involved in bringing
safe and effective products to the markets also restrict the entry of new players.
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