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 2.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cannabis-infused beverages products include cold brew teas, botanical juices, kombucha, coolers, as well as alcoholic beverages like beer, wine, and spirits. The products contain tetrahydrocannabinol (THC) and/or cannabidiol (CBD) extracted from cannabis plants. These products provide benefits like relaxation, pain relief and health benefits associated with CBD without the adverse effects associated with smoking cannabis.
Market key trends:
Increasing demand for a healthy lifestyle with adequate relaxation is a major trend in the industry. Cannabis beverages provide the health benefits and relaxation with CBD and THC without the harshness of smoking. They are gaining popularity among health-conscious consumers as a substitute for alcoholic beverages in social events. Additionally, growing support for cannabis legalization and awareness about the medical benefits of cannabis are fueling the growth of the cannabis beverage market.
Segment Analysis
The Global Cannabis Beverage Market is divided into alcoholic and non-alcoholic segments. The non-alcoholic segment currently dominates the market, accounting for over 60% share in 2023. The non-alcoholic segment is dominated as many consumers prefer cannabis infused beverages without any alcohol content. Also, the non-alcoholic segment has greater scope of products as such beverages can be consumed by all age groups including minors.
Key Takeaways
The global cannabis beverage market is expected to witness high growth, exhibiting a CAGR of 22.% over the forecast period, due to increasing legalization of cannabis for medical and recreational purposes across various regions.
Regional analysis
North America currently accounts for the largest share in the global cannabis beverage market due to legalization of cannabis in major countries of the region including U.S. and Canada. The Asia Pacific region is expected to witness fastest growth over the forecast period favored by growing cannabis cultivation and its usage in various industries in countries like China, India, Australia and South Korea.
Key players
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. The market is dominated by players like Canopy Growth, Tilray Inc. and MedReleaf Corp due to their strong distribution network and greater access to capital for product innovation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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