Market Overview:
The global cannabisbeverages market size was USD 2.04 billion in 2023 and is projected to growfrom USD 3.09 billion in 2024 to USD 117.05 billion by 2032, at a CAGR of
57.50% during 2024-2032.
This information is provided by our researchers at FortuneBusiness Insights, in the report, titled, “Cannabis BeveragesMarket, 2024-2032.”
According to our expert analysts, the market is projected toattain traction from the rising penetration of cannabis in the unexploited
consumer markets, such as Thailand and Australia, among others. Additionally,
the surging consumers’ predisposition towards experimenting with novel and
groundbreaking food and beverages has also improved the market performance.
List of Key Players Mentioned in the Market Report:
- Aurora Cannabis Inc. (Edmonton, Canada)
- Aphria Inc. (Leamington, Canada)
- Canopy Growth Corporation (Canada)
- MedReleaf Corp. (Edmonton, Canada)
- Cronos Group Inc. (Toronto, Canada)
- GW Pharmaceuticals, plc. (Cambridge, U.K.)
- CannTrust Holdings Inc. (Vaughan, Canada)
- VIVO Cannabis Inc. (Ontario, Canada)
- Tilray (Nanaimo, Canada)
- OrganiGram Holdings (Moncton, Canada)
Report Coverage:
The report presents a holistic study of the market alongwith current trends and upcoming estimations to institute approximate
investment gains. An in-depth analysis of any forthcoming prospects, threats,
competitions or driving factors are also declared in the report. Furthermore,
methodical regional analysis of the market is offered.
Moreover, COVID-19 impacts have been added to the report tohelp investors and business owners to comprehend the jeopardies better. The
top-tiered players in the market are recognized, and their tactics to reinforce
the market growth are shared in the report.
Segmentation:
By type, the market is divided into:
- Alcoholic
- Non-alcoholic
Based on distribution channel, the market is segregatedinto:
- Mass Merchandisers
- Specialty Stores
- Online Retail
- Others
On the basis of geography, the global market is separatedinto:
- North America
- Europe
- Rest of the World
Drivers and Restraints:
Transformation of Beverages Sector to Create New GrowthOpportunities
Cannabis consumers are no longer restricted to smokingflowers with joints, bongs, or pipes but have an option from a surging
assortment of products, involving concentrated as well as infused products. The
beverages industry in itself is experiencing an indispensable change in terms
of all the ingredients and additives.
Consumers, particularly in the advanced markets of NorthAmerica and Europe are persistently forming the category amidst organic and
chemicals-free, and with detectible and herbal formulations trends and
developments. This is anticipated to bolster the cannabis beverages market
growth during the upcoming period.
Regional Insights:
North America is at the front position of thecannabis-infused beverages sector and holds the maximum cannabis beverages market
share. This region registered for USD 527.83 million in 2020. The sector was
commanded by the U.S. where the functional beverage market is unveiling a
sudden growth graph.
Cannabis-based beverages have exhibited comparatively lowergrowth in the developing regions such as Asia, Oceania, and Latin America owing
to the ban of THC products in the market.
Competitive Landscape:
Radical Product Presentation by Vital Players Set toNavigate Market Growth
The prominent players in the market apply abundant tacticsto fortify their position in the market as leading companies. One such
considerable tactic is acquiring companies to boost the brand value among
users. Another essential strategy is intermittently launching pioneering
products with thorough review of the market and its target audience.
For example, in April 2021, Molecule Holdings Inc.,inaugurated Molecule Crafted, which is a cannabis-infused craft beverage
assortment in Canada. These cannabis beverages are low in calories and
accessible in various exotic as well as bold flavors.
Industry Developments:
August 2023 - Tilray Brands, Inc., a global cannabis product company, acquired Truss Beverage Co.™ (Truss) from Molson Coors Canada. This acquisition would
allow the company to expand its market presence.
