The Global Cannabis Beverage Market Growth Accelerated By Increasing Legalization Of Cannabis

 


Cannabis beverages are a new generation of cannabis-infused drinks containing tetrahydrocannabinol (THC) or cannabidiol(CBD). Cannabis beverages act as an alternative to smoking or vaping cannabis and allow consumers to experience the effects of cannabis in a convenient drinkable format. Cannabis beverages provide discreet dosage options, consistent effects, and taste better than raw cannabis flower.

The global Cannabis Beverage Market is estimated to be valued at US$ 547.43 Mn in 2023 and is expected to exhibit a CAGR of 61% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing legalization of cannabis across various countries for both medical and recreational use is the key factor driving the growth of the cannabis beverage market. According to the Cannabis Regulators of Canada, as of 2022, Canada has legalized both medical and recreational cannabis. In the U.S., 38 states and 3 U.S. territories have legalized medical cannabis, while 19 states and the District of Columbia have legalized recreational cannabis use as well. As the legal framework around cannabis evolves, more companies are introducing new cannabis beverage products with varying potency levels, flavors, and formulations. This increasing availability of diverse cannabis beverage products will attract more consumers and fuel the market growth over the forecast period.


Segment Analysis
The global cannabis beverage market is dominated by infused drinks sub segment. Infused drinks refer to the drinks which are infused or mixed with cannabis extracts like THC and CBD. They are dominating the market as they provide distinct effects of cannabis like relaxation without the health hazards of smoking. Infused drinks offer convenient and discrete way of consuming cannabis.

Key Takeaways

The Global Cannabis Beverage Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is estimated to reach market size of US$ 547.43 Mn in 2023 and projected to grow at CAGR of 61% during the forecast period.

Regional analysis
North America region currently dominates the global cannabis beverage market. U.S. holds the largest share in the region owing to legalization of cannabis in many states and growing healthcare applications of cannabis. Canada is the fastest growing market in the region supported by early legalization of cannabis in 2018 in the country for both medical and recreational use.

Key players
Key players operating in the cannabis beverage market are Cargill Inc., Nu-Tek Food Sciences LLC, Koninklijke DSM N.V., Montana Indusrie Holding A.G., Angel Yeast Co. Ltd., Tate & Lyle Plc, and Innophos Holding Inc. Cargill Inc. holds the leading position in the market owing to its strong distribution network and wide product portfolio of cannabis infused beverages.

For More Insights, Read: https://www.newswirestats.com/cannabis-beverage-market-size-share-and-growth-forecast-2023-2030/

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