Rockville, June 15, 2023 (GLOBE NEWSWIRE) -- The recent research analysis by Fact.MR on the global market global cannabis-infused drinks provides a thorough overview of the industry’s product, end-user, and region categories. It also offers comprehensive details on important players and the crucial tactics they are turning to for gaining an upper hand over their competitors.
Fact.MR – A Market Research and Competitive Intelligence Provider: During the forecast period of 2022-2032, the market for cannabis-infused drinks would grow to US$ 8.7 billion from its current estimate of US$ 400 million in 2022. Because of the projected spike in demand for beverages infused with cannabis at a CAGR of 37.8% through 2032, the industry has experienced astonishing growth.
By the end of 2032, it is predicted that non-alcoholic infused drinks would hold a market share of over 50%. To address the rising demand for these beverages, a large number of new producers of beverages infused with cannabis have entered the market. From 2016 to 2020, sales of products infused with cannabis increased noticeably at a CAGR of 15.1%, reaching US$ 260 million in 2021.
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Key Driving Forces Accelerating the Market Growth
The cannabis-infused drinks market has been experiencing significant growth due to several key driving forces. Here are some of the factors accelerating the market growth:
- The legalization of cannabis for medical and/or recreational use in various countries and states has been a crucial driver for the growth of the cannabis-infused drinks market. As more jurisdictions embrace cannabis legalization, it creates a larger potential consumer base for cannabis-infused beverages.
- Moreover, owing to the national prohibition in the US, there are a lot of beverage companies that are bringing cannabis into their business portfolios.
- Consumer preferences and attitudes toward cannabis have been evolving. Many consumers are seeking alternative methods of cannabis consumption beyond traditional smoking or vaping. Cannabis-infused drinks provide a discreet, convenient, and socially acceptable way to consume cannabis, appealing to a wider audience.
- Increasing interest in health and wellness has influenced the demand for cannabis-infused drinks. Consumers are looking for healthier alternatives to traditional alcoholic beverages, and cannabis-infused drinks offer a potentially lower-calorie and alcohol-free option. Additionally, the potential therapeutic benefits of cannabinoids, such as CBD (cannabidiol), have attracted health-conscious consumers.
- The market has seen significant product innovation, with companies developing a wide range of cannabis-infused beverages. These include CBD-infused sparkling waters, THC (tetrahydrocannabinol)-infused beers, cannabis-infused teas, and functional wellness drinks with various cannabinoid formulations. Product diversification and differentiation have expanded the market and attracted new consumer segments.
Vital indicators shaping the future of the industry
- As more states and provinces legalize cannabis for recreational and/or medical use, it opens up new markets and creates opportunities for cannabis-infused drinks. Keeping track of regulatory developments, licensing requirements, and product restrictions in various geographies such as North American jurisdictions will shape the industry's future.
- Different regions may have varying preferences regarding flavors, dosages, and product formats. Factors such as health consciousness, wellness trends, and lifestyle choices will influence consumer demand for cannabis-infused beverages.
- North America is home to significant research and development efforts in the cannabis industry. Ongoing research into cannabis compounds, formulations, and delivery methods will impact the future of cannabis-infused drinks. Staying abreast of scientific advancements and participating in collaborative research initiatives will enable companies to develop innovative and differentiated products for the North American market.
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Challenges hindering the market growth
- Cannabis laws and regulations vary widely across different jurisdictions. In many places, cannabis remains illegal or strictly controlled, which poses challenges for the cannabis-infused market. Complex licensing procedures, product labeling requirements, and restrictions on advertising and distribution can hinder the growth and expansion of the market.
- The cannabis industry, particularly the infused products segment, lacked standardized testing protocols and quality control measures. This lack of consistency in product potency, dosing, and labeling can lead to consumer confusion and safety concerns.
