Cannabis Beverages Market to Reach $19,063.58 Mn by 2028; Canopy Growth Corporation Presented Quatreau in the U.S.

The global cannabis beverages market size was USD 574.90 million in 2020. The market is set to grow from USD 915.06 million in 2021 to USD 19,063.58 million in 2028 at a CAGR of 54.31% in the 2021-2028 period.

This information is provided by our researchers at Fortune Business Insights, in the report, titled, “Cannabis Beverages Market Size, Share & COVID-19 Impact Analysis, By Type (Alcoholic and Non-alcoholic), Distribution Channel (Mass Merchandisers, Specialty Stores, Online Retail, and Others), and Regional Forecast, 2021-2028.”

The legalization of cannabis is attaining popularity worldwide that is majorly powered by the rising recognition of cannabis owning a variety of genuine medicinal profits as well as beneficial distribution sources. Consumers who are novices in cannabis utilization are in quest of available, inconspicuous, as well as controlled quantity of cannabis, which in turn helps in fueling the market growth.

COVID-19 Impacts:

Augmented Demand for Original and Flavorful Beverages to Spur Growth amid COVID-19

The COVID-19 pandemic outbreak resulted in several governmental bodies across the globe to inflict rigorous lockdown and social distancing norms. Market closures, diminished eating-out trends, and limitations in public movement resulted in consumers being stuck in their houses. This also triggered stress, panic-buying as well as hoarding among the consumers during the preliminary phases of lockdown, which in turn endorsed the cannabis and cannabis-infused product sales.

Boston Beer Subsidiary Set to Unveil Cannabis Drinks in Canada

Boston Beer subsidiary BBCCC Inc. is arranging to introduce non-alcoholic, cannabis-infused drinks in Canada along with an intention to possibly unveiling them in the U.S. later.

BBCCC, which lately collaborated with Peak Processing Solutions, who is the manufacturer and Entourage Health, who is the grower, intends to develop drinks comprising cannabis biomass under the conditions of its five-year contract. According to Food Dive, BBCCC also uses Entourage as an elite distributor for the beverages to expand its influence across Canada.

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https://www.fortunebusinessinsights.com/industry-reports/cannabis-beverages-market-100738

Rising HoReCa Sector and Favorable Trade Customs to Foster Growth

The beverages boom, as displayed in the off-trade sales channels such as clubs, lounges, restaurants and more, is additionally anticipated to empower the sales of tailored cannabis-infused beverages. Even though THC has endured prime attraction between the consumers for experiencing the 'euphoric high,' the cannabis-based beverages market is showcasing an intense development with the strongly increasing popularity of cannabidiol (CBD)-infused beverages. This is estimated to promote the cannabis beverages market growth during the forecast period.

Competitive Landscape:

Mergers among Companies to Reinforce Their Brand Value in Global Market

Prominent players in the market are incessantly favoring effective tactics to endorse their products and establish their spots in the market. One such prime tactic is to unveil novel products by acquiring, partnering up or merging with other companies to extend their reach to end-users.

Industry Developments:

• March 2021: Canopy Growth Corporation, which is supported by Constellation Brands is volunteering into functional beverage grouping by presenting Ready-to-Drink CBD-infused sparkling water named Quatreau based in the U.S.

List of Key Players Mentioned in this Market Report:

• Aurora Cannabis Inc. (Edmonton, Canada)
• Aphria Inc. (Leamington, Canada)
• Canopy Growth Corporation (Canada)
• MedReleaf Corp. (Edmonton, Canada)
• Cronos Group Inc. (Toronto, Canada)
• GW Pharmaceuticals, plc. (Cambridge, U.K.)
• CannTrust Holdings Inc. (Vaughan, Canada)
• VIVO Cannabis Inc. (Ontario, Canada)
• Tilray (Nanaimo, Canada)
• OrganiGram Holdings (Moncton, Canada)

Further Findings:

By type, the market is divided into, Alcoholic and Non-alcoholic.

North America is at the forefront of the cannabis-infused beverages sector and holds the maximum cannabis beverages market share. This region registered for USD 527.83 million in 2020. The sector was commanded by the U.S. where the functional beverage market is demonstrating an abrupt growth trajectory.

Table of Segmentation: