The global cannabis beverages market is expected to reach USD 2958.60 million by 2028, at a CAGR of 24.5% from 2021 to 2028.
NEWARK, UNITED STATES, NEW JERSEY, October 26, 2021 /EINPresswire.com/ — As per the report published by The Brainy Insights, the global cannabis beverages market is anticipated to grow from USD 503.58 million in 2020 to USD 2958.60 million by 2028, at a CAGR of 24.5% over the forecast period 2021-2028. The North America region emerged as the largest market for the cannabis beverages market, with around 38% share of the market revenue in 2020. This is because North America is at the forefront of the cannabis beverages market, led by the United States where the demand for functional beverages displays an exponential growth trajectory. After the passage of the 2018 U. S. Farm Bill, which legalized hemp and hemp-derived CBD products nationwide, the cannabis-infused products, especially the hemp-cannabidiol category (hCBD), received the major thrust.
Some of the major companies in the global cannabis beverages market are Aphria, Beverages Trade Network, Bhang Corporation, Cannabis Energy Drink, Canopy Growth, COALITION BREWING, Dixie Brands Inc., Dutch Windmill Spirits, General Cannabis Corporation, Keef Brand, Lagunitas, New Age Beverages Corporation, The Supreme Cannabis Company and VCC Brand among others.
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The type segment is divided into alcoholic and non-alcoholic. The alcoholic segment held a major market share of around 66.20% in 2020. It was attributed to the growing presence of the alcohol brewing companies that infuse beers with THC and CBD. The demand is generated mainly by people who use cannabis as well as alcohol. High preference among cannabis customers for spirits and beer is anticipated to drive the segment's growth further in the coming years. The component segment includes Cannabidiol (CBD) and Tetrahydrocannabinol (THC). The Cannabidiol (CBD) segment registered the fastest growth in 2020. The demand for THC-infused cannabis drinks is driven primarily by increasing demand for recreational products from adult consumers. It is anticipated that that demand for the component's therapeutic effects coupled with the euphoria it offers would bode well for the segment's growth in the coming years. The distribution channel segment is divided into mass merchandisers, specialty stores, online retail and others. The online segment is anticipated to grow at the highest CAGR of around 26.5% over the forecast period because e-commerce platforms deliver greater flexibility, safety and autonomy with respect to product choice.
Growing demand for food & beverage items that are infused with cannabis and increasing emphasis on introducing new cannabis drinks that include organic ingredients are projected to fuel market growth throughout the forecast period. This is attributed mainly to rising health concerns as well as awareness among consumers regarding calorie intake. Nevertheless, numerous health issues associated with marijuana use, such as extreme anxiety, distrust, fear, or panic, the possibility of depression, and blocks memory formation, may hamper the market growth.
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Source: EIN Presswire