The Cannabis beverage market has witnessed significant growth in recent years owing to rising demand for cannabis infused beverages. Cannabis infused drinks are gaining popularity as an alternative to smoking or vaping cannabis as they provide a convenient and discreet way of consuming cannabis. Cannabis beverages are available in various forms such as teas, juices, soda, among others and provide benefits such as relaxation, pain relief, better sleep, and appetite stimulation.
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The global Cannabis beverage market is estimated to be valued at US$ 547.43 Mn in 2023 and is expected to exhibit a CAGR of 61% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity of increasing popularity among consumers is expected to drive significant growth of the cannabis beverage market over the forecast period. Cannabis infused drinks are becoming increasingly popular among consumers, especially millennials, as they are more discrete way of consuming cannabis as compared to smoking. Moreover, drinks provide consumerswith control over dosing and preciseconsumption of THC and CBD content. Manufacturers are launching various innovative cannabis infused drinks in attractive flavors and packaging which is helping drive the popularity of these products. Further, establishment of cannabis cafes and shops retailing these drinks is also raising awareness among consumers regarding benefits of cannabis beverages. Growing social acceptability of cannabis consumption is further augmenting the popularity of these products.

Porter's Analysis

Threat of new entrants: The market requires high capital investment as cannabis cultivation and extraction requires specialized skills, knowledge and facilities. This limits the threat of new entrants.

Bargaining power of buyers: The market has a large number of buyers thus individual buyers have low bargaining power. However, large retail chains and distribution companies can negotiate better prices based on volume.

Bargaining power of suppliers: There are a limited number of suppliers for cannabis, therefore suppliers have strong bargaining power over producers in terms of price and quality of cannabis supplied.

Threat of new substitutes: There is potential threat from substitutes like beer, wine and juices. However, cannabis beverages provide unique effects which limits substitutability.

Competitive rivalry: The market currently has multiple small and large brands. Competition is expected to intensify as more companies enter this lucrative market.

SWOT Analysis

Strengths: Growing consumer preference for natural ingredients. Benefits of cannabis in reducing symptoms.

Weaknesses: Strict regulations around content of THC and CBD. Social stigma around cannabis consumption.

Opportunities: Increasing legalization in more regions. Emergence of new flavors and formats. Adoption among millennial population.

Threats: Potential health risks of long-term cannabis consumption. Stringent production and marketing rules.

Key Takeaways

The Global Cannabis Beverage Market Size is expected to witness high growth over the forecast period of 2023 to 2030 led by North America. The global Cannabis beverage market is estimated to be valued at US$ 547.43 Mn in 2023 and is expected to exhibit a CAGR of 61% over the forecast period 2023 to 2030.

Regional analysis- The market in North America is forecast to grow at a CAGR of around 63% during 2023-2030. Canada has emerged as a major cultivator and exporter of cannabis. In the US, states like Colorado and California are pioneering the consumption of cannabis beverages.

Key players- Key players operating in the Cannabis Beverage market are Cargill Inc., Nu-Tek Food Sciences LLC, Koninklijke DSM N.V., Montana Indusrie Holding A.G., Angel Yeast Co. Ltd., Tate & Lyle Plc, and Innophos Holding Inc. These players are focused on launching new products with different flavors and cannabinoid profiles to appeal to a wider consumer base.

For More Insights, Read: https://www.trendingwebwire.com/cannabis-beverage-market-size-share-and-growth-forecast-2023-2030/