Cannabis Beverage Market to Soar in the Near Future Owing to Growing Consumer Adoption

Cannabis is a psychoactive substance generated from the cannabis plant, which is a member of the Cannabaceae family. It is also known as marijuana, and it is used for both therapeutic and recreational purposes. Cannabis has been produced by humans since ancient times due of its well-known medical advantages. Cannabis is typically consumed in the form of vapours, but it is also sometimes incorporated in food goods such as brownies and cookies. The global increase in cannabis consumption has resulted in the development of cannabis-infused beverage products.

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.

Cannabis beverages are alcoholic and non-alcoholic beverages that have been infused with cannabis or marijuana. Consumers' growing concerns about hangovers and calorie intake have prompted companies in the food and beverage industry to invest in the manufacturing of cannabis-infused drinks.

Despite the fact that the medicinal benefits of cannabis are well established, the industry is still being driven by users who use cannabis recreationally. Companies interested in the manufacture of cannabis beverages are focusing on developing cannabis emulsifications in order to suit consumer demands for quick and instantaneous effects of cannabis after dosing. These emulsifications aid in the appropriate dissolution of cannabis into liquids.

Key players operating in the global cannabis beverages market are focusing on launching new cannabis infused beverage products. For instance, in 2018, Lagunitas Brewing Company, a subsidiary of Heineken International involved in production of craft beers, launched its new range of cannabis infused beverages named Hi-Fi Hops. Furthermore, Top Beverages, a craft distiller of spirits and alcohol, launched a range of cannabis-based alcoholic beverages in November 2019. This scenario is projected to drive the market growth in coming years.

Major players operating in the global cannabis beverage market include MedReleaf Corp., Cronos Group Inc., GW Pharmaceuticals, Plc., CannTrust Holdings Inc., VIVO Cannabis Inc., Tilray Inc., General Cannabis Corporation, Koios Beverage Corporation, New Age Beverages Corporation, Dutch Windmill Spirits, Heineken, The Supreme Cannabis Company, and SK Rodnik.