The global cannabis based beverages market size is expected to reach USD 5.84 Billion in 2030 and register a revenue CAGR of 17.4% over the forecast period, according to latest report by Reports and Data. Legalization of marijuana and increasing number of new start-ups producing cannabis beverages are expected to drive market revenue growth during the forecast period. Increasing global awareness about medicinal properties of cannabis, along with its other utilities is leading to legalization and decriminalization of cannabis in multiple countries. Colorado and Washington became the first states in North America to legalize marijuana for recreational purposes. Similarly, possession and consumption of marijuana is now legal in several countries in Europe.
Increasing number of new start-ups for manufacturing cannabis beverages due to rising demand for alternative non-alcoholic and healthy beverages is expected to boost revenue growth of the global market. Major beverage manufacturers are expanding customer base in various regions where cannabis is legalized and decriminalized, in order to expand brand inventory and market footprint by novel manufacturing cannabis-infused beverages.
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Top Companies Operating in the Global Cannabis Based Beverages Market Report:
NewAge, Inc., The Alkaline Water Company Inc., SpaceStation, Inc., Koios Beverage Corporation, VCC Brand, Dixie Brands Inc., Keef Brands, Hexo Corp, Tilray, Inc., and Canopy Growth Corporation.
Some Key Highlights in the Report
- In June 2021, Tilray, Inc. launched a new line of medical goods called Symbios in Canada. This new brand has been developed to provide a broader spectrum of formats and unique ratios of cannabinoids at a better price point while offering patients a full comprehensive assortment of products, which include flowers, oils, and pre-rolls. Users can opt for a formulation that consists of 750 milligrams of cannabidiol (CBD), or a mix of 375 milligrams each of CBD and THC (tetrahydrocannabinol).
- Medication segment is expected to account for largest revenue share in the global cannabis based beverages market between 2021 and 2030, owing to legalization of marijuana for medical purposes and drug formulation in many countries.
- Alcoholic beverage segment is expected to register significantly steady revenue growth over the forecast period due to rising demand for products like cannabis-infused beer, which produces feelings of relaxation and lethargy rather than intoxication unlike regular alcoholic beverages.
- Market in North America is expected to register a higher revenue growth rate in the cannabis based beverages market over the forecast period than other regional markets due to large presence of beverage manufacturers and rapid growth of consumer demand, following the legalization of cannabis in the region.
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The global Cannabis Based Beverages market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Constituent Outlook (Revenue, USD Billion; 2018-2030)
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
Type Outlook (Revenue, USD Billion; 2018-2030)
- Alcoholic beverages
- Non-alcoholic beverages
Application Outlook (Revenue, USD Billion; 2018-2030)
- Medication
- Recreation
End-Use Outlook (Revenue, USD Billion; 2018-2030)
- Hotels/Bars
- Household
- Others
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market? What kind of strategic business plans have they made?
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