Rockville, MD--A comprehensive study by market intelligence provider, Fact.MR unveils an expected surge in the global cannabis-infused drinks industry. It is predicted to soar from its current value of $400 million to $8.7 billion by 2033, indicating a robust CAGR of 37.8%.
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As stated in a Yahoo! News report, Non-alcoholic cannabis-infused beverages are forecasted to command over 50% of the market by 2033, stimulated by an influx of new manufacturers targeting the rising consumer demand. Sales of such products witnessed a significant growth of 15.1% CAGR between 2016 and 2020, reaching a milestone of $260 million in 2021.
The report noted that key market growth propellants include legalizing cannabis for medical and recreational use, changing consumer attitudes towards cannabis, and the global inclination towards health and wellness. Additionally, innovative product development and growing interest in the therapeutic potential of cannabinoids have also attracted diverse consumer segments.
As per the report, the market’s trajectory is contingent on numerous variables. Navigating regulatory complexities, ensuring product standardization, and harnessing scientific advancements in cannabis research are crucial factors. Moreover, manufacturers and suppliers must adhere to stringent laws and regulations and invest in research and development to remain competitive.
Popular products in the market include CAN, a simple cannabis-infused beverage, and Artet, a non-alcoholic drink that combines the sociability of cannabis with cocktail culture.
The report stated that although the market environment remains competitive due to the fluid nature of cannabis laws and regulations, the industry, especially in Canada, is poised for significant growth thanks to favorable federal rules that stimulate product sales. Integrating novel technologies and adhering to beverage industry trends will help businesses gain a competitive edge.
Fact.MR's study includes segmenting the cannabis-infused drinks industry, examining alcoholic and non-alcoholic products, CBD-infused and THC-infused components, and geographical distribution across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Learn more in the full Yahoo! News report.