Dallas, March 01, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global cannabis beverages market is anticipated to grow from USD 503.58 million in 2020 to USD 2958.60 million by 2028, at a CAGR of 24.5% during the forecast period 2021-2028.
Consumers' rising need for wellness drinks fuels demand for cannabis beverages. Clean ingredients and a proportionate amount of cannabis are also attracting cannabis smokers towards cannabis drinks that are projected to fuel the market, owing to low sugar content.
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Cannabis is a flowering plant which belongs to the Cannabaceae family and is commonly known as hemp. Since years, cannabis has been used as a source of hemp oil and hemp fibre, and is regarded as a psychoactive drug for its therapeutic purpose. Recently the use has been extended to common consumable drinks called as cannabis drinks.
Classic cannabis-drinks such as thandai and lassi derive from the Indian subcontinent when prepared with bhang. Beverages flavored with cannabis can come in the form of teas, sodas, fruit drinks, brews, even kombucha and much more.Cannabis, hemp, and marijuana drinks are entering the US market, with manufacturers selling the products as healthier, smoother alternatives to wine, beer, and spirits. Beverages involve teas, still and sparkling waters, fruit-flavored products, and wine and beer infused with tetrahyrocannabinol (THC).
Growing demand among customers for wellness beverages is one of the industry's main driving forces. The legalization of medicinal or recreational cannabis in some regions has also led to a significant positive impact on the global cannabis market.With the additives and ingredients the beverage sector is experiencing radical change in itself. Consumers are continuously shaping the segment amongst chemicals-free, all-natural and with herbal and recognizable formulations trends and innovations, particularly in the developed markets of Europe and North America. Such aspects boost the cannabis beverage market growth.
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Major players operating in the global cannabis beverages marketare Aphria, Beverages Trade Network, Bhang Corporation, Cannabis Energy Drink, Canopy Growth, COALITION BREWING, Dixie Brands Inc., Dutch Windmill Spirits, General Cannabis Corporation, Keef Brand, Lagunitas, New Age Beverages Corporation, The Supreme Cannabis Company and VCC Brand among others.The key players are now concentrating on implementing strategies like adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global cannabis beverages industry.
• In May 2019,-Caliva, one of California's leading vertically integrated cannabis firms, acquired Zola, the maker of plant-powered drinks, to expand into the cannabis and hemp-based CBD (HCBD) beverage space.
• In January, 2019, Aphria Inc. has announced it has completed the previously announced acquisition of CC Pharma GmbH, big distributor of pharmaceutical goods, including medicinal cannabis, through more than 13,000 pharmacies in Germany and throughout Europe. The Company continues to strengthen its end-to-end cannabis operations and infrastructure in Germany.
The non-alcoholic segment is anticipated to witness a significant growth over the forecast period
The type segment is divided into alcoholic and non-alcoholic.The global economy is witnessing a steady rise of low-and non-alcohol beverages, which have eliminated calories along with nutritional excellence. Therefore, the non-alcoholic segment is anticipated to witness a significant growth over the forecast period.
The cannabidiol (CBD) segment registered the fastest-growth in the cannabis beverages market in 2020
The component segment includes cannabidiol (CBD) and tetrahydrocannabinol (THC). Due to the CBD's non-psychoactive properties, the cannabidiol (CBD) segment registered the fastest growth in 2020.
The online segment is anticipated to grow at the highest CAGR of around 26.5% during the forecast period
The distribution channel segment is divided into mass merchandisers, specialty stores, online retail and others. Due to the enhanced convenience and accessibility of a variety of product choices, the online segment is anticipated to grow at the highest CAGR of around 26.5% during the forecast period.Moreover, the legalization of cannabis in different countries such as the U.S., Canada and Mexico has created more opportunities for licensed stores and hypermarkets to sell their cannabis-based products without restrictions, for both medicinal and therapeutic purposes.
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Regional Segment Analysis of the Cannabis Beverages Market
• North America (U.S. , Canada, Mexico)
• Asia-Pacific (China, Japan India, Rest of APAC)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
• South America (Brazil and Rest of South America)
The regions analysed for the cannabis beveragesmarket include North America, South America, Europe, Asia Pacific, and Middle East and Africa.Since North America is at the forefront of the cannabis-infused product industry, led by the USA where the functional beverage market demonstrates an exponential growth trend, the North America region held the largest market for the cannabis beverages market with around 38% share and a market value of around 191.36 million in 2020. The usage and consumption of cannabis-related products for medicinal reasons has been allowed by governments in countries such as Germany, France, Italy and others. Increasing social acceptance among consumers for cannabis drinks over alcohol is projected to drive the growth of the Europe’s cannabis beverage industry in the coming years. Therefore, the Europe region is anticipated to grow at considerable growth rate in the global cannabis beverages market during the forecast period.
About the report:
The global cannabis beverages market is analysed on the basis of value (USD Million). 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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