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| Cannabis Beverage Market |
The global cannabis beverage market
is flourishing owing to growing product availability and legalization of
cannabis in various regions. Cannabis beverages offer advantages such as
precise dosage, quick onset time and variety of flavors. Beverages containing
THC and CBD are gaining popularity due to their perceived health benefits. The
growing inclination towards organic and natural products is also favoring the
demand for cannabis beverages.
The Global cannabis beverage market is estimated to be valued at US$ 630.64 billion in 2024 and is
expected to exhibit a CAGR of 8.2%
over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the cannabis beverage market are IBM Corporation,
Microsoft Corporation, SAP SE, and Oracle Corporation. These players are
focusing on product innovation and partnerships to strengthen their market
presence.
The legalization of cannabis in various countries and states provides
significant growth opportunities for Cannabis
Beverage Market Demand manufacturers. Expanding product portfolios to
cater to the preferences of a wider consumer base will aid market expansion.
Partnerships with restaurants, bars and breweries can help increase the
availability of these beverages.
Major cannabis beverage manufacturers are eyeing the international markets for
future growth. Regions such as Europe, Asia Pacific and Latin America are
likely to provide lucrative expansion opportunities owing to changing consumer
mindsets and evolving regulatory frameworks.
Market Drivers
Growing product availability: The increasing number of stores selling
cannabis-infused beverages and relaxing regulations will drive their
availability. Wide product ranges catering to local preferences will boost
sales volumes.
Enhanced product offerings: Cannabis
Beverage Market Analysis Innovation in product formats, precise dosage
levels, flavors and experience enhancement will garner more consumers.
Health-oriented options and subscription models will expand the consumer base.
Market Restraints
Pricing challenges: Higher input and production costs due to small production
scales and stringent manufacturing practices might increase product prices.
This can deter price-sensitive customers.
Social stigma: Despite growing acceptance, social stigmas still exist around
cannabis consumption in certain countries and regions. This can hamper demand
from such areas.
Segment Analysis
The cannabis beverage market is dominated by tetrahydrocannabinol (THC) infused
beverages sub segment. THC is the psychoactive compound in cannabis and THC
infused beverages provide recreational effects to the consumer. Therefore, THC
infused beverages like cannabis sodas, beers, and cocktails have higher demand
among recreational users. Cannabidiol (CBD) infused beverages sub segment is
expected to witness fastest growth during forecast period. CBD is a
non-psychoactive compound and known to provide therapeutic benefits for
anxiety, inflammation and pain relief. Rising awareness about therapeutic
benefits of CBD is driving demand for CBD infused drinks among health-conscious
consumers.
Global Analysis
North America dominates the cannabis beverage market currently due to early
legalization of cannabis in countries like Canada and growing acceptance in key
markets of U.S. The region is expected to continue its dominance during
forecast period supported by rising product innovation by players and growth of
recreational cannabis industry in North America. Asia Pacific is projected to
witness fastest growth led by countries like China, Japan, South Korea. Rising
health-consciousness, growing millennial population and relaxation in
regulations related to CBD infused products are factors that will support
market growth in Asia Pacific region. Meanwhile, countries in Latin America and
Middle East & Africa are also showing high growth potential for cannabis
beverages market due to increasing product awareness.
About Author:
Money Singh is a seasoned content writer with over four years of
experience in the market research sector. Her expertise spans various
industries, including food and beverages, biotechnology, chemical and
materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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