Cannabis is a flowering plant which is widely known as hemp, belong to the family of Cannabaceae. For ages, cannabis has been used as a source of hemp oil and hemp fiber and is known for its medicinal purpose and as a psychoactive drug. Recently the use has been extended to common consumable drinks known as cannabis drinks. Cannabis drinks are gaining traction in the market owing to increasing demand for wellness drinks by the consumers. Smoking products are quite common, but now consumers are looking forward for cannabis drinks owing to clean ingredients, low sugar content and an appropriate amount of cannabis. Moreover, health benefits offered by cannabis drinks such as improvement in sleep disorders, prevention in weight gain, release anxiety and depression and controlled blood pressure, becomes the key reasons for the growth of cannabis drinks market across the globe. Countries such as U.S. and Canada have now legalized the use of marijuana, due to which the cannabis industry is betting on cannabis drinks to drive future growth.
Increasing demand of healthy beverages
Enhancement in the demand for healthy drinks in the North America region is expected to create vital opportunities for companies in the global cannabis drinks market. Ever-mounting demand for flavoured beverage with natural constituents is expected to result in significantly high sales of cannabis drinks. Players operating in the cannabis drinks market are estimated to leverage this opportunity during the forecast period. Big beverage companies are highly concentrating on the R&D activities to improve the multifunctional profile of cannabis drinks which offers high health benefits. Recently, BNN Bloomberg reported that the Coca-Cola Company is in serious talks with Aurora Cannabis Inc. to develop cannabis drinks which could ease pain, inflammation and cramping.
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Global Cannabis Drinks: Market Segmentation
On the basis of flavor, the global cannabis drinks market has been segmented as –
- Fusion Flavors Cannabis Drinks
- Espresso Mocha
On the basis of type, the global cannabis drinks market has been segmented as –
On the basis of end use, the global cannabis drinks market has been segmented as –
On the basis of distribution channel, the global cannabis drinks market has been segmented as –
- Convenience Store
- Specialty Store
- Online Stores
Global Cannabis Drinks Market: Key Players
The global cannabis drinks market continues to grow in both size and popularity on the backdrop of unhealthy sugary drinks and is expected to drive the global cannabis drinks market over the forecast period. In the cannabis drinks market, North America is estimated to account for the highest volume share, whereas Europe is estimated to account for the highest CAGR, owing to increasing demand for cannabis drinks infused with liquors.
Some of the key players operating in the global cannabis drinks market are: Mirth Provisions, Dixie Brands, Inc., Venice Cookie Company (VCC), Canna Punch, Know Label Wine, Natural Extractions Inc., Canopy Growth Corporation and Brewbudz among others
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Opportunities for Market Participants
With around 64% of Americans now are in favor of legalization of cannabis, compared with just 12% during 1970, it is expected that the growth of cannabis drinks industry could be worth an astonishing billion dollar industry by 2025. The cannabis drinks market is also foreseen to profit from the ongoing surge in demand for improved flavor impact and profile of cannabis drinks, creating further prospects for the growth of the players of the cannabis drinks market. There are not many big players those who offer cannabis drinks any form. Thus, companies could focus on producing and exporting cannabis drinks across the globe, resulting in expanding their global presence for cannabis drinks market. For the past couple of years, cannabis drinks have attracted the eyes of various beverage manufacturers across the globe due to its health benefit properties. Therefore, the global cannabis drinks market is expected to have a positive viewpoint over the forecast period.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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