Cannabis Beverages Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029
Cannabis beverages have gained popularity among the global population due to their health benefits. Furthermore, the insignificant amount of sugar present in these products has promoted their use among health-conscious people. Moreover, the apt proportion of cannabis in these beverages boosts its medicinal value, thereby fuels the demand for cannabis beverages. In addition to this, legal permission to use marijuana for recreational and medicinal purposes by many countries is projected to push the requirement for and production of cannabis-based beverages.
Broadly, the market is segmented into alcoholic and non-alcoholic product types depending on the presence or absence of alcohol in these beverages. The major sale channels for the cannabis beverages market are restaurants, hotels, clubs, lounges, and cafes.
The increased cannabis use for the treatment of various diseases including cancer, neurological disorders, and pain management is boosting the demand for cannabis beverages. Moreover, shifting consumers’ preference from smoking cannabis to other options such as beverages, chocolates, tinctures, and other edibles is paving a way for market development. In addition, the easy access to cannabis-based beverages due to the legalization of marijuana use in various countries is helping the market to grow progressively.
Additionally, the market is also projected to witness profound growth due to upsurge in the use of cannabis beverages over other marijuana-infused consumables including cookies, chocolates, brownies, and sweets such as candies and gummies, which are considered not so good for the health. Moreover, the growing preference among a huge number of population to use cannabis beverages in place of alcohol or soft drinks is pushing the market development. However, the extremely high taxes for legal cannabis producers in a few countries such as the U.S. is making it difficult for them to sustain.
The market for cannabis beverages is witnessing tremendous growth opportunities. Numerous companies involved in the market are entering into partnerships. For instance, Mota Ventures Corp. and BevCanna Enterprises Inc. recently announced their collaboration. The main motive of this collaboration is the distribution of products from BevCanna in the European market. Furthermore, these products are blended with hemp-derived cannabidiol (CBD). The market shows a promising future with the upward curve in the use of cannabis-based beverages among the female millennial population. The growing preference for the use of “chemical-free” and “natural” beverages is making the way for the acceptance of cannabis beverages among the worldwide population. Moreover, the entry of various new players into the market is aiding its development.
The market for cannabis beverages is highly fragmented due to the presence of various active players contributing to its growth. The list of important players includes
Among the important regions, the North America region seems to dominate the market for cannabis beverages due to legal permission for their use in recreational and medicinal activities. Moreover, Marijuana use was legalized in Canada for medical and recreational reasons in 2018. In addition to this, Europe is said to be one of the key regions in the global cannabis beverages market. The approval of freely available medical cannabis program by the National Conference of State Legislatures opened the doors for the participation of various companies in these regions to launch new products.
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