Global Cannabis Beverages Market: Overview
Cannabis beverages have gained popularity among the global population due to their health benefits. Furthermore, the insignificant amount of sugar present in these products has promoted their use among health-conscious people. Moreover, the apt proportion of cannabis in these beverages boosts its medicinal value, thereby fuels the demand for cannabis beverages. In addition to this, legal permission to use marijuana for recreational and medicinal purposes by many countries is projected to push the requirement for and production of cannabis-based beverages.
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Broadly, the market is segmented into alcoholic and non-alcoholic product types depending on the presence or absence of alcohol in these beverages. The major sale channels for the cannabis beverages market are restaurants, hotels, clubs, lounges, and cafes.
Global Cannabis Beverages Market: Growth Dynamics
The increased cannabis use for the treatment of various diseases including cancer, neurological disorders, and pain management is boosting the demand for cannabis beverages. Moreover, shifting consumers’ preference from smoking cannabis to other options such as beverages, chocolates, tinctures, and other edibles is paving a way for market development. In addition, the easy access to cannabis-based beverages due to the legalization of marijuana use in various countries is helping the market to grow progressively.
Additionally, the market is also projected to witness profound growth due to upsurge in the use of cannabis beverages over other marijuana-infused consumables including cookies, chocolates, brownies, and sweets such as candies and gummies, which are considered not so good for the health. Moreover, the growing preference among a huge number of population to use cannabis beverages in place of alcohol or soft drinks is pushing the market development. However, the extremely high taxes for legal cannabis producers in a few countries such as the U.S. is making it difficult for them to sustain.
Global Cannabis Beverages Market: Notable Development
The market for cannabis beverages is witnessing tremendous growth opportunities. Numerous companies involved in the market are entering into partnerships. For instance, Mota Ventures Corp. and BevCanna Enterprises Inc. recently announced their collaboration. The main motive of this collaboration is the distribution of products from BevCanna in the European market. Furthermore, these products are blended with hemp-derived cannabidiol (CBD). The market shows a promising future with the upward curve in the use of cannabis-based beverages among the female millennial population. The growing preference for the use of “chemical-free” and “natural” beverages is making the way for the acceptance of…