by Cannabis beverages refer to non-alcoholic drinks infused with cannabidiol (CBD) or tetrahydrocannabinol (THC). Cannabis beverages offer medicinal properties and aid relaxation of body and mind through its psychoactive and physiological effects. They are available in various flavors to appeal to a wide consumer base and provide an alternative to people who prefer not to smoke cannabis.
The global Cannabis Beverage Market is estimated to be valued at US$ 547.43 Mn in 2023 and is expected to exhibit a CAGR of 61% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand for relaxation beverages infused with cannabinoids is a major trend propelling the cannabis beverage market. Consumers are increasingly looking for beverages that provide calming and relaxing effects without the side effects of alcohol. Cannabis beverages containing CBD or low doses of THC cater to this demand, with their therapeutic properties helping to relieve stress and promote relaxation. CBD, in particular, is widely used for its perceived wellness benefits and has gained popularity among health-conscious consumers. This has encouraged established beverage brands to enter the cannabis beverage segment, launching new product lines infused with CBD or THC. Furthermore, the social acceptance of cannabis is increasing, contributing to the mainstreaming of cannabis beverages.
SWOT Analysis
Strength: There is increasing legalization of cannabis for medical as well as adult use which is driving the growth of cannabis beverage market.
Weakness: Strict government regulations around the production, distribution and marketing of cannabis beverages. High costs associated with research and development of cannabis infused beverages.
Opportunity: Growing consumer preference for natural, plant-based and organic beverages is creating opportunities for cannabis infused beverages. Increasing use of cannabis for medical purposes is also expected to boost the market growth.
Threats: Social stigma and negative public perception associated with cannabis use remains a challenge. Competition from other industries like alcohol industry can negatively impact the cannabis beverage market growth.
Key Takeaways
The Global Cannabis Beverage Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Cannabis Beverage Market is estimated to be valued at US$ 547.43 Mn in 2023 and is expected to exhibit a CAGR of 61% over the forecast period 2023 to 2030.
North America is currently dominating the cannabis beverage market owing to the growing legalization of cannabis in countries like U.S. and Canada. According to estimates, the North America cannabis beverage market is likely to surpass US$ 342.82 Mn by 2030, expanding at a CAGR of 60.5%.
Key players operating in the cannabis beverage market are Cargill Inc., Nu-Tek Food Sciences LLC, Koninklijke DSM N.V., Montana Indusrie Holding A.G., Angel Yeast Co. Ltd., Tate & Lyle Plc, and Innophos Holding Inc. Major players are investing significantly in research and product development to introduce various cannabis infused beverages including marijuana tea, soda, coffee, kombucha etc. They are also focusing on developing innovative extraction and infusion technologies to produce consistent and high-quality cannabis extracts for beverages.
The global cannabis beverage market is highly competitive with presence of numerous regional and international players. Companies are utilizing various organic and inorganic strategies like partnerships, mergers, acquisitions, collaborations and new product launches to gain competitive edge in the market. However, compliance with complex regulatory framework remains a major challenge for cannabis beverage manufacturers and suppliers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
