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Cannabis-Based Wellness Drinks’ Popularity Accelerates the Global Cannabis Food & Beverage Market Growth

According to Inkwood Research, the Global Cannabis Food & Beverage Market is anticipated to register a CAGR of 18.35% in terms of revenue during the forecasting years of 2019-2028.

“Browse 37 Market Data Tables and 38 Figures spread over 130 Pages, along with an in-depth TOC on the Global Cannabis Food & Beverage Market Forecast 2019-2028.”

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Cannabis entails three plants with psychoactive properties, called cannabis ruderalis, cannabis sativa, and cannabis indica. It is also known as hemp. However, this term predominantly refers to the varieties of cannabis cultivated for non-drug use. Besides, there are over a hundred distinct kinds of cannabinoids, with cannabidiol (CBD) and tetrahydrocannabinol (THC) being the most popular types.

Increasing Popularity of Cannabis-Based Wellness Drinks Fuels Market Growth

Legalization of cannabis continues to bring it into the mainstream market. As a result, high-end products, such as cannabis energy drink infused with CBD, are gaining immense reputation, especially across North America and Europe. The beverage provides users with a quick energy boost, increased alertness, and more focus, throughout the day. Moreover, it also serves as an active competitor to the renowned Red Bull energy drink, especially because of its assorted range of flavors like raspberry, classic, mango, and light. Thus, the growing popularity of cannabis-based wellness drinks is attributed to cannabis market growth, in recent years.

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Specialty Store is the Dominating Distribution Channel 

Consumers purchase cannabis food and beverages from specialty stores to benefit from the recommendations of knowledgeable staff. Moreover, such shops provide interesting merchandise and offer a versatile product range. They also attract more customers, owing to the convenience of physically selecting and comparing products. The specialty stores’ market is predominantly fueled by the growing affluent populace in developing nations, like, the United Kingdom, the United States, and Canada. Therefore, the availability of cannabis food and beverages in specialty stores is instrumental in driving the global cannabis food & beverage market growth.

Asia Pacific to Lead the Global Market by 2028

The cannabis food & beverage market in Australia and New Zealand has witnessed considerable growth, due to the rising awareness about the health benefits of cannabis. Additionally, the sale of cannabis-infused food and beverages has increased with the inclusion of the wellness and energy drinks range, within the cannabis products’ portfolio. Manufacturers are also launching alcohols, with cannabis as the chief ingredient. As a result, this measure is also emerging as a major milestone for the global cannabis food & beverage market. 

Numerous market players manufacture different products, infused with cannabis. Besides, companies are also implementing several innovations to step-up their business, across the market. Hence, the industrial rivalry within the global cannabis food & beverage market is moderate. Major companies operating in the market are, New Age Beverages Corporation, Dixie Brands Inc, Lagunitas Brewing Company, General Cannabis Corp, Dutch Windmill Spirits BV, Energy Drink, etc.

About Inkwood Research

Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.

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