Global Cannabis Beverages Market is valued at USD 915.0 Million in 2021 and is expected to reach USD 19,063.58 Million by 2028 with a CAGR of 54.3% over the forecast period.
Global Cannabis Beverages Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2029: The surge in the legalization of marijuana consumption for medicinal and recreational purposes in numerous countries and the growing preference for wellness beverages around the world are some of the major factors driving the growth of the global cannabis beverages market.
Cannabis, usually referred to as marijuana (Spanish pronunciation: [maɾiˈxwana]) among other names, is a mind-altering substance from the Cannabis plant used largely for medicinal and recreational uses. Tetrahydrocannabinol (THC) is the major psychoactive component of cannabis, which is one of the 483 recognized chemicals inside the plant, including a minimum of 65 additional cannabinoids, including cannabidiol (CBD). Cannabis is typically utilized through smoking, vaporizing, inside food, or as an extract.
Cannabis has numerous mental and physical impacts, which include euphoria, changed states of mind and sense of your time, difficulties focusing, impaired short-term memory and physical movement, relaxation, and an increase in hunger. The start of effects is noticed within minutes when smoked, and between 30 to an hour when cooked and consumed. the consequences continue for 2 to 6 hours, based on the amount consumed. At high dosages, mental consequences might include anxiety, delusions (including thoughts of reference), hallucinations, panic, paranoia, and psychosis. There is a solid association between cannabis usage and thus the chance of psychosis, however, the route of cause is controversial.
Physical symptoms include higher pulse, trouble breathing, nausea, and behavioral difficulties in children whose parents smoked cannabis during pregnancy short-term side effects might also include dry lips and burning eyes. Long-term harmful effects may include addiction, diminished ability in individuals who began frequent use as teens, persistent coughing, and susceptibility to respiratory infections.
The COVID-19 pandemic outbreak forced numerous governments throughout the world to impose strict lockdown and social isolation measures. Market closures, decreasing eating-out trends, and limits in public mobility left customers stuck in their houses. This generated greater tension, panic-buying, and hoarding among the customers during the first phases of the lockdown, which supported the cannabis-infused product sales. Along with this, the government designated substance retail outlets and dispensaries as essential, which contributed to improving product sales. This also pushed various manufacturers to create new brands and innovations in cannabis infusion technology to satisfy the expanding customer needs.
For instance, in August 2020, Truss Beverage Co., a joint venture between Hexo Corp. and Molson Coors Beverage Co., announced five new cannabis beverage brands - Little Victory, House of Terpenes, Mollo, Veryvell, and XMG in Canada. According to a poll conducted by Truss Beverage Co., in November 2020, 35% of the respondents preferred consuming drinks infused with the substance instead of smoking. Furthermore, a large increase in the number of customers preferring healthier, less sugary, and low-alcohol beverages have encouraged their product consumption owing to their health-benefiting features.
The global Cannabis Beverages market is segmented based on the type, component, threat type, solution, end-use, and region & country level. Based on type, the global Cannabis Beverages market is segmented into alcoholic and non-alcoholic. By security, the market is segmented into cannabidiol (CBD) and tetrahydrocannabinol (THC). By threat type, the global Cannabis Beverages market is segmented into distributed denial of service (DDoS), ransomware, phishing & spear phishing, malware & spyware, and others. By solution, the global Cannabis Beverages market is segmented into identity & access management, security information & event management, risk & compliance management, DDoS mitigation, antivirus & antimalware, intrusion detection system/ intrusion prevention system, and others. By end-user, the global Cannabis Beverages market is segmented into hospitals, healthcare payers, pharmaceutical & biotechnology industries, and others.
The regions covered in the global Cannabis Beverages market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Cannabis Beverages is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
The cannabis beverages market growth is strictly controlled by different government bodies across the globe. Dynamic, competitive, embryonic, and unexplored market structures have been seen in the worldwide cannabis beverages market. The market is also showcasing extensive investments by major players in the production and supply of raw materials for developing unique and novel drinks. Some of the major key players for the global Cannabis Beverages market report cover prominent players like -
Growing product awareness owing to various health benefits is expected to boost the market expansion in the coming years. The majority of the cannabis-infused consumables that made their initial market appearance were baked goods such as cookies, brownies, or confections such as candy bars and gummy bears, which are often seen as unhealthy. Beverages have emerged as the most accessible approach for the intake of tetrahydrocannabinol (THC) as far as the whole range of edibles is concerned. Moreover, such drinks are showing robust popularity due to their greater functional advantages, portion-controlled dosing, the convenience of administration, and availability.
