The global cannabis beverages industry is seeing a surge in popularity thanks to their functional benefits, such as ease of availability, ease of administration, and portion-controlled doses. A new study, titled “Cannabis Beverages Industry, 2021-2028,” shows that the market size stood at USD 367.37 million in 2019 and is projected to reach USD 8,521.58 million by 2027, with a CAGR of 50.9%.

Key Insights from the Study

  • Which segments are set to lead the market and why
  • How the market is affected by the COVID-19 pandemic
  • Opportunities and challenges the market is likely to face
  • Strategies key players are adopting to strengthen their positions
  • Natural and Chemical-Free Trends Driving Growth

Consumption of cannabis is no longer limited to traditional methods like bongs, pipes, and joints. People now have a wide range of choices, including infused products and concentrates. The global beverages industry is undergoing a significant transformation with the addition of new ingredients and additives. Consumers in developed countries, mainly Europe and North America, are shaping the industry by rapidly inclining towards natural and chemical-free cannabis beverages.

E-Commerce to Dominate the Market

The online retail segment is set to remain at the forefront, generating the largest cannabis beverages market share in the coming years. E-commerce platforms offer consumers the autonomy, privacy, and convenience to purchase cannabis beverages of their choice. Specialty stores will also see increased sales by displaying novel products online.

North America Leads the Market

North America earned USD 335.13 million in revenue in 2019 and is expected to remain dominant in the coming years. The well-established functional beverage industry drives this growth in the US, which has seen a surge in demand for hemp-cannabidiol (hCBD) since the passing of the 2018 U.S. Farm Bill. Latin America, Oceania, and Asia are expected to exhibit slow growth due to the ban on cannabis beverages in these regions.

New Product Development and Investment Strategies

The global market for cannabis beverages is regulated by certain regulatory bodies worldwide, and the market has a competitive and dynamic structure. Key companies are focusing on investment strategies to produce raw materials for the development of state-of-the-art cannabis beverages, and others are introducing new products to the market. For example, Canopy Growth Corp is planning to launch its own line of cannabis beverages in the US to strengthen its position in the industry.

Final Words:

In conclusion, the global cannabis beverages industry is experiencing rapid growth due to the functional benefits they offer and is projected to reach USD 8,521.58 million by 2027 with a CAGR of 50.9%. The industry is being shaped by consumers in developed countries, particularly Europe and North America, who are rapidly inclining towards natural and chemical-free cannabis beverages. The online retail segment is set to dominate the market, while North America is expected to remain the dominant market. Despite some challenges, key players in the industry are adopting strategies such as new product development and investment to strengthen their positions in the market.

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