Cannabis Beverage Market to Grow with a CAGR of 4.7% Globally through to 2028
Rising legalization of cannabis, increasing demand for
wellness drinks, Growing popularity of microdosing are factors driving the
Global Cannabis Beverage market in the forecast period 2024-2028.
According to TechSci Research report, “Global Cannabis
Beverage Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Cannabis Beverage Market stood at USD 964.5
million in 2022 and is anticipated to grow with a CAGR of 4.7% in the forecast
period, 2024-2028. The cannabis beverages market is experiencing significant
growth and transformation as more countries legalize both medicinal and
recreational cannabis use. Cannabis-infused beverages offer a unique and
socially acceptable way to consume cannabis, attracting consumers who may not
be comfortable with traditional smoking or vaping methods.
This shift in consumption habits is particularly
pronounced among older demographics and new cannabis users who may be more
hesitant to try traditional forms of consumption. Cannabis beverages provide a
familiar and approachable way to enter the cannabis market, appealing to a
broad spectrum of consumers.
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Beverage Market”
Additionally, the rise of social consumption spaces
and events, where cannabis consumption is permitted, has further boosted the
demand for cannabis-infused beverages. These spaces provide a controlled
environment for consumers to enjoy cannabis in various forms, including
beverages, while socializing with others who share similar interests. As the
cannabis hospitality industry grows, so does the market for cannabis beverages,
which are often a featured option at such venues.
Innovation and product diversity are essential drivers
of the cannabis beverages market's rapid expansion. As more companies enter the
industry, there is a constant push to create unique and appealing products that
cater to a wide range of consumer preferences.
One of the key innovations in this space is flavor
variety. Cannabis beverages are available in an array of flavors, from
fruit-infused sparkling waters to herbal teas and coffee blends. These diverse
flavor options cater to consumers with varying taste preferences, making
cannabis beverages more accessible to a broader audience.
Furthermore, cannabis-infused beverages come in
different formulations, including CBD-only, THC-only, and balanced THC-CBD
options. This variety allows consumers to choose products that align with their
desired effects, whether they seek relaxation, pain relief, or focus
enhancement.
Moreover, the convenience and portability of cannabis
beverages make them an attractive choice for consumers leading active
lifestyles. Whether it's a CBD-infused sparkling water after a workout or a
THC-infused beverage for a relaxing evening, these products are designed to fit
seamlessly into modern, on-the-go lifestyles.
Collaborations between cannabis
companies and established beverage giants have also been a driving force. These
partnerships leverage the expertise of beverage manufacturers in product
development, distribution, and marketing, while introducing cannabis-infused
beverages to a wider audience through established retail channels.
Moreover, the industry is witnessing the
emergence of "mixology" with cannabis beverages. Bartenders and
mixologists are experimenting with cannabis-infused ingredients to create
signature cocktails and mocktails. This trend not only caters to consumers
seeking a more sophisticated cannabis experience but also adds a layer of
cultural and culinary innovation to the market.
The Global Cannabis Beverage Market is segmented into
type, component, distribution channel, regional distribution, and company.
Based on type, the market for cannabis drinks is
divided into alcoholic and non-alcoholic beverages. Alcohol brewing businesses'
growing involvement in adding THC and CBD to beer is projected to fuel the
demand for alcoholic cannabis-infused beverages during the anticipated period.
Based on region, The North American market is
currently the largest market for cannabis beverages, followed by the European
market. However, the market is expected to grow rapidly in other regions, such
as Asia Pacific and Latin America, in the coming years. North America is
estimated to be the fastest and largest market for cannabis beverages.
Major companies operating in Global Cannabis Beverage Market
are:
- Aurora Cannabis Inc.
- Aphria Inc.
- Canopy Growth Corporation
- MedReleaf Corp.
- Cronos Group Inc.
- GW Pharmaceuticals, plc.
- CannTrust Holdings Inc.
- VIVO Cannabis Inc.
- Tilray
- OrganiGram Holdings
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“The cannabis beverages market has experienced robust
growth in recent years. Changing attitudes toward cannabis, increasing
legalization efforts, and a growing demand for alternative consumption methods
have all contributed to this expansion. Consumers are increasingly drawn to the
convenience, precise dosing, and health-conscious appeal of cannabis-infused
beverages. With innovative formulations, strategic partnerships, and a focus on
wellness, the market is expected to continue its upward trajectory. As more
regions legalize both CBD and THC beverages, and as regulatory frameworks
evolve, the cannabis beverages market is poised for even more significant
growth in the coming years.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Cannabis
Beverage Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Type (Alcoholic, Non-Alcoholic), By Component
(Cannabidiol (CBD), Tetrahydrocannabinol (THC)), By Distribution Channel
(Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Online,
Others), By Region, By Competition, 2018-2028”, has evaluated the
future growth potential of Global Cannabis Beverage Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Cannabis Beverage Market.
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