Cannabis Beverages Market Size, Share, Future Growth, Challenges, 2024–2032
Market Overview:
The global cannabis beverages market size was USD 2.04 billion in 2023 and is projected to grow from 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 Fortune Business Insights, in the report, titled, “Cannabis Beverages Market, 2024–2032.”
According to our expert analysts, the market is projected to attain 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 along with 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 to help 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.
Source: https://www.fortunebusinessinsights.com/industry-reports/cannabis-beverages-market-100738
Segmentation:
By type, the market is divided into:
- Alcoholic
- Non-alcoholic
Based on distribution channel, the market is segregated into:
- Mass Merchandisers
- Specialty Stores
- Online Retail
- Others
On the basis of geography, the global market is separated into:
- North America
- Europe
- Rest of the World
Drivers and Restraints:
Transformation of Beverages Sector to Create New Growth Opportunities
Cannabis consumers are no longer restricted to smoking flowers 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 North America 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 the cannabis-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 lower growth 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 to Navigate Market Growth
The prominent players in the market apply abundant tactics to 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.