Global Cannabis Infused Drinks Market to Expand 24x by 2031, amid Scramble for Legalization: Fact.MR Study
Published : 04 Aug 2021 Industry: Food & Beverage
The global cannabis infused drinks market is projected to surpass US$ 6 Bn, expanding at a stellar 38% CAGR across the 2021-2031 assessment period, concludes a newly published report by Fact.MR. Increasing scramble to legalize recreational and medicinal usage across key countries is heightening prospects.
From 2016 to 2020, sales of cannabis infused drinks expanded at a 15% CAGR, clocking US$ 250 Mn by the end of the aforementioned period. While COVID-19 temporarily impeded expansion, unceasing efforts to incorporate low-grade cannabis in food & beverage products amid legal sanctions sustained demand to a large extent.
Various health benefits, including improved sleep patterns, reduced weight gain, relief from depression and anxiety, are likely to drive global cannabis beverage growth throughout the forecast period. Furthermore, the growing use of cannabis for the treatment of neurological disorders, epilepsy, cancer, and pain management is projected to boost demand.
Key Takeaways from the Market Study
- CBD infused drinks to generate 3 out of 5 sales until 2031
- Non-alcoholic cannabis infused beverages to account for 50% of total consumption
- U.S market for cannabis infused drinks to surge at a CAGR of around 10%
- A market share of nearly 40% is projected for the Europe cannabis infused drinks landscape
- India likely to register an expansion rate of 8% in value CAGR terms until 2031
- Bulk of cannabis infused drinks sales to occur across online platforms
- Global market for cannabis infused drinks to add 24x market value by 2031
“Beginner cannabis users who want a discreet, accessible, and regulated amount of cannabis are driving increased demand for CBD-infused cannabis drinks” – says the Fact.MR analyst.
Due to the extreme uncertainty surrounding cannabis sales and use rules, the competitive environment of the cannabis infused beverages industry remains tumultuous.
Prominent manufacturers of cannabis infused drinks include CAN, Artet, The Alkaline Water Company, Phivida Holdings Inc., Koios Beverage Corporation, VCC Brand, Dixie Brands Inc., Keef Brand, Hexo Corp, Aphria and Canopy Growth among others.
Using new technology and trends in the mainstream beverage industries to develop distinctive variants is expected to be a significant strategy for manufacturers seeking a competitive edge.
More Insights Available
Fact.MR, in its new report, offers an unbiased analysis of the global cannabis infused drinks market, analyzing historical demand from 2016-2020 and forecast statistics for 2021–2031.
The study reveals growth projections on the cannabis infused drinks market on the basis of type (alcoholic and non-alcoholic) and component (cannabidiol (CBD) and tetrahydrocannabidiol (THC)) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA).
Fact.MR’s Domain Knowledge in Food & Beverages
Our food and beverages consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the food and beverages sector. Our expertise in recognizing the challenges and trends impacting the global food and beverages industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Sr. Consultant – Food and Beverages