Cannabis Drinks Market

Global Cannabis Drinks market: Overview

Attributed to the prevalence of multiple small and medium-sized businesses, the global cannabis drinks market is extremely fragmented. The bulk of the businesses are situated in Canada, thanks to the country's legalization of marijuana for medicinal and recreational use. The surge in marijuana legalization is expected to have a beneficial impact on growth by eradicating the illicit market and increasing tax income from legal marijuana sales.

Over the forecast period, the steadily increasing popularity of wellness drinks is likely to drive demand in the global cannabis drinks market. The legalization of marijuana for medicinal and recreational uses has had a significant influence on alcoholic beverage sales. As a result, an increasing number of alcoholic beverage companies are investing in marijuana-infused beverages.

Cannabis beverages are becoming more popular as consumers move their preferences from soft drinks to health drinks. The expansion of the global cannabis drinks market is being fueled by the low sugar content of beverages. Additionally, users favor these beverages to marijuana smoking and ingestion of marijuana-infused brownies, cookies, chocolates, and confectionaries such as gummies and candies. Various off-trade sales channels such as as clubs, hotels, restaurants, cafés, and lounges are intended to increase customer interest in the product.

Type, distribution channel, and region are important factors in the market that has been considered for the classification of the global cannabis drinks market.

Global Cannabis Drinks market: Notable Developments

New Age Beverages Corporation inked a 50-50 profit-sharing arrangement with Dock light, an unit of Privateer Holdings, to market marijuana-infused products under the Marley Natural brand in 2019.

Some of the major players in the global cannabis drinks market are as mentioned below

• Dixie Brands Inc.
• Phivida Holdings Inc.
• Hexo Corp
• The Alkaline Water Company
• Canopy Growth Corporation
• Koios Beverage Corporation

Global Cannabis Drinks market: Key Trends

Below-mentioned developments, restraints, opportunities, and drivers are anticipated to characterize the global cannabis drinks market

Increasing Use of Cannabis for Treatment of Various Diseases to Support Market Growth

The rising usage of cannabis for the purpose of treatment of cancer, neurological diseases, and pain management is expected to fuel demand for cannabis beverages. The numerous applications of cannabis are resulting in enormous global development prospects. Consumer awareness about cannabis edibles is projected to increase, which is likely to help the industry develop. Cannabis users are moving their attention away from smoking cannabis and toward other options including drinks, chocolates, tinctures, and various other edibles. Consumers are more likely to take concentrated and cannabis-infused items, which are predicted to fuel growth of the global cannabis drinks market. Cannabis drinks are projected to take the place of other marijuana-infused foods that are deemed harmful, such as brownies, cookies, chocolates, and confectionaries like candies and gummies. This is predicted to increase demand for cannabis beverages in the forthcoming years.

The industry is predicted to develop due to the selling of cannabis drinks through off-trade channels such as restaurants, cafés, hotels, clubs, and lounges. Alcohol as well as soft drink sales are declining all over the world, indicating a shift in consumer preferences when it comes to beverage intake. Alcohol businesses are changing their emphasis to marijuana in order to gain a larger piece of the global cannabis drinks market by investing in R&D and launching new products.

Global Cannabis Drinks market: Geographical Analysis

North America is predicted to be one of the rapidly growing and biggest cannabis beverage regions. Cannabis legalization for medical and recreational uses is a key driver of growth. Cannabis usage for recreational and medicinal purposes was legalized in Canada in 2018. According to the National Conference of State Legislatures, 33 states, Puerto Rico, the US Virgin Islands, the District of Columbia, and Guam have authorized publicly available medicinal cannabis programs, leading in a surge in new product launches in the area. In addition, 13 states in the US allow the usage of low THC and high CBD products for medicinal purposes, resulting in a surge in demand for CBD-infused cannabis beverages in the region.