The global Cannabis Beverages Market size was USD 574.90 million in 2020. The market is slated to grow from USD 915.06 million in 2021 to USD 19,063.58 million in 2028 at a CAGR of 54.31% in the 2021-2028 period.
Cannabis-infused drinks can be either alcoholic or non-alcoholic. These drinks are available in many different varieties, such as sodas, teas, coffees, juices, cocktails, and smoothies. Both therapeutic and recreational uses are possible for these drinks. Although beverages containing cannabis can have a variety of benefits, they are typically consumed to unwind and lessen stress. Based on product type and distribution channels, the market is divided into segments. A further division of the product type segment is made into alcoholic and non-alcoholic beverages. The industry is predicted to be dominated by the alcoholic beverages category because of the rising popularity of cannabis-infused beer and wine. Due to the increased demand for energy drinks, juices, and teas containing cannabis, the non-alcoholic segment is anticipated to have substantial growth in the upcoming years.
Online and offline channels make up the distribution channel sector. Because online retailers make their products so easily accessible and convenient, the internet channel is anticipated to expand more quickly. Due to the rise in the number of dispensaries and shops selling cannabis-infused beverages, the offline market is anticipated to expand steadily over the next few years. The market for cannabis beverages is anticipated to expand over the next few years as a result of rising demand for beverages infused with cannabis and the legalisation of the drug internationally.
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The Cannabis Beverages Market – Segmentation
The Cannabis Beverages Market fragrance concentrates market has been sub-classified into product type, distribution channel.
On the basis of product type, the Cannabis Beverages Market is bifurcated into:
• Bakery products
• Chocolate
• Cereal bars
• Candy
• Beverages
• Ice-cream
• others
On the basis of distribution channel, the market is segmented into:
• mass merchandisers
• specialty store
• online stores
• others
The Cannabis Beverages Market –Regional Analysis
North America dominated the global Cannabis Beverages Market, which also holds the top position in the sector. This region was projected to produce US$527.83 Mn in 2020. The industry, which has a noticeable growth curve, was dominated by the functional beverage market in the United States.
The Cannabis Beverages Market – Key Market players
Global key players of Cannabis Beverages include The Alkaline Water Company; Phivida Holdings Inc.; Koios Beverage Corporation; VCC Brand; Dixie Brands Inc.; Keef Brand; Hexo Corp; Aphria; Canopy Growth, and others.
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The Cannabis Beverages– Growth Factor
A growth indicator for the market for cannabis beverages will be consumers’ increasing preferences for various alcohol substitutes. Cannabis-infused beverages are in high demand on e-commerce sites because they provide customers with a high level of autonomy, privacy, and product accessibility. Sales of cannabis from licenced dispensaries have increased, creating numerous opportunities for specialty retailers to offer enticing and inventive drinks infused with some of cannabis’ active ingredients. Additionally, these channels of distribution want to promote cannabis-based edibles and become the “”go-to place”” for them.
The Cannabis Beverages– Market Trends
• Customers are consistently establishing the categories of organic and chemicals-free, as well as with detectable and herbal formulations trends and advancements, particularly those in the developed markets of North America and Europe.
• The growth is anticipated to be fuelled by the rising demand for wellness beverages.
• Additionally, the product’s low sugar content and the presence of a suitable amount of cannabis for consumption are the factors anticipated to increase product demand.
• Cannabis-infused beverages should become more popular as more nations legalise the use of marijuana for both medical and recreational purposes.
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