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The global cannabis beverages market size is projected to reach USD 8,521.6 Million by 2027. The increasing trends of using chemical-free, natural, and herbal products in the developed countries is set to affect growth positively. This is published in a new report by Fortune Business Insights™, 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, 2020-2027.” The report further states that the market stood at USD 367.4 Million in 2019. But, it is set to exhibit a CAGR of 50.9% in the forecast period between 2020 to 2027.
Tinley Beverage Company Expands its Bottling Facility in Coachella Valley
In March 2019, the Tinley Beverage Company Inc., a renowned producer and distributor of beverages headquartered in California, expanded its Phase 2 bottling facility in the Coachella Valley. This new facility will now be used to produce cannabis type of beverages. It is capable of producing 3 million bottles per year. The next]-generation versions of the company’s non-alcoholic, cocktail-inspired cannabis beverages are set to be produced and delivered to stores, starting from April. They will be made in compliance with the new California regulations.
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High Rate of Sales from Off-trade Channels to Augment Growth
Off-trade channels, namely, lounges, clubs, and restaurants are exhibiting a high rate of sales of customized cannabis-based beverages. Tetrahydrocannabinol (THC) is a major attraction amongst the consumers worldwide as they get to experience the feeling of ‘euphoric high’ through these type of beverages. Also, the rising evolution of these drinks by numerous companies would propel the cannabis beverages market growth in the coming years. In addition to this, the increasing demand for healthy edibles is further boosting the sales of these beverages.
However, the trend of eating out amid the COVID-19 pandemic has declined the demand for such drinks. The government agencies have imposed strict lockdown and social distancing measures across the globe to prevent transmission of the coronavirus. It is severely affecting sales of the dairy, beverages, and bakery sectors. Therefore, the market may exhibit obstruction in the near future.
Key Players Aim to Invest in Broadening Their Production Capacities
The market is fragmented with the presence of a large number of manufacturers. Most of them are investing hefty amounts of money to broaden their production capacities by developing new facilities. Some of the others are striving to transform the way the beverages are produced.
Fortune Business Insights™ lists out the names of the renowned cannabis beverages manufacturers operating in the global market. They are as follows:
A Significant Industry Development-
Further Report Findings-
The market can be segmented in the following way:
Value (USD Million)
By Distribution Channel