The Global Cannabis Beverage Market to Reach US$ 9,754.9 Mn by 2022, Exhibiting a CAGR of 22.5%
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Cannabis Beverage Market |
Market
Overview:
The global cannabis beverage market is projected to reach a value of US$ 9,754.9 Mn by 2022, growing at a CAGR of 22.5% during the forecast
period of 2022-2030. Cannabis beverages are non-alcoholic drinks infused with
cannabis extracts, offering a convenient and discreet way of consuming
cannabis. These beverages provide numerous advantages, such as ease of dosage,
longer-lasting effects, and the absence of the negative health impacts
associated with smoking. With the increasing acceptance of cannabis for both
recreational and medicinal purposes, the demand for cannabis beverages is
expected to witness significant growth. The legalization of cannabis in several
countries, coupled with the rising consumer preference for healthier
alternatives to alcohol, is driving the market growth for cannabis beverages.
Market Key Trends:
One key trend observed in the cannabis beverage market is the introduction of
innovative flavors and product variations. Manufacturers are continuously
expanding their product portfolios by offering a wide range of flavors,
including fruit-infused, herbal, and botanical flavors, to cater to diverse
consumer preferences. The availability of different flavors not only enhances
the taste but also provides an exciting and enjoyable experience for consumers.
Furthermore, companies are also introducing low-calorie and sugar-free cannabis
beverages to cater to the growing demand for healthier options. This trend of
product innovation and the introduction of unique flavors is expected to drive
the growth of the cannabis beverage market during the forecast period.
Segment Analysis:
The cannabis beverage market can be segmented based on product type,
distribution channel, and region. In terms of product type, infused alcoholic
beverages dominate the market segment. The demand for cannabis-infused
alcoholic beverages is high due to the rising popularity of cannabis
consumption among the younger population. These beverages offer a unique
combination of alcohol and cannabis, providing consumers with a different
experience. Additionally, the increasing acceptance of cannabis use for both
recreational and medicinal purposes is driving the demand for cannabis-infused
alcoholic beverages.
In terms of distribution channel, the online segment is dominating the market.
Online platforms provide convenience and a wide range of options for consumers
to choose from. Furthermore, e-commerce platforms offer discreet packaging and
home delivery, which is preferred by consumers who are hesitant to purchase
such products from physical stores. The online segment is expected to witness
significant growth due to the increasing penetration of the internet and the
growing trend of online shopping.
Key Takeaways:
The global Cannabis
Beverage Market is expected to witness high growth, exhibiting a CAGR of 22.5% over the forecast period
of 2022-2030. The market is primarily driven by the increasing legalization of
cannabis in several countries, coupled with the growing acceptance of cannabis
for recreational and medicinal purposes. The demand for cannabis-infused
alcoholic beverages is particularly high among the younger population, leading
to the dominance of infused alcoholic beverages in the market segment.
From a regional perspective, North America is the fastest-growing and
dominating region in the cannabis beverage market. The region has witnessed a
significant increase in the legalization of cannabis, creating a favorable
regulatory environment for the market. Additionally, the presence of key
players, such as MedReleaf Corp. and Cronos Group Inc., further boosts the
growth of the market in North America.
Key players operating in the cannabis beverage market include MedReleaf Corp.,
Cronos Group Inc., Jazz Pharmaceuticals, Phoena Holdings, VIVO Cannabis Inc.,
Tilray Inc., General Cannabis Corporation, Koios Beverage Corporation, New Age
Beverages Corporation, Dutch Windmill Spirits, Heineken, Canopy Growth, and SK
Rodnik. These players are focusing on innovative product launches, strategic
partnerships, and mergers and acquisitions to gain a competitive edge in the
market.
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More : https://www.dailyprbulletin.com/cannabis-beverage-market-growing-demand/
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