Cannabis beverages are non-alcoholic drinks infused with tetrahydrocannabinol (THC) or cannabidiol (CBD). They offer an alternative mode of cannabis consumption for people who are averse to smoking. Cannabis beverages play an important role in relieving stress, sleep disorders, and arthritis pain. Expanding distribution footprint of cannabis beverages across dispensaries along with a growing consumer preference for wellness drinks are fueling the market growth.
The global Cannabis Beverage Market is estimated to be valued at US$ 547.43 Mn in 2023 and is expected to exhibit a CAGR of 22.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Product distribution has been one of the key trends contributing to the growth of the cannabis beverage market. Companies are innovating new product offerings to attract a wider consumer base. They are focusing on expanding their distribution network through new partnerships with dispensaries, retailers as well as online channels. This has increased the availability and accessibility of cannabis beverages. Manufacturers are launching cannabis drinks in pharmacies and beverage stores to benefit from expanded shelf space. Partnerships with popular distributors help in the swift delivery of products across wider regions. The rising distribution footprint is playing a vital role in market growth over the forecast period.
Segment Analysis
The global cannabis beverage market is dominated by the alcohol alternative sub-segment. The growing preference for cannabis infused alcoholic drinks among millennial as a substitute for conventional alcohol is driving the growth of this sub-segment. Consumers are increasingly choosing cannabis beverages as they offer relaxation without the adverse side effects of alcohol such as hangovers and other health issues associated with excessive alcohol consumption.
Key Takeaways
The Global Cannabis Beverage Market Share is expected to witness high growth over the forecast period of 2023 to 2030. Rising consumer preference for alternative products with therapeutic benefits is one of the major factors fueling the demand for cannabis infused beverages. The global Cannabis Beverage Market is estimated to be valued at US$ 547.43 Mn in 2023 and is expected to exhibit a CAGR of 22.0% over the forecast period 2023 to 2030.
North America currently holds the largest share in the cannabis beverage market owing to the legalization of marijuana in countries like the United States and Canada. The region is expected to continue dominating the market during the forecast period as well. The Europe cannabis beverage market is also expected to grow at a significant rate during the forecast period. Countries like Germany, the UK, Italy, Denmark, and Switzerland have legalized the use of cannabis for medical and recreational purposes which is boosting the demand in the region. Growing medicinal applications of cannabis and its acceptance as a health and wellness product are some of the major factors driving the European market.
Key players operating in the cannabis beverage market are IBM Corporation, Microsoft Corporation, SAP SE, and Oracle Corporation. These companies are primarily focusing on expanding their product portfolio and developing innovative solutions to strengthen their market position. For instance, IBM Corporation offers cannabis compliance and inventory management solutions for cannabis businesses.
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https://www.newswirestats.com/cannabis-beverage-market-size-share-growth-outlook-2023/
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