Pune, Feb. 02, 2023 (GLOBE NEWSWIRE) — The global Cannabis Beverages Market Size is expected to grow rapidly in the coming years as more countries legalize the use of cannabis for medicinal and recreational purposes, and as more companies enter the market with innovative products. Key factors such as changing consumer preferences, growing preference for cannabis beverages over alcohol for recreational purposes, and increasing demand for wellness drinks are expected to drive global market revenue growth during the forecast period.
Cannabis beverages include different types of non-alcoholic and alcoholic beverages infused with cannabis or marijuana. These drinks contain mind-altering ingredient THC and are commonly available at dispensaries or online stores. Cannabis beverages are becoming popular as consumers are steadily shifting from soft beverages to health drinks. These beverages reportedly cause no hangover and contain only fewer calories. Most of these drinks are produced with low doses of THC and offer advantages such as blood pressure regulation, moderate weight loss, better sleep patterns, depression, anxiety, inflammation reduction, pain and stress relief, and mood elevation.
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Factors such as growing consumer inclination towards experimenting with novel and innovative beverages, increasing awareness about various health benefits of cannabis drinks, high usage of cannabis for treating neurological disorders, pain management, and cancer are expected to drive global market growth going ahead. Many manufacturers are also heavily investing in research and development activities to develop innovative cannabis drinks in different flavors and concentrations.
However, stringent regulations associated with sales of cannabis beverages in many countries around the globe and rising concerns about high doses of cannabis consumption are expected to hamper global cannabis beverages market growth during the forecast period.
Cannabis Beverages Industry Recent Developments:
- In September 2021, Amass Afterdream announced the launch of a novel cannabis-infused, non-alcoholic spirit in the US containing 3.5 mg of THC, 3.5 mg of CBD and 3.5mg of delta-8.
- In June 2022, Truss Beverage declared to expand its portfolio by introducing 15 new cannabis beverages.
- In August 2022, Green Monké partnered with Cookies to launch novel cannabis-infused drinks such as Tropical Citrus, Mango Guava, and Orange Passionfruit with 3 mg THC and 6 mg CBD. This partnership is expected to expand Green Monké’s product portfolio
- In October 2022, The Jones Soda Co. announced the launch of New Mary Jones super-sized cannabis beverages infused with 100 mg of THC.
Online Retail Segment To Register Rapid Revenue CAGR:
The online retail segment is expected to register rapid revenue CAGR over the forecast period. Factors such as growing preference for online purchase of cannabis beverages due to fast delivery and enhanced privacy, convenience, autonomy related to the product, and rising number of licensed online dispensaries are expected to drive segment revenue growth during the forecast period.
Non-alcoholic Segment to Account for a Significantly Larger Revenue Share:
The non-alcoholic segment is expected to account for a significantly larger revenue share during the forecast period. This can be attributed to high preference for less harmful alternative drinks with low calories and zero hangover effect, increasing number of health-conscious people, rising awareness about benefits of non-alcoholic cannabis beverages, and rising investments for developing more non-alcoholic beverages to cater to consumer demand.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share between 2022 and 2028 owing to legalization of cannabis for medical, recreational, and therapeutic purposes, increasing product launches, surging online retailing of cannabis beverages, rising demand for wellness drinks, and presence of leading companies.
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List of Key Players Operating In the Market:
- Constellation Brands
- Aurora Cannabis
- Canopy Growth Corporation
- Cronos Group
- GW Pharmaceuticals
- CannTrust Holdings
- VIVO Cannabis
- OrganiGram Holdings
- American Premium Water
- The Supreme Cannabis Company
- Joybird Hemp Beverage
The global cannabis beverages market has been segmented based on type, application, and region:
Cannabis Beverages Market Segment by Type:
Cannabis Beverages Market Segment by Application:
- Mass Merchandiser
- Speciality Stores
- Online Retail
Cannabis Beverages Market Segment by Region:
- North America (USA, Canada)
- Europe (Germany, France, UK, Italy, Russia)
- Asia Pacific (China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam)
- Latin America (Mexico, Brazil, Argentina)
- Middle East & Africa (Turkey, Saudi Arabia, U.A.E)
Key Reasons to Purchase:
- Estimates 2022 to 2028 cannabis beverages market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the cannabis beverages market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global cannabis beverages market
Key Questions Addressed:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global cannabis beverages market?
- What is the expected market size of the global cannabis beverages market between 2022 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
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