Cannabis can be consumed in many forms, with cannabis infused drinks and beverages being a particularly popular consumption method among consumers and patients in recent years. According to a recent report published by market analysts affiliated with Research and Markets, the sector is expected to experience significant growth in the coming years.
“The global market for Cannabis Beverages estimated at US$1.3 Billion in the year 2024, is expected to reach US$3.1 Billion by 2030, growing at a CAGR of 16.3% over the analysis period 2024-2030.” Research and Markets stated in a press release.
“The growth in the cannabis beverage market is driven by several factors, including technological advancements, increasing legalization, and changing consumer preferences.” the press release also stated.
As with all market projections, this recent one by Research and Markets needs to be taken with a grain of salt. Just as shifting consumer preferences and public policies can change in a way that is favorable to the cannabis-infused drinks sector, the same may be true for future shifts that are unfavorable to the sector.
Entrepreneurs and investors should always perform their own proper due diligence before making any significant business decisions, whether it is in the cannabis industry or any other industry. They should not rely solely on one market analysis. With that being said, this new report by Research and Markets does provide data and other information for people to ponder.
“Collaborations between cannabis companies and established beverage brands are resulting in innovative products and wider market reach. Sustainability is also becoming a focal point, with companies adopting eco-friendly packaging and sourcing practices. Moreover, the rise of low-dose and microdosed beverages is addressing the demand for controlled and moderate consumption, making cannabis beverages more accessible to new users and those seeking subtle effects.” Research and Markets stated about the growing popularity and availability of cannabis-infused beverages.
The global cannabis-infused drinks market was estimated to be worth $400 million in 2022 and is projected to reach $8.7 billion in value by 2032, according to a separate market analysis by Fact.MR.
“This astounding market growth is because worldwide demand for cannabis infused drinks is estimated to surge at a CAGR of 37.8% through 2032.” Fact.MR stated in a news release.
“The projected share of the European Market on the global platform is 41% in the coming years.” the researchers also stated. The researchers estimated that the U.S. market will grow at a CAGR of 10.1% through the forecast period, and India will experience a CAGR of 8.1%.