A psychoactive drug, cannabis, or marijuana, is obtained from the cannabis plant and is used in different forms like vaporizing, smoking, as an extract, or within the food. Cannabis is normally utilized for recreational or medicinal reasons, though it might also be utilized for spiritual reasons. Thus, the increasing need for wellness drinks is projected to be the main factor propelling the growth of the global cannabis beverages market. Also, a low quantity of sugar within the product and the occurrence of apt cannabis quantity for consumption are other aspects anticipated to drive the market demand during the forecast period. Making marijuana use legal for recreational and medical purposes in several nations is also anticipated to fuel the demand and production of cannabis-infused beverages, thus driving the market growth.
In addition, the rising cannabis use to treat cancer, neurological disorders, and pain control is estimated to propel the global cannabis beverages market in the coming period. Various uses of cannabis are leading to noteworthy growth prospects for the market players. The rising inclination of customers in cannabis edibles is further projected to contribute to market expansion. Also, cannabis customers are turning their attention from smoking cannabis to other ways, like chocolates, tinctures, beverages, and other edibles. The customers prefer to consume concentrated and cannabis-infused products further driving the expansion of the global cannabis beverages market. Cannabis beverages are projected to substitute other marijuana-infused consumables, like brownies, cookies, chocolates, and confectionaries such as candies & gummies that are deemed to be unhealthy. However, this is anticipated to surge the stipulation for cannabis beverages during the forecasted period.
Moreover, the cannabis beverages’ sale through off-trade channels, like cafes, hotels, clubs, lounges, and restaurants is estimated to fuel the market expansion. The dropping sales of soft and alcoholic beverages around the world are signifying the altering inclination of customers considering beverage consumption. Alcohol firms are turning their emphasis on marijuana to get hold of a bigger share in the market in the form of expenditure in new product launches and R&D activities.
Furthermore, the partnership among prominent players in the global cannabis beverages market to introduce cannabis beverages is also projected to fuel the market growth in the years to come. To cite, Constellation Brands, the 3rd-biggest beer producer in the US, in 2017, announced a collaboration with Canopy Growth, the biggest marijuana grower in the world, to craft cannabis beverages. Likewise, in June 2018, the fast-flourishing California beer label of Heineken, Lagunitas, rolled out a cannabis-based beverage Hi-Fi Hops having zero carbs or calories and is filled with Tetrahydrocannabinol (THC) and Cannabidiol (CBD). The drink will be introduced in 2 varieties, comprising one entailing 10 mg of THC, whereas the other will hold 5 mg of cannabidiol and 5 milligrams of THC. The beverages did not have alcohol.
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