Cannabis Beverage Market is driven by Growing Consumer Preference for Cannabis-Infused Drinks
The Cannabis beverage market is growing in popularity due to increasing legalization of both medical and recreational cannabis and the advantages offered by cannabis infused drinks over conventional modes of consumption such as smoking. Cannabis beverages provide an alternative consumption method that is discrete, convenient and taste-neutral. They allow precise dosing and fast onset of effects. The growing awareness about the therapeutic benefits of cannabis in conditions such as chronic pain, insomnia and anxiety is also contributing to the growth of this market.
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.
Key Takeaways
Key players operating in the Cannabis beverage are IBM Corporation, Microsoft Corporation, SAP SE, and Oracle Corporation. These players are focusing on new product launches, partnerships, and regional expansion to meet the growing demand for cannabis infused drinks. IBM recently partnered with Tilray to research and develop CBD extracts that could be used in cannabis infused beverages.
The growing demand for Cannabis Beverage Market Demand is driven by the increasing need for alternative modes of cannabis consumption. Cannabis beverages are discreet and allow precise dosing as compared to conventional methods of consumption such as smoking. This has fuelled their popularity among new and recreational users.
Major players are also expanding globally to leverage business opportunities in new markets. For example, Canopy Growth entered the Canadian market with their Tweed-branded cannabis beverages in 2019 and later expanded to US states where cannabis is legal. The legalization of cannabis in more countries is expected to further fuel the global expansion of the cannabis beverage market during the forecast period.
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