Cannabis Beverage Market Forecast: [Growth] of 4.7% CAGR Predicted

According to TechSci Research report, “Global Cannabis Beverage Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Cannabis Beverage Market stood at USD 964.5 million in 2022 and is anticipated to grow with a CAGR of 4.7% in the forecast period, 2024-2028.

The cannabis beverages market is experiencing significant growth and transformation as more countries legalize both medicinal and recreational cannabis use. Cannabis-infused beverages offer a unique and socially acceptable way to consume cannabis, attracting consumers who may not be comfortable with traditional smoking or vaping methods.

This shift in consumption habits is particularly pronounced among older demographics and new cannabis users who may be more hesitant to try traditional forms of consumption. Cannabis beverages provide a familiar and approachable way to enter the cannabis market, appealing to a broad spectrum of consumers.

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Additionally, the rise of social consumption spaces and events, where cannabis consumption is permitted, has further boosted the demand for cannabis-infused beverages. These spaces provide a controlled environment for consumers to enjoy cannabis in various forms, including beverages, while socializing with others who share similar interests. As the cannabis hospitality industry grows, so does the market for cannabis beverages, which are often a featured option at such venues.

Innovation and product diversity are essential drivers of the cannabis beverages market’s rapid expansion. As more companies enter the industry, there is a constant push to create unique and appealing products that cater to a wide range of consumer preferences.

One of the key innovations in this space is flavor variety. Cannabis beverages are available in an array of flavors, from fruit-infused sparkling waters to herbal teas and coffee blends. These diverse flavor options cater to consumers with varying taste preferences, making cannabis beverages more accessible to a broader audience.

Furthermore, cannabis-infused beverages come in different formulations, including CBD-only, THC-only, and balanced THC-CBD options. This variety allows consumers to choose products that align with their desired effects, whether they seek relaxation, pain relief, or focus enhancement.

Moreover, the convenience and portability of cannabis beverages make them an attractive choice for consumers leading active lifestyles. Whether it’s a CBD-infused sparkling water after a workout or a THC-infused beverage for a relaxing evening, these products are designed to fit seamlessly into modern, on-the-go lifestyles.

Collaborations between cannabis companies and established beverage giants have also been a driving force. These partnerships leverage the expertise of beverage manufacturers in product development, distribution, and marketing, while introducing cannabis-infused beverages to a wider audience through established retail channels.

Moreover, the industry is witnessing the emergence of “mixology” with cannabis beverages. Bartenders and mixologists are experimenting with cannabis-infused ingredients to create signature cocktails and mocktails. This trend not only caters to consumers seeking a more sophisticated cannabis experience but also adds a layer of cultural and culinary innovation to the market.

The Global Cannabis Beverage Market is segmented into type, component, distribution channel, regional distribution, and company.

Based on type, the market for cannabis drinks is divided into alcoholic and non-alcoholic beverages. Alcohol brewing businesses’ growing involvement in adding THC and CBD to beer is projected to fuel the demand for alcoholic cannabis-infused beverages during the anticipated period.

Based on region, the North American market is currently the largest market for cannabis beverages, followed by the European market. However, the market is expected to grow rapidly in other regions, such as Asia Pacific and Latin America, in the coming years. North America is estimated to be the fastest and largest market for cannabis beverages.

Major companies operating in the Global Cannabis Beverage Market are:

• Aurora Cannabis Inc.
• Aphria Inc.
• Canopy Growth Corporation
• MedReleaf Corp.
• Cronos Group Inc.
• GW Pharmaceuticals, plc.
• CannTrust Holdings Inc.
• VIVO Cannabis Inc.
• Tilray
• OrganiGram Holdings

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“The cannabis beverages market has experienced robust growth in recent years. Changing attitudes toward cannabis, increasing legalization efforts, and a growing demand for alternative consumption methods have all contributed to this expansion. Consumers are increasingly drawn to the convenience, precise dosing, and health-conscious appeal of cannabis-infused beverages. With innovative formulations, strategic partnerships, and a focus on wellness, the market is expected to continue its upward trajectory. As more regions legalize both CBD and THC beverages, and as regulatory frameworks evolve, the cannabis beverages market is poised for even more significant growth in the coming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Cannabis Beverage Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Alcoholic, Non-Alcoholic), By Component (Cannabidiol (CBD), Tetrahydrocannabinol (THC)), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Online, Others), By Region, By Competition, 2018-2028”, has evaluated the future growth potential of Global Cannabis Beverage Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Cannabis Beverage Market.

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