The Global Cannabis Beverage Market Growth Accelerated By Expanded Distribution Footprint

 

Cannabis Beverage Market

Cannabis beverages or infused drinks contain cannabis or cannabinoids extracted from the cannabis plant. Cannabis beverages are usually infused with THC and/or CBD, the two most prominent cannabinoids. Common cannabis beverages include sodas, teas, juices, and alcohol-mixed drinks. The global cannabis beverage market is still in a nascent stage with few established brands. However, with the growing demand for alternative products and the legalization of cannabis for both medical and recreational use, the market is expected to grow rapidly in the coming years.

 

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 22.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

 

Rising demand for infused drinks: Changing consumer preferences towards healthier beverages infused with natural ingredients like cannabis is a key driver for the cannabis beverage market. Cannabis beverages are considered safer alternatives to smoking and are increasingly being used for medical and recreational purposes. Moreover, cannabis drinks offer advantages like precise dosage control, rapid onset of effects and discreet consumption.

 

SWOT Analysis

 

Strength: Cannabis-infused beverages provide an alternative way for cannabis consumption compared to smoking. Beverages are discreet and easy to dose. They also have a quick onset of effects within 30 minutes. The market is also witnessing the entry of mainstream beverage companies which will help in removing the stigma associated with cannabis.

 

Weakness: The effects of cannabis beverages vary significantly among individuals depending on factors like tolerance, metabolism, and food intake. Precise dosing is challenging and over-consumption can lead to adverse effects. Beverages also have a relatively short duration of effect compared to other consumption methods.

 

Opportunity: A large percentage of the population prefers non-smoking methods of cannabis consumption. Beverages address this demand nicely. The increasing legalization of cannabis for medical and recreational use across North America is opening new lucrative markets. Partnerships between cannabis and beverage companies allow leveraging of respective marketing strengths.

 

Threats: Stringent regulations around marketing, packaging and labeling of cannabis beverages pose challenges. Health concerns regarding long-term effects of marijuana also act as a deterrent. The imminent entry of several players will intensify competition. Rising input costs especially for premium ingredients can squeeze profit margins.

 

Key Takeaways

 

The Global Cannabis Beverage Market Share is expected to witness high growth. The market is projected to reach US$ 547.43 Mn by 2024 expanding at a CAGR of 22.0% during the forecast period of 2023 to 2030.

North America currently dominates the market owing to legalization of cannabis in major markets like USA and Canada. Changing perception towards cannabis, extensive R&D and new product launches have made North America the fastest growing as well as largest regional market.

 

Key players operating in the Cannabis Beverage market are IBM Corporation, Microsoft Corporation, SAP SE, and Oracle Corporation. IBM is a renowned technology company offering AI and blockchain solutions for supply chain and inventory management. Microsoft provides cloud computing platforms to major cannabis companies. SAP’s ERP software helps in real-time tracking across the cannabis supply chain. Oracle offers customer data platform and other tools to comply with complex regulations.


Get More Insights Here

https://masstamilan.in/emerging-role-of-biosensors-in-healthcare-advancing-disease-diagnosis-and-treatment-monitoring/

https://www.newsstatix.com/cannabis-beverage-market-size-share-growth-outlook-2023/

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