Fundamental transformation in drinks industry is to support market growth. Cannabis customers are rapidly migrating from smoking flowers using pipes, joints, and bongs towards products like as infused edibles and concentrates, which provide numerous options to pick from. The beverages industry within itself is witnessing a massive evolution through experimenting with new ingredients and additions. Consumers, especially in the developed markets of North America and Europe are continually redefining the category among ‘all-natural,’ ‘chemicals-free,’ and with ‘recognizable and herbal formulations’ trends and advancements. These factors are expected to boost the market in the coming years.
Expanding HoReCa Sector and Modern Trade Practices to Thrive Revenue. The rise in the drinks business, especially evidenced by the off-trade sales channels such as restaurants, clubs, bars, and more, is further expected to boost sales of customized cannabis-infused beverages. Even though for feeling the ‘euphoric high,’ THC has emerged as a significant attraction and favored product among consumers, the industry is showing a substantial shift with the robustly expanding demand for cannabidiol (CBD)-infused drinkables. A rise in demand for health-promoting treats created using cannabis extracts has further boosted product sales.
Strictly enforced restrictions on product sales in some regions to inhibit market growth. Cannabis beverages are popular since they deliver THC effects to the customers, which is not permissible in various developing, as well as established nations. The governments of such countries are imposing laws for the manufacture and marketing of THC products in the sector. Furthermore, customers are not informed about the products and their benefits, which is further hampering the market development.
North America is at the front of the cannabis-infused drinks (CBD) business and accounted for USD 527.83 million in 2020. The U.S. led the market where the functional beverage market is showing an exponential development trajectory. Cannabis-infused drinks, notably the category of hemp-cannabidiol (hCBD), got a major thrust with the approval of the 2018 U.S. Farm Bill, which allowed the consumption of hemp and hemp-derived CBD products nationally. The region is among the primary contributors in driving the global cannabis beverage market. According to the National Conference of State Legislatures, a total of 33 U.S. states, the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands permit publicly accessible medicinal cannabis programs leading in the increasing introduction of new products in the region. Also, 13 U.S. states allow the use of low THC and high CBD products for medicinal reasons, resulting in significant demand for CBD-infused cannabis beverages in the region.
Since the legalization of cannabis in Canada, the consumer’s inclination toward cannabinoid-based products and their willingness to try new cannabis-infused beverages has grown, which is projected to push the market expansion in the coming years.
The inclusion of CBD in any beverage accessible such as coffee, tea, drinking water, soda, and others has garnered substantial popularity among consumers, putting Europe the fastest-growing market. The increasing CBD trend among the public largely due to its nutritional characteristics has assisted in enhancing the market growth. Furthermore, several major players are expressing their attention towards CBD-infused beverages, combined with growing legalizing cannabis in various nations throughout the globe is predicted to fuel regional market growth.
Cannabis-based drinks have demonstrated comparatively lower development in developing regions such as Asia, Oceania, and Latin America due to the restriction of THC products in the market. However, the increased awareness related to health advantages linked with consuming cannabis is projected to stimulate development in these locations as well. In 2019, Thailand became the first Southeast Asian nation to legalize marijuana for medical purposes, with relaxed laws on permitting hemp extracts in food, beverage, and cosmetics.
Cann, a Californian THC beverage maker, announced the launch of Passion Peach Mate, a first-of-its-kind caffeinated cannabis beverage
In August 2021, Cann, a Californian THC beverage maker announced the launch of Passion Peach Mate, a first-of-its-kind caffeinated cannabis beverage. The manufacturer established this product line to give all-natural caffeine with a tiny amount of THC to the customers as they seek alternatives to alcohol.
|2016 - 2021
|2022 - 2029
|Market Size in 2021:
|USD 915.0 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 19,063.58 Million
|Tables, Charts & Figures:
|Aurora Cannabis Inc., Canopy Growth Corporation, Cronos Group Inc., Aphria Inc., GW Pharmaceuticals, plc., Tilray, MedReleaf Corp., CannTrust Holdings Inc., VIVO Cannabis Inc., OrganiGram Holdings, and others.
|By Type, By Distribution Channel, By Component
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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