The growth of the Cannabis Beverages Market has been extraordinary, fueled by the progressive legalization of cannabis and shifts in consumer preferences. The industry’s rapid expansion has attracted significant interest from established companies and pioneering startups. With a diverse range of products, these cannabis-infused beverages cater to the needs of both recreational and medicinal consumers.
The reception of cannabis beverages is supposed to increment at a CAGR of 17.00% during the estimated time frame. The cannabis beverages market is expected to ascend from US$ 1,227.3 Mn in 2023 to US$ 5,899.5 Mn in 2033.
Because of overall population endeavors to sanction weed for both clinical and sporting purposes, the business’ advantage in CBD-based items has taken off. Cannabidiol (CBD)- injected beverages are turning out to be increasingly more popular among buyers in light of their non-psychoactive impacts.
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Cannabis drink organizations have entered the market to satisfy the developing need for CBD items. Considering unlawful utilization, sporting cannabis use is infinitely better than therapeutic cannabis use.
Declining deals of liquor and soda pops mirror a change in client taste for refreshment use. Liquor organizations are pulling together on the pot to get a bigger portion of the overall industry through Research and development spending and the presentation of new items.
The prevailing rivals in the market utilize various techniques to set their situation as the business’ top organizations. Buying organizations is one such productive strategy for raising brand esteem among customers. Another key methodology is to intermittently present historic items after completely looking at an intensive examination of the market and its interest group.
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.
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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)
- Tilray. (US)
- Hexo (Canada)
- CannTrust (Canada)
- Aurora Cannabis Inc. (Canada)
- GW Pharmaceuticals plc. (UK)
- VIVO Cannabis Inc. (Canada)
- Alkaline88, (US)
- NewAge Inc. (US)
- Cannara. (Canada)
- Dixie Brands (US)
- KANNAWAY LLC. (US)
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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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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