The growth of the Cannabis Beverages Market has been spectacular, driven by changes in consumer choices and the gradual legalisation of cannabis. Due to the industry’s explosive growth, both established businesses and innovative startups have expressed a great deal of interest. These cannabis-infused beverages offer a variety of items to meet the demands of both recreational and medical users.
During the anticipated time range, the consumption of cannabis beverages is anticipated to rise at a CAGR of 17.00%. Market analysts anticipate that sales of cannabis beverages would increase from US$ 1,227.3 million in 2023 to US$ 5,899.5 million in 2033.
Consumer demand for CBD-infused goods has increased as a result of public campaigns to legalise marijuana for use in sports and medicine. Because it has no psychotropic effects, customers are growing more and more fond of beverages infused with cannabidiol (CBD).
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Companies that make cannabis drinks have entered the market to meet the growing demand for CBD products. Sporting marijuana use is far superior to medicinal marijuana use when it comes to illegal use.
Declining sales of alcohol and soda pop reflect a shift in consumer preferences for reviving beverages. Through joint spending on R&D and the introduction of new products, alcohol organisations are collaborating to gain a larger share of the entire business.
The dominant competitors in the market employ a variety of strategies to solidify their position as the leading businesses. One such effective tactic for increasing brand respect among consumers is purchasing businesses. After thoroughly reviewing an in-depth analysis of the market and its interest group, another crucial tactic is to sporadically present historical materials.
Key Takeaways from Market Study
- Cannabis beverages with CBD as an ingredient saw the most substantial rise of 17.8% in 2021 due to CBD’s non-psychoactive qualities.
- A non-alcoholic segment captures around 50.1% of the market as non-alcoholic cannabis beverages such as teas, drops, and elixirs, among others, are more popular among customers looking for healthy drinks.
- The highest market revenue (USD 527.83) for cannabis beverages is obtained by North America, which also commands the top spot in the industry due to favorable governmental policies.
- A noticeable increase in cannabis tourism across the country is expected to boost demand for these products even more. The European market is anticipated to represent 41% of the worldwide platform in the next years. Cann, a cannabis-infused beverage company, sells 150,000 units and raises $5 Mn in funding due to its diversification in product offerings.
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Competitive Landscape
The dominant competitors in the market employ a variety of strategies to strengthen their position as the industry’s top businesses. One such effective strategy is the acquisition of businesses to increase brand value among consumers. Intermittently offering ground-breaking products after doing a thorough analysis of the market and its target audience is another crucial tactic.
For instance, Molecule Holdings Inc. launched Molecule Crafted, a line of specialty beverages with cannabis infusions, in Canada in April 2021. These cannabis beverages have little calories and come in a variety of exotic and potent flavours.
Some of the Key Players Operating in Cannabis Beverages Market Include:
- Canopy Growth Corporation (Canada)
- The Cronos Group (Canada)
- Tilray. (US)
- Hexo (Canada)
- CannTrust (Canada)
- Aurora Cannabis Inc. (Canada)
- GW Pharmaceuticals plc. (UK)
- VIVO Cannabis Inc. (Canada)
- Alkaline88, (US)
- NewAge Inc. (US)
- Cannara. (Canada)
- Dixie Brands (US)
- KANNAWAY LLC. (US)
Latest Developments in the Cannabis Beverages Market
In August 2021, Cann, a California-based producer of THC beverages, announced the release of Passion Peach Mate, a unique and exclusive caffeinated cannabis beverage. The producer created this line of products to give consumers who are looking for alternatives to alcoholic beverages all-natural caffeine with a trace amount of THC.
Key Segments Covered in the Cannabis Beverages Market Report
By Type:
- Alcoholic
- Non-Alcoholic
By Component:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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