Research Nester published a report titled “Cannabis Beverage Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers a detailed overview of the cannabis beverage market in terms of market segmentation by type, by constituent, by distribution channel, by application, by end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
Cannabis is a well-known consuming plant owing to its utilization in psychoactive drugs and for therapeutic purposes. For a long time, the use of cannabis was mostly restricted to medical purposes. However, the use of marijuana for making consumable drinks has gained traction in the past couple of years. Currently, the use of cannabis has been extended to consumable drinks called cannabis beverages and the cannabis-infused beverage industry is expanding at a remarkable pace.
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The cannabis beverage market is projected to witness a CAGR of more than 15% over the period 2020-2028. The market is segmented by type, constituent, distribution channel, application, end-user, and region. Among the product type segmentation, the non-alcoholic beverages segment holds the top market share owing to the growing demand for smoke-free cannabis, growing awareness about the medical impact of marijuana on explicit health conditions, and legalization of marijuana usage for medical and recreational purposes in many countries, which, in turn, drives the production as well as demand for cannabis-infused beverage globally.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
Regionally, the cannabis beverage market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America stood at top position in the global cannabis beverage market and is projected to dominate over the forecast period owing to rising expenditure on cannabis beverages, the dominance of various legislation norms, and the existence of many private players in the region.
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The European region is predicted to hold the second position in the global cannabis beverages market on account of the rising investment for cannabis beverages, growing awareness among people, and the rise in cannabis consumption in the region. Further, the companies working in the region are launching products to sustain the growing trend of wellness drinks among consumers.
Robust demand for wellness drinks among end-users
On account of the legalization of cannabis for medical and recreational purposes, consumers are shifting from soft drinks to wellness drinks. Low sugar content in these drinks, consumers’ preferences for these beverages as an alternative to cannabis smoking, and consumption of marijuana-infused chocolates, cookies, brownies, and confectionaries have attributed towards overall market growth in the forecast period. Further, off-trade sales channels are projected to boost the demand for cannabis-infused beverages among customers.
Additionally, various health benefits such as improved sleep patterns, restricted weight gain, relief from depression and anxiety, controlled blood pressure, and usage of cannabis for treating neurological disorders, epilepsy, cancer, and pain control are estimated to contribute towards the demand for cannabis drinks.
However, few health concerns accompanying the consumption of marijuana such as extreme anxiety, fear, distrust, panic, risk of depression, and blocks of memory formation might hamper the growth of the market.
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