Future Market Insights (FMI) opines, as cannabis is still a sensitive topic for the Korean government, scope for opportunities is expected to be steady. However, due to social media penetration and awareness regarding the medicinal health benefits, sales of cannabis beverages is anticipated to witness steady rate over the upcoming decade.
On the back of these factors, FMI estimates the growth in Korea cannabis beverages market is poised to expand at around 6%-7% CAGR over the forecast period (2023-2033). This is expected to push the global sales and FMI predicts the market to reach US$ 1,227.3 Mn by the year 2023.
The cannabis beverages market in Korea is driven by rising demand for innovative and affordable products. With the advent of e-commerce platforms, it has become easy for people to access cannabis-infused beverages at an affordable price. Moreover, the increasing popularity of cannabis-infused beverages among young consumers has further contributed to the market growth.
In order to meet the rising demand, several companies are launching new products in the market. These products are gaining traction among consumers looking for an alternative to alcohol. Companies are also investing in developing efficient e-commerce platforms that can help them reach a wide audience. This will enable them to capitalize on the growing demand for cannabis-infused beverages and gain a competitive edge over their rivals.
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Furthermore, the e-commerce platforms have also played a key role in helping manufacturers reach more customers. Companies like Amazon and G-market are offering cannabis-infused beverages online, allowing people to buy these products from the comfort of their homes. Moreover, these platforms also provide detailed information about different types of cannabin beverages, helping customers make informed decisions.
Growing popularity of cannabis beverages is also being driven by their versatility. Numerous products are designed to mimic traditional drinks like beer and wine, while others are formulated to offer flavors that appeal to all sorts of tastes. These drinks can be used for a variety of occasions, from an after-dinner drink to an energizing beverage before a workout.
Key Takeaways from the Cannabis Beverages Market
- Cannabis beverages demand is predicted to top a valuation of US$ 5,899.5 Mn by 2033, with the U.S. vanguarding the sales
- The global cannabis beverages are estimated to surge at an astonishing CAGR of 00% between 2023 to 2033.
- Korea is expected to account a significant share in the global cannabis beverages market during the projected period.
- Rising demand for different flavors in beverages will stimulate the demand for cannabis beverages in Korea.
“Growing E-commerce platforms and social media channels will drive the demand for cannabis beverages in Korea. Key player are collaborating with e-commerce platforms and innovate new flavors to expand their footholds.”– Says an FMI Analyst.
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Competition Landscape in the Cannabis Beverages Market
Key companies are using online platforms to increase their customer base. In addition, these companies are also focusing on advancing their manufacturing process by introducing new products to expand their product range across Korea.
Powerful Group, Pernod Richard, and Kolmar Pharma are the key companies in Korea cannabis beverages market.
Recent Developments
- In December 2022, in collaboration with Greenery, the sole company that imports cannabis oil, Kolmar Pharma, a contract manufacturing organization (CMO) announced supplying cannabidiol (CBD), an active ingredient in cannabis, to cosmetics manufacturing companies in Korea. This is the first CBD company to open shop in this area since the government approved the use of cannabis for medicinal purposes.
- In April 2014, A trade and production firm with its headquarters in South Korea, Powerful Group, launched non-alcoholic drinks’ production and international distribution. Powerful Beverages are prepared in Korea using materials that meet European quality requirements. Powerful Beverage now has three primary product categories: Aloe Vera, beverages with fruit pulp added, and energy drinks
Key Segments Covered in the Cannabis Beverages Market Report
By Type:
- Alcoholic
- Non-Alcoholic
By Component:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
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Frequently Asked Questions
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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