Dublin, IE--The "Cannabis Beverages - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis, the global market for Cannabis Beverages, estimated at US$1 Billion in the year 2022, is projected to reach a revised size of US$2 Billion by 2026, growing at a CAGR of 16.9% over the analysis period.
Cannabis has been gaining considerable popularity globally. Its use for recreational purposes (factoring in illegal usage) is much higher in comparison to its medicinal use. The market is anticipated to grow due to the growing cannabis demand in the mainstream market.
The changing legal status of marijuana in many countries worldwide, including several US states, is attracting more and more food and drink companies to the vibrant cannabis beverages market. The continued deregulation of cannabis, escalating societal acceptance, growing awareness of CBD benefits, and availability in familiar/popular formats support growth in demand and sales of cannabis beverages.
CBD-infused beverages are gaining popularity in the US, becoming readily available through mainstream retail outlets. The growing interest in wellness drinks is also likely to drive gains in the market. Customers are increasingly demonstrating a preference for wellness drinks over soft drinks, driving demand for cannabis beverages.
The market is also benefitting from other factors such as better living standards, increased disposable income levels, and legalizing recreational cannabis in several countries. Off-trade channels such as lounges, clubs, restaurants, cafes, and hotels will likely augment the product's visibility and popularity among customers.
Non-Alcoholic, one of the segments analyzed in the report is projected to grow at a 17.5% CAGR to reach US$1.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Alcoholic segment is readjusted to a revised 15.7% CAGR for the next 7-year period.
Non-alcoholic cannabis beverages dominate the market and are also expected to register strong growth, mainly supported by growing demand from female and new customers, especially millennials, and rising interest in wellness drinks. Cannabis-infused alcoholic beverages are also gaining strong popularity, given their capability to offer the alcohol effect, but with health advantages and no calories. They are mainly used by people who consume cannabis as well as alcohol.
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