Strategies for manufacturers/suppliers to scale in the market
- Given the stringent regulations surrounding the cannabis industry, it is crucial for manufacturers and suppliers to prioritize compliance and ensure adherence to all applicable laws and regulations. This includes obtaining the necessary licenses, maintaining strict quality control measures, and following labeling and packaging requirements. Compliance not only helps maintain legal standing but also builds trust with consumers and regulators.
- Implementing robust quality control processes and ensuring product standardization can help build consumer confidence and differentiate a manufacturer or supplier in the market. By consistently delivering high-quality, reliable, and safe products, they can establish a reputation for excellence and attract a loyal customer base.
- Investing in research and development (R&D) can enable manufacturers and suppliers to innovate and create new cannabis-infused products that meet consumer demands. R&D efforts can focus on product formulation, flavor profiles, unique delivery methods, and exploring the potential of novel cannabinoids or terpenes. Staying at the forefront of product innovation can give companies a competitive edge and drive market growth.
- CAN is one of the most well-known and simplest Cannabis drinks. It generally contains little quantity of carbonated water, agave juice, aromatic oils as well as Californian cannabis extract. Around 4mg CBD and 2mg THC are included in it which provides extremely regulated effects which are comparatively milder than Cannabis beverages. Further, it is accessible to various dispensaries and available on different e-commerce websites.
- Artet, similarly, a non-alcoholic beverage combines cannabis sociability in one bottle with cocktail culture. The product comes in various tastes, each of which has a combination of dry, flowery, and herbal undertones. The container comes with 37.5mg THC which is further divided between fifteen shots that have 2.5mg TCH. These beverages are ideal for first-time users of cannabis beverages.
The environment of the cannabis infused drinks market remains competitive owing to the uncertainty that surrounds sales of cannabis in recent years and uses respective rules. The industry in Canada is likely to grow at a noticeable pace due to favorable federal rules that are helpful to stimulate the sales of these products in the country.
The use of novel technologies and adherence to the trends in the beverages industries to create some unique variations is predicted to serve as a noticeable strategy to achieve a competitive edge in the market.
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Segmentation of Cannabis Infused Drinks Industry Research
- By Product Type:
- Alcoholic
- Non-alcoholic
- By Components:
- Cannabidiol (CBD) Infused
- Tetrahydrocannabinol (THC) Infused
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
What differences can the cannabis-infused drinks report make on the revenue impacts and strategies of businesses?
Fact.MR strives to provide comprehensive assessments of opportunities in various regions and technology segments. The study also offers an uncluttered data-driven insights into the growth avenues of the cannabis-infused drinks and all its segments. Some of the ways the study can make a discernible impact are by offering evidence-based perspectives on:
- Attractiveness quotient of emerging product/technology types in various products in the cannabis-infused drinks
- Micro-economics factors that may hamper the prospects of some of the key segments
- Recent spate of research and development (R&D) funding on key cannabis-infused drinkss
- New business models paving way for disruptions in demand dynamic of key segments
- Regional markets that will be future engine of growth and the industry trends that will support these markets
- Challenges overcoming which may offer industry players competitive edge
Check out more related studies published by Fact.MR Research:
CBD Market Outlook: The global cannabidiol (CBD) market will hit US$ 3 Bn by 2021. The market for cannabidiol products further expand to surpass US$ 34 Bn by 2031.
Cannabis-infused Burger Market: The Cannabis-infused Burger market is predicted to grow at 26% CAGR during the forecast period. Market has high growth potential due to rapidly changing government policies regarding the legalization of cannabis for medical purposes as well as for recreational purpose.
Cannabis Edibles Market Outlook: According to FACT.MR' most recent analysis, the cannabis edibles market will experience robust expansion in 2021, with global revenues increasing by a significant revenue year on year.
CBD Gummies Market Outlook: Fact.MR - a market research and competitive intelligence provider- expects the global CBD gummies market to surge exponentially at a prolific 28% CAGR throughout the 2021-2031 forecast period.
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