Cannabis Beverage Market To Witness High Growth Owing To Increasing Legalization Of Cannabis
Cannabis beverages are non-alcoholic drinks containing cannabidiol (CBD) or tetrahydrocannabinol (THC) extract derived from hemp or marijuana plants. Cannabis beverages are generally consumed for medical or recreational purposes and come in a wide variety of forms including sodas, teas, juices, coffee, and alcohol alternatives. They provide an alternative consumption method to smoking and are seen as a social way of enjoying the experience.
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 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing legalization of cannabis for both medical and recreational use across various countries is expected to be a major driver for the growth of the global cannabis beverage market over the forecast period. According to the report, the increasing awareness about the medical benefits of cannabis is also contributing to the growth of the market. Cannabis beverages are considered a safer alternative to other forms of cannabis consumption such as smoking and can help attract new users. Moreover, beverage producers are actively developing innovative cannabis-infused beverages in various forms which is further expected to boost the demand. However, the presence of stringent regulations in some countries around the production, distribution, and sales of cannabis may hamper the market growth.
SWOT Analysis
Strength: The cannabis beverage market is witnessing high demand for infused drinks and edibles. Cannabis Beverage offer various health benefits such as relief from stress, anxiety, insomnia, and muscle pain. They provide an alternative method of cannabis consumption to smoking. The cannabis extracts and compounds in beverages deliver desired effects in a timely manner once consumed.
Weakness: Strict regulations around the production, distribution, and sale of cannabis beverages limit their availability globally. Many countries have not yet legalized the use of cannabis for medical and recreational purposes. There is a social stigma associated with cannabis consumption, restricting its adoption.
Opportunity: Growing legalization of cannabis for medical and adult-use across countries is expanding the potential market. Many states in the U.S. have legalized both medical and recreational use of cannabis. This opens up opportunities for licensed beverage producers. Innovative product development utilizing varied cannabis extracts can boost demand.
Threats: Stringent marketing and labeling restrictions on cannabis products pose challenges. Companies have to invest significantly in product development and formulation to ensure regulatory compliance. High taxes imposed on cannabis products also increase market prices. Illicit trade of low-cost cannabis beverages poses competition.
Key Takeaways
The Global Cannabis Beverage Market Share is expected to witness high over the forecast period driven by growing product innovation and adoption. The availability of Cannabis Beverage provides an alternative method of consumption for medical patients and adult users. 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 2031.
Regional analysis: North America dominates the global cannabis beverage market currently owing to widespread legality of cannabis in major countries and markets like the U.S. and Canada. The region is expected to continue its dominance over the forecast period with the North America market size for cannabis beverages projected to reach over US$ 430 Bn by 2031.
Key players: Key players operating in the cannabis beverage market are IBM Corporation, Microsoft Corporation, SAP SE, and Oracle Corporation. These companies are investing in new product development and engaged in partnerships to strengthen their market presence. They are focusing on scalability and commercialization of their offerings to leverage opportunities in the high growth cannabis beverage industry.
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