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The global cannabis beverages market size was valued at USD 173.76 Million and is predicted to reach USD 2,050.44 Million by 2026, exhibiting a CAGR of 37.13% from 2019 to 2026, says Fortune Business Insights in its recent study. The legalization of cannabis has exponentially fuelled the demand for cannabis beverages around the world.
Fortune Business Insights in a report, titled “Cannabis Beverages Market Size, Share & Industry Analysis, By Type (Alcoholic and Non-alcoholic), Distribution Channel (Mass Merchandisers, Specialty Stores, Online Retail, and Others), and Regional Forecast, 2019-2026” gives a detailed insight into current market dynamics and provides analysis on factors that are expected to boost the market over the forecast period.
There has been a rapid surge in cannabis consumption after the legalization of cannabis. The cannabis beverage industry is undergoing a fundamental transformation with ingredients and additives. The cannabis-infused drinks have emerged as a flag-bearer category within the entire beverage space, the category is not only expected to be booming but will also drive the global cannabis beverage market in the forthcoming year.
As THC remains a major attraction among the consumers to experience ecstasy; this is probing key companies to develop THC infused products. The robust demand for healthy beverage and edibles will enable the growth of cannabis beverage industry, thus boosting the global cannabis beverage market revenue.
Rising Demand for All-Natural, Chemical-Free Beverages Will Encourage Growth
The report segments the global cannabis beverage market on the basis of type into alcoholic beverages and non-alcoholic beverages. states that the non-alcoholic dominates the market owing to rising demand for “all-natural”, “chemical-free” cannabis-infused beverages among consumers. The herbal formulation and nutritional superiority of cannabis-infused beverages is fueling demand among health-conscious consumers, thus, aiding the cannabis beverage market growth.
Furthermore, the strategy of leading market players to expand their facilities for quantity production of cannabis-infused beverages. For instance, The Tinley Beverage Company Inc. completed its planned expansion of the bottling facility in the Coachella Valley, California (the “Phase 2 Facility”) to produce cannabis-infused beverages.
Moreover, the collaboration between key players to probe and research cannabis-infused non-alcoholic drinks for the consumers will have a tremendous effect on the cannabis beverage industry, which, will, in, turn uplift the global cannabis beverage market shares during the forecast period. For instance, Anheuser-Busch InBev and Tilray Inc entered into a $100-million joint venture to research cannabis-infused non-alcoholic drinks for the Canadian market.
Health and Wellness Trend in North America Will Facilitate Growth
The report by provides an elaborative regional analysis. According to the report, the global cannabis beverages market in North America is predicted to witness high growth during the forecast period owing to the gradual uptick in legalization of cannabis for recreational use in countries such as Canada and USA. Canada legalized the adult use of cannabis in 2018, according to Health Canada; the sales of cannabis beverages is estimated to pick-up by mid-December of 2019.
Furthermore, the growing trend of health and wellness in North American countries will surge the demand for cannabis-infused beverages during the forecast period. In addition, the partnership among key companies to launch CBD-infused beverages will also favor growth of the global cannabis beverage market. For instance, Hexo Corp., a licensed producer of cannabis-based in Quebec, Canada, entered a joint venture with Molson Coors Canada to produce CBD-infused beverages. These trends and factors together will boost the global cannabis beverage market revenue in North America.
Some of the major companies in the global cannabis beverages market are Aurora Cannabis, Aphria Inc., Canopy Growth Corporation, MedReleaf Corp., Cronos Group Inc., GW Pharmaceuticals, plc., CannTrust Holdings Inc., VIVO Cannabis Inc., Tilray, and OrganiGram Holdings.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/cannabis-beverages-market-100738
The global cannabis beverages market reports scope & segmentation on:
Value (USD Million)
By Distribution Channel