FELTON, Calif., – The global cannabis beverages market is estimated to reach USD $2.8 billion, by 2025, and is projected to grow at a CAGR of 17.8% from 2019 to 2025, according to a new report by Million Insights. The cannabis beverage market is heavily fragmented due to the presence of medium and small-scale companies. Many companies are present in Canada where cannabis is legal to use for medical applications. The increasing sale of cannabis-infused drinks is expected to boost the demand for the product.
The growing popularity of health and wellness beverages is also projected to contribute to market growth. Moreover, alcohol manufacturers are also investing high in developing cannabis infused products. For example, Heineken has launched Hi-Fi Hops in the California beer label category with added infused Tetrahydrocannabinol (THC) and cannabidiol (CBD) which is available with zero carbohydrates and calories. Manufacturers are also focusing on partnerships and acquisitions to increase their sales. For instance, Constellation brands have partnered with Canopy Growth.
The consumer shift from carbonated soft drinks to health drinks are expected to proliferate the demand for cannabis beverages. Factors like Low carbs, and sugar content in cannabis beverages is gaining high traction among consumers. People are preferring cannabis drinks with cannabis-infused cookies, chocolates over cannabis smoking. The growing number of restaurants, lounges, and cafes are anticipated to propel the demand for the product.
Millennial populations are the prime consumers of cannabis beverages. According to study of University of Georgia and Connecticut, in 2017, ever since the cannabis beverages are legalized, beer and wine purchase orders are declined by around 15.0%.in the period of last 10 years.
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North America is projected to grow at the fastest rate during the forecasted period. This growth is mainly due to the legalization of cannabis infused products for recreational and medical purpose. National Conference of State Legislature, district of Columbia, 33 states, Guam, and Puerto Rico have legally approved the medical cannabis program, which in turn is projected to foster the market growth.
Europe is estimated to foresee substantial growth in the next few years. According to the Cannabis trade association, in the U.K. the consumption of cannabis beverages user has increased to 250,000 from 125,000 in the year 2017, and this trend is expected to continue in the coming few years. Moreover, the companies also engage in developing new product innovations. For example, Cloud 9 brewing and CBD Ultra have introduced a beer made cannabis extracts.
Further key findings from the report suggest:
- Depending on type, in 2018, nonalcoholic segment attributed to the highest market share in the overall market and is projected to grow at a highest CAGR from 2019 to 2025.
- Based on the component, CBD beverages ae anticipated to exceed at a fastest rate during the forecasted period.
- In Europe, the Netherlands is estimated to hold highest market share due to high consumption of cannabis and growing number cafes, restaurants across the country.
- Major players in the cannabis beverages market are The Alkaline Water Company, New Age Beverages Corporation, Koios Beverage Corporation, Phivida Holdings Inc., Dixie Brands Inc., VCC Brand, and Hexo Corp.
Browse 80 page research report with TOC on “Global Cannabis Beverages Market” at: https://www.millioninsights.com/industry-reports/global-cannabis-beverages-market