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 are wellness drinks that contain cannabidiol (CBD) or tetrahydrocannabinol (THC). They provide medicinal benefits for pain, anxiety, depression without causing intoxication. These drinks offer a convenient and discreet way to consume cannabis on-the-go.
Market key trends: One of the key trends in the cannabis beverage market is the growing demand for low-calorie, sugar-free drinks infused with CBD. Consumers are increasingly health conscious and prefer functional drinks containing essential nutrients rather than empty calories. Several beverage companies are launching light and zero sugar cannabis infused drink options to appeal to this consumer segment. For instance, Lagunitas, a subsidiary of Heineken launched Hi-Fi Hops, a non-alcoholic sparkling water infused with 10mg of THC and 10mg of CBD but with zero calories.
Market key trends:
The Global Cannabis Beverage Market has been gaining significant traction over the last few years. One of the major trends fueling the growth of this market is the growing consumer preference for alternatives to smoking cannabis. Cannabis beverages are considered a healthier option compared to smoking joints or cigarettes. Their consumption also avoids second-hand smoking issues. Moreover, cannabis beverages experience a more consistent effect as the cannabinoids are absorbed gradually through the gastrointestinal tract.
SWOT Analysis
Strength: Compelling consumer demand for alternative cannabis consumption methods. Growing social acceptance of cannabis.
Weakness: Strict regulatory framework and policies. Relatively new product category with gaps in brand awareness.
Opportunity: Potential to disrupt alcoholic beverage industry by offering recreational alternatives. Higher margins than traditional cannabis products.
Threats: Strict regulations can delay product launches or market entry. Increased competition from existing and new market entrants.
Key Takeaways
The global Cannabis Beverage Market is expected to witness high growth, exhibiting 2.2% CAGR over the forecast period of 2023 to 2030, due to increasing consumer preference for healthy alternatives to smoking cannabis.
Regionally, North America dominated the global market in 2023 with over 40% market share. The region is expected to continue its dominance owing to growing legalization of cannabis for medical and recreational use across major countries. On the other hand, Europe and Latin America are emerging as high potential regions attributed to increasing product availability and demand.
Key players operating in the Cannabis Beverage market are MedReleaf Corp., Cronos Group Inc., Jazz Pharmaceuticals, Phoenix 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. Major players are investing heavily in new product development and partnerships to strengthen their distribution networks.
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