Cannabis is gaining a lot of traction around the world. In compared to its therapeutic use, its use for recreational purposes (including illegal use) is substantially higher. Because of the increased demand for cannabis in the mainstream market, the industry is expected to grow. The changing legal status of marijuana in an increasing number of nations throughout the world, including several US states, is bringing an increasing number of food and beverage firms to the burgeoning cannabis beverage sector. Continued deregulation of cannabis, rising societal acceptance, more awareness of CBD's advantages, and availability in familiar/popular formats are just a few of the factors driving demand and sales of cannabis beverages. CBD-infused beverages are gaining popularity in the United States, where they are becoming more widely available in supermarkets. The increased popularity of wellness drinks is also expected to boost market growth. The market is also benefitting from other factors such as better living standards, increasing disposable income levels, and legalization of recreational cannabis in several countries. Off-trade channels such as lounges, clubs, restaurants, cafes, and hotels are likely to augment the product's visibility and popularity among customers.
The global cannabis beverage market was valued at US$ 205 million in 2018, and is expected to exhibit a CAGR of 38.3% over the forecast period (2019-2027), to reach US$ 2743.7 million by 2027.
Consumers' preference for cannabis over alcohol for recreational purposes is likely to boost the growth of the global cannabis beverage market in the coming years. In recent years, the consumption rates of alcohol and cannabis have diverged significantly. Growing public awareness of the harmful effects of alcohol on human health has resulted in a reduction in alcohol intake among consumers. According to the United States National Survey on Drug Use and Health, 2.4 million people over the age of 12 in the United States began smoking marijuana in 2013, an average of 6,600 new users every day.
On a regional perspective, North America dominated the worldwide cannabis beverage industry in 2018, accounting for a sizable revenue share. With the passage of the 2018 Farm Bill, the United States approved the growing of hemp, which is derived from the cannabis plant but has less tetrahydrocannabinol (THC). This bill allowed for widespread hemp growing and abolished limitations on the sale, transit, and possession of hemp-derived products. This is expected to stimulate enterprises in the region to offer new items.
No comments:
Post a Comment