New Jersey, NJ, Sept. 12, 2019 (GLOBE NEWSWIRE) -- The growing need for wellness beverages by the consumers is driving the demand. Also, due to low sugar content, clean ingredients, and a proportionate quantity of cannabis are drawing cannabis smokers towards cannabis beverages which are expected to boost up the market. The global Cannabis Beverages market is expected to grow from USD 1.31 Billion in 2017 to USD 4.57 Billion by 2025 at a CAGR of 12.50% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Cannabis, also known as marijuana, is defined as a psychoactive drug from the Cannabis plant and can be consumed by smoking, vaporizing, within the food, or as an extract. Cannabis is commonly used for recreation or as a medicinal drug, although it may also be used for spiritual purposes. For instance, the Europe-based company, Coca-Cola, is diversifying into the cannabis-infused beverages segment. In December 2017, Health Canada provided licenses to two Quebec based cannabis production facilities. Also, in November 2017, Ohio Department of Commerce provided 12 provisional large-scale medical cannabis cultivation licenses. In August 2018, Molson Coors announced a joint venture with HEXO, a Canadian cannabis producer, to develop non-alcoholic cannabis beverages.
Tetrahydrocannabinol (THC) is fuelling the growth of the market. The growing need for wellness beverages by the consumers is another factor influencing the market growth. But various health issues are associated with the consumption of marijuana like intense anxiety, fear, distrust, or panic, the risk of depression and blocks memory formation which may hamper the growth of the market. However, growing legalization of cannabis may drive the industry growth in the coming years.
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Key players operating in the global Cannabis Beverages market include Beverages Trade Network, Coca–Cola, Lagunitas, The Alkaline Water Company, New Age Beverages Corporation, COALITION BREWING, Dutch Windmill Spirits, Heineken, Klosterbrauerei Weißenohe, SK Rodnik, Koios Beverage Corporation, The Supreme Cannabis Company, General Cannabis Corporation, Coalition Brewing, Bhang Corporation, and Cannabis Energy Drink. To enhance their market position in the global Cannabis Beverages market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in June 2018, Lagunitas Brewing Co. of Petaluma delved deeper into the cannabis industry, announced the launch of a new THC- infused sparkling beverage. The drink, named Hi-Fi Hops, will come in two varieties, including one containing 10 mg of THC, a principal psychoactive chemical in marijuana. The other will have 5 milligrams of THC and 5 mg of cannabidiol, or CBD, a cannabis compound used to treat pain. The drinks did not contain alcohol.
- In December 2018, AB InBev signed a partnership with Tilary, a Canadian cannabis distributor and producer, to research non-alcoholic beverages containing CBD and THC.
- In Jan 2019, New Age Beverages Corp. collaborated with one of the world’s most revered musicians to help it take the U.S. Cannabidiol-infused drinks market by storm. The healthy drinks manufacturer announced that it has signed an agreement to develop and distribute Bob Marley-branded cannabis beverages.
The HoReCa (Hotel/Restaurant/Café) segment is dominating the market with the highest share of 59.20% in 2017.
The end-use segment is classified into household and HoReCa. The HoReCa (Hotel/Restaurant/Café) segment held the largest share in the global cannabis beverages market in 2017. Government regulations on the consumption of cannabis beverages are likely to push the growth of the HoReCa segment globally.
The alcoholic segment valued around USD 804.41 Million in 2017.
The type segment is divided into segments such as alcoholic and non-alcoholic. The alcoholic segment is dominating the market with the highest share in 2017. Cannabis beverages are gaining popularity in the market due to the rising demand for wellness beverages by the consumers
B2C segment is dominating the market with the highest share of 63.80% in 2017.
Distribution channel segment includes B2B and B2C. B2C segment is dominating the market in 2017. The manufacturers produce and directly sell the product into the market with the help of convenience stores, hypermarkets, specialty stores, online stores, and others.
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Regional Segment Analysis of the Cannabis Beverages Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region dominated the global cannabis beverages market with USD 523.13 Million in 2017 whereas the Asia Pacific rapidly growing region in the market. North America is dominating the market because of the increased spending on cannabis beverages is expected to propel this regional market. For instance, in 2016, about USD 180 million was expended on edible drinks and foods containing cannabis in California. It is also driven by new consumers and companies invested in the wellness and healthcare sector that want to provide smoke-free marijuana experience. Asia- Pacific is a rapidly growing region owing to the increasing footprints of companies in India, Australia, and other regions for cannabis beverages product development.
About the report:
The global Cannabis Beverages market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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