Cannabis Beverage Market | Know the Companies List Could Potentially Benefit or Loose out From the Impact of COVID-19

The global cannabis beverage market was valued at US$ 205 million in 2018, and is expected to exhibit a CAGR of 38.3% over the forecast period (2019-2027), to reach US$ 2743.7 million by 2027.

Shifting preference of consumers towards cannabis from alcohol for recreational purposes is expected to drive the growth of the global cannabis beverage market in the next few years. The trends in consumption rate of alcohol and cannabis are diverging substantially in recent times. Growing consumer awareness regarding the hazardous effects of alcohol on human health has led to decrease in alcohol consumption among consumers.

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On the basis of region, North America dominates the global cannabis beverage market with a significant share in 2018 in terms of revenue. In 2018, the U.S. legalized cultivation of hemp, which is obtained from the cannabis plant but contains lesser tetrahydrocannabinol (THC) content, by implementation of the 2018 Farm bill.

Increasing recognition of cannabis for its medicinal and therapeutic benefits among consumers around the globe is likely to promote the growth of the global cannabis beverages market. Cannabis is used a medicinal drug owing to various health benefits that it provides such as blood pressure control, improvement in sleeping patterns, and relief from anxiety and depression. Extensive research has been done by pharmaceutical companies to produce cannabis-based medicines and treatments which are safe for health and do not cause any harmful side effects to the patients.

The cannabis extracts which are infused in beverages are mainly fat soluble i.e. they cannot dissolve in water. The key challenge for beverage manufacturers is to achieve proper mixing of cannabis extracts into the liquid and maintain the shelf-stability of the products. However, the fat-soluble nature of cannabis extracts means that its psychoactive effects are delayed and consumers end up consuming excessive quantities.

Major players operating in the global cannabis beverage market include MedReleaf Corp., Cronos Group Inc., GW Pharmaceuticals, Plc., CannTrust Holdings Inc., VIVO Cannabis Inc., Tilray Inc., General Cannabis Corporation, Koios Beverage Corporation, New Age Beverages Corporation, Dutch Windmill Spirits, Heineken, The Supreme Cannabis Company, and SK Rodnik.

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