The global for cannabis beverages market achieved a total worth of USD 3.54 Billion in 2022. It is anticipated to expand significantly, reaching a substantial value of USD 15.7 Billion by the year 2032. This growth trajectory is underpinned by a robust compound annual growth rate (CAGR) of 18% throughout the forecast period. Key drivers of this market's revenue surge include the widespread legalization of cannabis for both medical and recreational purposes in various countries and the increasing consumer demand for beverages infused with cannabis.
Cannabis-infused beverages offer a healthier alternative to traditional alcoholic drinks, gaining popularity among consumers who are transitioning away from smoking cannabis in favor of alternative consumption methods. Additionally, these beverages serve as an excellent choice for individuals seeking discreet cannabis consumption, allowing them to avoid the potent flavor and odor associated with smoking or edibles.
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Top Companies:
· Canopy Growth Corporation
· Tilray
· Constellation Brands
· HEXO
· Molson Coors.
Drivers of Cannabis Beverages Market
· Legalization and Regulatory Changes: The gradual legalization of cannabis for both medical and recreational use in various regions, particularly in North America, has created a favorable regulatory environment for cannabis-infused products, including beverages.
· Consumer Preferences: Many consumers are looking for alternative ways to consume cannabis, and beverages offer a convenient and discreet option. For those who do not want to smoke or prefer not to use edibles, cannabis-infused beverages provide an attractive choice.
· Wellness and Health Trends: The growing interest in health and wellness has led to a demand for cannabis-infused beverages that offer perceived health benefits, such as pain relief, relaxation, and sleep aid.
· Diverse Product Offerings: Companies in the cannabis beverages market are continually innovating, offering a wide range of products, including THC-infused and CBD-infused beverages. This diversity allows consumers to choose products that suit their preferences and desired effects.
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To assist readers in making profitable business decisions, the report is written with the help of industry analysts, market segmentation, and data collection. In addition to providing a comprehensive database of technological and product advances, the report provides detailed information on growth rates, market values, as well as niche market segments.
The global Cannabis 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
Product Type Outlook:
- Cannabis-Infused Alcoholic Beverages
- Cannabis-Infused Non-Alcoholic Beverages
End-Use Outlook:
- Individual Use
- Medical Use
- Cannabis Cafes
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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