The global cannabis based beverages market size is expected to reach USD 5.84 Billion in 2030 and register a revenue CAGR of 17.4% over the forecast period, according to latest report by Reports and Data. Legalization of marijuana and increasing number of new start-ups producing cannabis beverages are expected to drive market revenue growth during the forecast period. Increasing global awareness about medicinal properties of cannabis, along with its other utilities is leading to legalization and decriminalization of cannabis in multiple countries. Colorado and Washington became the first states in North America to legalize marijuana for recreational purposes. Similarly, possession and consumption of marijuana is now legal in several countries in Europe.
Increasing number of new start-ups for manufacturing cannabis beverages due to rising demand for alternative non-alcoholic and healthy beverages is expected to boost revenue growth of the global market. Major beverage manufacturers are expanding customer base in various regions where cannabis is legalized and decriminalized, in order to expand brand inventory and market footprint by novel manufacturing cannabis-infused beverages.
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Top Companies Operating in the Global Cannabis Based Beverages Market Report:
NewAge, Inc., The Alkaline Water Company Inc., SpaceStation, Inc., Koios Beverage Corporation, VCC Brand, Dixie Brands Inc., Keef Brands, Hexo Corp, Tilray, Inc., and Canopy Growth Corporation.
Driving Factors of Cannabis Based Beverages Market
· Legalization of Cannabis: The legalization of cannabis for recreational and medicinal use in various regions and countries has significantly fueled the growth of the cannabis-based beverages market. As more jurisdictions legalize cannabis, the market for infused beverages expands, attracting new consumers and increasing market demand.
· Changing Consumer Preferences: There has been a shift in consumer preferences towards healthier and alternative recreational beverages. Cannabis-based beverages offer an alternative to alcohol and sugary drinks, appealing to health-conscious consumers who are looking for new and innovative options.
· Wellness and Medicinal Benefits: Cannabis is increasingly being recognized for its potential wellness and medicinal benefits. Cannabidiol (CBD), a non-psychoactive compound found in cannabis, is believed to have various therapeutic properties, including pain relief, stress reduction, and relaxation. Consumers are turning to cannabis-infused beverages as a way to incorporate these potential benefits into their daily routines.
· Innovation and Product Development: The cannabis-based beverage market is witnessing significant innovation and product development, with companies exploring new flavors, formulations, and delivery methods. This innovation is attracting consumers who may have previously been hesitant to try cannabis products, as the taste and experience of consuming cannabis are becoming more refined.
The global Cannabis Based Beverages market is segmented into:
· North America (U.S.A., Canada, Mexico)
· Europe (Italy, U.K., Germany, France, Rest of Europe)
· Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
· Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Further market segmentation
Constituent Outlook (Revenue, USD Billion; 2018-2030)
Type Outlook (Revenue, USD Billion; 2018-2030)
- Alcoholic beverages
- Non-alcoholic beverages
Application Outlook (Revenue, USD Billion; 2018-2030)
Key Questions Addressed in the Report:
· What are the dominating factors that are influencing the growth of the industry?
· In the forecast period, which market segment is expected to rise the most?
· What are the risks and challenges that the industry is facing?
· In the coming years, which area is projected to dominate the market?
· Who are the major players in the market? What kind of strategic business plans have they made?
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