Pune, India, Sept. 27, 2022 (GLOBE NEWSWIRE) -- The global cannabis beverages market size was USD 574.90 million in 2020. The market is slated to grow from USD 915.06 million in 2021 to USD 19,063.58 million in 2028 at a CAGR of 54.31% in the 2021-2028 period.
This information is provided by our researchers at Fortune Business Insights, in the report, titled, “Cannabis Beverages Market, 2021-2028.”
According to our expert analysts, the market is projected to attain traction from the rising penetration of cannabis in the unexploited consumer markets, such as Thailand and Australia, among others. Additionally, the surging consumers’ predisposition towards experimenting with novel and groundbreaking food and beverages has also improved the market performance.
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List of Key Players Mentioned in the Market Report:
- Aurora Cannabis Inc. (Edmonton, Canada)
- Aphria Inc. (Leamington, Canada)
- Canopy Growth Corporation (Canada)
- MedReleaf Corp. (Edmonton, Canada)
- Cronos Group Inc. (Toronto, Canada)
- GW Pharmaceuticals, plc. (Cambridge, U.K.)
- CannTrust Holdings Inc. (Vaughan, Canada)
- VIVO Cannabis Inc. (Ontario, Canada)
- Tilray (Nanaimo, Canada)
- OrganiGram Holdings (Moncton, Canada)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 54.31% |
| 2028 Value Projection | USD 19,063.58 Million |
| Base Year | 2020 |
| Cannabis Beverages Market Size in 2020 | USD 574.90 Million |
| Historical Data | 2017-2019 |
| No. of Pages | 130 |
| Segments Covered | By Type, By Geography, By Distribution Channel |
| Cannabis Beverages Market Growth Drivers | Fundamental Transformation in Beverage Industry to Support Growth |
| Growing HoReCa Sector and Modern Trade Practices to Proliferate Revenue |
COVID-19 Impacts:
Amplified Demand for Flavorful Drinks amid COVID-19 Pandemic to Promote Growth
The COVID-19 pandemic outbreak resulted in various governments to execute stringent lockdown norms and social distancing guidelines, across the world. Market terminations, weakened eating-out trends, and constraints in public mobility resulted in the people being confined to their houses. This also instigated risen stress, panic-buying and stockpiling among the consumers during the primary stages of lockdown, which triggered the cannabis and cannabis-imparted product sales.
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Report Coverage:
The report presents a holistic study of the market along with current trends and upcoming estimations to institute approximate investment gains. An in-depth analysis of any forthcoming prospects, threats, competitions or driving factors are also declared in the report. Furthermore, methodical regional analysis of the market is offered.
Moreover, COVID-19 impacts have been added to the report to help investors and business owners to comprehend the jeopardies better. The top-tiered players in the market are recognized, and their tactics to reinforce the market growth are shared in the report.
Segmentation:
By type, the market is divided into:
- Alcoholic
- Non-alcoholic
Based on the distribution channel, the market is segregated into:
- Mass Merchandisers
- Specialty Stores
- Online Retail
- Others
On the basis of geography, the global market is separated into:
- North America
- Europe
- Rest of the World
Drivers and Restraints:
Transformation of Beverages Sector to Create New Growth Opportunities
Cannabis consumers are no longer restricted to smoking flowers with joints, bongs, or pipes but have an option from a surging assortment of products, involving concentrated as well as infused products. The beverages industry in itself is experiencing an indispensable change in terms of all the ingredients and additives.
Consumers, particularly in the advanced markets of North America and Europe are persistently forming the category amidst organic and chemicals-free, and with detectible and herbal formulations trends and developments. This is anticipated to bolster the cannabis beverages market growth during the upcoming period.
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Regional Insights:
North America is at the front position of the cannabis-infused beverages sector and holds the maximum cannabis beverages market share. This region registered for USD 527.83 million in 2020. The sector was commanded by the U.S. where the functional beverage market is unveiling a sudden growth graph.
Cannabis-based beverages have exhibited comparatively lower growth in developing regions such as Asia, Oceania, and Latin America owing to the ban of THC products in the market.
Competitive Landscape:
Radical Product Presentation by Vital Players Set to Navigate Market Growth
The prominent players in the market apply abundant tactics to fortify their position in the market as leading companies. One such considerable tactic is acquiring companies to boost the brand value among users. Another essential strategy is intermittently launching pioneering products with thorough review of the market and its target audience.
For example, in April 2021, Molecule Holdings Inc. inaugurated Molecule Crafted, which is a cannabis-infused craft beverage assortment in Canada. These cannabis beverages are low in calories and accessible in various exotic as well as bold flavors.
Industry Developments:
August 2021 – Cann, who is a THC beverage manufacturer based in California, stated the launch of Passion Peach Mate, an exclusive and novel caffeinated cannabis beverage. The manufacturer presented this product series to provide all-natural caffeine with a micro dose of THC to the users as they hunt for substitutions to alcoholic beverages.
Detailed Table of Content:
- Introduction
- Research Scope
- Market SegHouseholdtation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview on Global Cannabis Market
- Supply Chain & Regulatory Analysis
- Global Cannabis Beverages Regulatory Analysis
- Recent Industry DevelopHouseholdts - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (in Relation with COVID-19)
- Impact of COVID-19
- Challenges in Supply Chain
- Efforts to Mitigate the Challenges
- Global Cannabis Beverages Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Alcoholic
- Non-alcoholic
- By Distribution Channel (Value)
- Mass Merchandisers
- Specialty Stores
- Online Store
- Others
- By Region (Value)
- North America
- Europe
- Rest of the World
- By Type (Value)
- North America Cannabis Beverages Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Alcoholic
- Non-alcoholic
- By Distribution Channel (Value)
- Mass Merchandisers
- Specialty Stores
- Online Store
- Others
- By Country (Value)
- U.S
- By Type (Value)
- Alcoholic
- Non-alcoholic
- By Type (Value)
- Canada
- By Type (Value)
- Alcoholic
- Non-alcoholic
- By Type (Value)
- U.S
- By Type (Value)
TOC Continued…!
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