Cannabis Beverage Market Overview:
Cannabis-infused beverages incorporate cannabis extracts into drinkable products like sodas, teas, and juices to provide therapeutic benefits. Cannabis beverages aims to provide relief from conditions like anxiety, depression, chronic pains through cannabidiol (CBD) and tetrahydrocannabinol (THC) extracts.
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 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising health consciousness among consumers has been a key driver for the cannabis beverage market. With growing awareness about the therapeutic benefits of cannabidiol (CBD) and tetrahydrocannabinol (THC) for various health conditions, consumers are increasingly drawn towards cannabis infused beverages as a convenient and discreet means of consuming cannabis. Cannabis beverages allow for precise dosing compared to other cannabis products while providing relief from conditions in a relaxing beverage form. Furthermore, health-conscious consumers also prefer cannabis beverages as they are perceived as a healthier option than alcoholic drinks. Innovation of new cannabis infused beverages incorporating extracts with various formulations to suit different health conditions has further propelled the market growth.
Strength: Legalization across many countries is driving the growth of the cannabis beverage market. Growing health awareness about medicinal properties of cannabis is increasing its demand.
Weakness: Strict government regulations and limited access to distribution channels pose challenges. Complex manufacturing process increases production costs.
Opportunity: Untapped growth potential in emerging markets offer new opportunities. Product innovation through varied tastes and experiences can attract new consumers.
Threats: Social stigma and negative public perception remain concerns. Alternative beverage options provide competition. Stringent quality standards increase compliance costs.
The Global Cannabis Beverage Market Size is expected to witness high growth. The market size for 2023 is US$ 547.43 Mn and is projected to grow at a CAGR of 22% during the forecast period of 2023 to 2030.
North America currently dominates the market accounting for the largest share. Widespread legalization of medical and recreational cannabis across Canada and certain US states has boosted demand. The Asia Pacific region is expected to grow at the fastest pace in the coming years led by growing consumer awareness and relaxation of regulations in countries like Thailand, Australia and South Korea.
Key players operating in the Cannabis Beverage Market are 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 companies are focusing on new product developments and expansion into emerging markets to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it