The cannabis beverage market includes beverages containing cannabidiol (CBD) or tetrahydrocannabinol (THC) as primary ingredients. Cannabis infused beverages are available in various forms such as alcoholic drinks, non-alcoholic drinks, cold brew coffee, and energy drinks. Cannabis infused beverages provide several health advantages such as reduced inflammation, anxiety relief, stress relief, better sleep, and pain relief. Beverage companies are launching various cannabis infused drinks in order to capitalize on the growing demand.

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 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The increasing legalization of cannabis for both medical and recreational purposes across various regions is expected to drive the growth of the cannabis beverage market over the forecast period. According to the article, around 20 U.S states and Washington D.C. have already legalized recreational use of cannabis. Moreover, increasing investments by key players for the development of innovative cannabis infused beverages is also projected to propel the market growth. For instance, in June 2020, MedReleaf Corp. launched its line of various cannabis infused beverages in Canada including iced tea, lemonade, and ginger beer.

SWOT Analysis
Strength: The cannabis beverage market possesses high growth potential over the forecast period. The introduction of a variety of cannabis-infused drinks in the market is expanding the consumer base. Increasing legalization of cannabis across various countries is supporting market growth.
Weakness: Stringent regulations related to the production, distribution and sale of cannabis beverages in many countries. High dependency on agricultural conditions for cannabis cultivation and availability of raw materials.
Opportunity: Increasing adoption of cannabis beverages for medical purposes due to various therapeutic benefits. Growing consumer preference for natural ingredients and herbs in beverages is supporting the demand. Emerging trends of cannabis cocktails and mocktails present new revenue opportunities.
Threats: Presence of substitutes like botanical drinks and herbal teas in the beverage market. Vulnerability of the market to economic slowdowns impacting consumer spending. Negative social perception and stigma associated with cannabis consumption.

Key Takeaways

The Global Cannabis Beverage Market Size is expected to witness high growth over the forecast period.

The European region is anticipated to witness substantial growth in the cannabis beverage market. Countries like Germany, United Kingdom, Italy, Netherlands are emerging as high potential markets. Increasing research activities focused on the medical applications of cannabis and rising consumer awareness about the benefits are supporting regional demands.

The Asia Pacific market is projected to grow at a remarkable pace between 2023 and 2030. Changing regulations and relaxation of rules related to the use of cannabis for medical purposes in countries like Australia, China, Japan, South Korea are fueling the regional market growth. Moreover, improving healthcare infrastructure and growing medical tourism are positively influencing the cannabis beverage industry in Asia Pacific.

Key players operating in the Cannabis Beverage market are MedReleaf Corp., Cronos Group Inc., Jazz Pharmaceuticals, Phoena Holdings, VIVO Cannabis Inc., Tilray Inc., General Cannabis Corporation, Koios Beverage Corporation, New Age Beverages Corporation, Dutch Windmill Spirits, Heineken, Canopy Growth, and SK Rodnik. Major players are focusing on capacity expansion, new product development and partnerships for geographical expansion.

For More Insights, Read: https://www.trendingwebwire.com/cannabis-beverage-market-trends-growth-and-regional-outlook-2023-2030/