The global cannabis drinks market is poised for remarkable growth, with a projected valuation of $8.3 billion by 2032, driven by a staggering compound annual growth rate (CAGR) of 37.3%. This surge is fueled by a myriad of factors, including the increasing recognition of various health benefits associated with cannabis consumption, such as improved sleep patterns, weight loss, and the management of conditions like depression, anxiety, and blood pressure.
Factors Driving Growth
The rising demand for cannabis beverages can be attributed to the growing acceptance and legalization of cannabis for both recreational and medicinal purposes. As cannabis gains traction as a treatment option for neurological illnesses, epilepsy, cancer, and pain management, the demand for cannabis-infused drinks is expected to skyrocket. Furthermore, the legalization of cannabis has opened up avenues for major companies to expand their offerings, resulting in an exponential increase in the variety and availability of cannabis beverages.
Key Insights from Market Study
The cannabis drinks market is currently valued at $0.4 billion in 2022 and is projected to grow at a CAGR of 37.3% between 2022 and 2032.
Global demand for cannabis drinks is expected to witness year-on-year growth of 20.2% in 2022.
India is anticipated to emerge as the most lucrative cannabis market in South Asia over the assessment period.
Alcoholic cannabis-infused drinks are predicted to experience the highest CAGR during the forecast period.
Insights from Industry Analysts
According to analysts at Future Market Insights, the increasing sales of cannabis drinks through regulated dispensaries are providing consumers with a wide array of options, including creatively infused beverages. Distribution channels authorized to serve cannabis drinks are also gaining momentum, positioning themselves as go-to destinations for cannabis-based edibles.
Competitive Landscape
Leading cannabis drinks brands are actively engaged in research and strategic partnerships to develop innovative products and gain market share. Major players in the industry are focusing on new formulations and product innovations to attract more customers and stay ahead of the competition.
Exploration of Valuable Insights
Future Market Insights has conducted an impartial analysis of the global cannabis drinks market, offering historical data from 2017 to 2021 and estimation statistics for the forecast period of 2022 to 2032. The study provides insights based on product type, component, flavor, sales channel, and regional analysis across seven major regions of the world.
Cannabis Drinks Market Segmentation
Product Type: Alcoholic cannabis-infused drinks and non-alcoholic cannabis-infused drinks.
Component: Tetrahydrocannabinol (THC)-infused drinks and cannabidiol (CBD)-infused drinks.
Flavor: Unflavored and flavored (including fruit, apple cider, black tea, cappuccino, and more).
Sales Channel: Business-to-business (B2B)/HoReCa and business-to-consumer (B2C) through various retail formats.
Region: North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.
About Future Market Insights (FMI)
Future Market Insights is a leading global provider of market intelligence, advisory services, consulting, and events across various industries. With a team of over 400 analysts worldwide, FMI offers expertise on diverse domains and industry trends across more than 110 countries.
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