The new report by Expert Market Research titled, ‘Global Cannabis Beverages Market Size, Share, Price, Trends, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global cannabis beverages market, assessing the market based on its segments like type, component, distribution channel, end-uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 1.8 billion
• Forecast CAGR (2023-2028): 48%
• Forecast Market Size (2028): USD 12.7 billion
Rising demand for wellness drinks is expected to propel the growth of cannabis beverages industry. Factors like low sugar content of the product and the presence of an appropriate quantity of cannabis for consumption are projected to fuel the product demand. The legalization of marijuana usage for medical and recreational purposes in many countries is expected to drive the production as well as demand for cannabis-infused beverages.
Consumers, especially within the developed markets of North America and Europe, are constantly shaping the category amidst ‘all natural’, ‘chemical free’, and with ‘recognisable and herbal formulations trends and developments, which is further aiding the growth of the industry.
Industry Definition and Major segments:
Cannabis refers to a flowering plant, which is also referred to as hemp. It belongs to the family of Cannabaceae. Cannabis has been used as a rich source of hemp oil for years and hemp fibre and is also hailed for its medicinal purpose and as a mind-altering drug. Recently the utilisation has been extended to common consumable drinks referred to as cannabis drinks.
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On the basis of type, the cannabis beverages market has been segmented into:
• Alcoholic
• Non-Alcoholic
Cannabis beverages can be divided on the basis of component into:
• Cannabidiol (CBD)
• Tetrahydrocannabinol (THC)
On the basis of distribution channel, the cannabis beverages market is segmented into:
• Hypermarkets and Supermarkets
• Convenience Store
• Mass Merchandisers
• Speciality Stores
• Online
• Others
Cannabis beverages finds its end uses in the following:
• Household
• HoReCa
The regional markets for cannabis beverages can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Industry Trends:
Cannabis consumers are not just limited to smoking flowers with joints, pipes, or bongs, but have their choice of an increasing sort of products, including concentrated and infused products. The beverage industry in itself is going through a fundamental transformation with the elements, ingredients and additives. The beverages boom, as showcased within the off-trade sales channels like restaurants, and clubs, among others, is likely to facilitate the sales of customised cannabis-infused drinks.
Although THC has remained the main attraction among the consumers for experiencing the ‘euphoric high’, ‘the industry is exhibiting a dramatic evolution with the thriving popularity of cannabidiol (CBD) infused beverages. There is a strong demand for healthy edibles within the cannabis beverages industry which has further pushed the sales of CBD infused drinks. The high demand for these beverages is additionally providing radical shift to the general cannabis beverages market share.
Key Market Players
The major players in the market are Global Window Film Market are Anheuser Busch Inbev NU, Canopy Growth Corporation, Dixie Elixirs LLC, Phivida Holdings Inc, and Tilray, Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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