The global cannabis beverage market was valued at around US$ 205 million in 2018, and is expected to exhibit a CAGR of 38.3% over the forecast period (2019-2027).
Key Trends and Analysis of the Cannabis Beverage Market:
The global cannabis beverage market has witness a rapid growth in terms of value and volume, in the past few years. Increasing penetration of cannabis-based products in the market, owing to the rising awareness among consumers regarding the medical and therapeutic benefits of cannabis is expected to favor the market growth. On account of the rise in consumption of cannabis, market players are developing food products infused with cannabis extracts. These include cannabis infused beverages which are healthier alternatives to common methods of cannabis consumption such as smoking and vaping.
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Key Market Takeaways:
The global cannabis beverage market is expected to exhibit a CAGR of 38.3% over the forecast period (2019-2027). Increasing demand for cannabis infused food & beverage products and increasing focus on offering new cannabis beverages which contain organic ingredients are expected to drive the market growth during the forecast period. This is mainly due to increasing health concerns as well as awareness regarding calorie-intake among consumers.
On the basis of distribution channel, the global cannabis beverage market is segmented into convenience stores, hypermarkets, supermarkets, and online. Among these, the online segment accounted for a significant market revenue share in the global cannabis beverage market in 2018, owing to enhanced convenience and availability of varied product choices. Legalization of cannabis in different countries such as U.S., Canada and Mexico, for both recreational and medicinal purposes, has created better opportunities for licensed supermarkets and hypermarkets to display their cannabis-based products without restrictions.
Among region, the market in Europe is expected to witness for substantial growth in terms of value in the next few years. Governments in countries such as Germany, France, Italy and others have legalized the use and possession of cannabis based products for medical purposes. Increasing social acceptance for cannabis beverages over alcohol among consumers is expected to fuel growth of the global cannabis beverage market in the region in coming years.
One of the key challenges for manufacturers is to dilute the taste of different cannabis extracts used during infusion. Cannabis possesses a distinct grassy and pungent odor which is required to be weakened by addition of flavorings, food additives and taste enhancers. Companies are focused on research and development of distillates of the cannabis extracts which can dampen the peculiar flavor and odor of cannabis in the beverages.
Furthermore, several key players are focused on partnerships, in order to expand their presence. For instance, in Jan 2020, High Tide Inc., a Canadian based, manufacturer and wholesale distributor of cannabis based products and smoking accessories, acquired Canna Cabana, a supplier of cannabis products in Canada. The acquisition was done with an aim of increasing High Tide Inc.’s market presence in the retail sector.
Major players operating in the global cannabis beverage market include—
MedReleaf Corp., Cronos Group Inc., GW Pharmaceuticals, Plc., CannTrust Holdings Inc., VIVO Cannabis Inc., Tilray Inc., General Cannabis Corporation, Koios Beverage Corporation, New Age Beverages Corporation, Dutch Windmill Spirits, Heineken, The Supreme Cannabis Company, and SK Rodnik.
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Global Cannabis Beverage Market, By Product Type:
Cannabis Coffee & Cold brew
Global Cannabis Beverage Market, By End-Use:
Restaurants & Cafes
Global Cannabis Beverage Market, By Distribution Channel:
Global Cannabis Beverage Market, By Region:
Rest of Latin America
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa
Middle East & Africa
Rising number of millennial population and changing lifestyle patterns is a major driver in case of the growth of India alcohol market. For instance, as per the India Brand Equity Foundation, in September 2018, millennials constituted 47% of the total Indian working population which will lead to an increasing disposable income. Moreover, the increasing demand for cafes, bars, are thereby expected to lead to an increased demand for alcohol during the forecast period.