The adoption of demand for cannabis beverages is expected to increase at a CAGR of 17.00% during the forecast period. The cannabis beverages market is anticipated to rise from US$ 1,227.3 Mn in 2023 to US$ 5,899.5 Mn in 2033.
Due to general public efforts to legalize marijuana for both medical and recreational uses, the industry’s interest in CBD-based products has soared. Cannabidiol (CBD)-infused beverages are becoming more and more well-liked among consumers because of their non-psychoactive effects.
Cannabis beverage companies have entered the market to meet the growing demand for CBD products. Taking illegal consumption into account, recreational cannabis use is far superior to medicinal cannabis use.
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Declining sales of alcohol and soft drinks reflect a shift in customer taste for beverage use. Alcohol businesses are refocusing on marijuana in order to get a larger market share through R&D spending and the introduction of new products.
The dominant competitors in the market employ a variety of strategies to solidify their position as the industry’s top businesses. Purchasing companies is one such efficient tactic for raising brand value among consumers. Another key strategy is to periodically introduce ground-breaking products after thoroughly examining a thorough analysis of the market and its target audience.
Key Takeaways from Market Study
- Cannabis beverages with CBD as an ingredient saw the most substantial rise of 17.8% in 2021 due to CBD’s non-psychoactive qualities.
- A non-alcoholic segment captures around 50.1% of the market as non-alcoholic cannabis beverages such as teas, drops, and elixirs, among others, are more popular among customers looking for healthy drinks.
- The highest market revenue (USD 527.83) for cannabis beverages is obtained by North America, which also commands the top spot in the industry due to favorable governmental policies.
- A noticeable increase in cannabis tourism across the country is expected to boost demand for these products even more. The European market is anticipated to represent 41% of the worldwide platform in the next years. Cann, a cannabis-infused beverage company, sells 150,000 units and raises $5 Mn in funding due to its diversification in product offerings.
Competitive Landscape
The dominant competitors in the market employ a variety of strategies to strengthen their position as the industry’s top businesses. One such effective strategy is the acquisition of businesses to increase brand value among consumers. Intermittently offering ground-breaking products after doing a thorough analysis of the market and its target audience is another crucial tactic.
For instance, Molecule Holdings Inc. launched Molecule Crafted, a line of specialty beverages with cannabis infusions, in Canada in April 2021. These cannabis beverages have little calories and come in a variety of exotic and potent flavours.
Some of the Key Players Operating in Cannabis Beverages Market Include:
- Canopy Growth Corporation (Canada)
- The Cronos Group (Canada)
- (US)
- Hexo (Canada)
- CannTrust (Canada)
- Aurora Cannabis Inc. (Canada)
- GW Pharmaceuticals plc. (UK)
- VIVO Cannabis Inc. (Canada)
- Alkaline88, (US)
- NewAge Inc. (US)
- (Canada)
- Dixie Brands (US)
- KANNAWAY LLC. (US)
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Latest Developments in the Cannabis Beverages Market
In August 2021, Cann, a California-based producer of THC beverages, announced the release of Passion Peach Mate, a unique and exclusive caffeinated cannabis beverage. The producer created this line of products to give consumers who are looking for alternatives to alcoholic beverages all-natural caffeine with a trace amount of THC.
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