Cannabis Beverages Market- Shifting Consumers Preference from Soft Drink to Wellness Drinks to Bolster Growth

Cannabis is a flowering plant that is commonly referred to as hemp and is a member of the cannabaceae family. cannabis has often been used as a source of hemp oil and fibre, as well as for therapeutic purposes and as a hallucinogenic narcotic. recently, the application has been extended to common consumption drinks known as cannabis beverages. Cannabis drinks are gaining popularity in the market as customers increase their demand for wellness beverages.

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MARKET SCOPE

The "Global Cannabis Beverages Market Analysis to 2028" is a specialized and in-depth study of the food and beverages industry with a special focus on the global market trend analysis. The report aims to provide an overview of the cannabis beverages market with detailed market segmentation by category, distribution channel, and geography. The report provides key statistics on the market status of the leading cannabis beverages market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

• Based on type, the global cannabis beverages market is segmented into alcoholic, and non alcoholic.
• On the basis of distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others.

Drivers
• Consumers are shifting their preference from soft drinks to wellness drinks leading to the increasing sale of cannabis beverages is significantly driving the market growth.
• The health benefits offered by cannabis drinks such as improvement in sleep disorders, prevention in weight gain, release anxiety and depression and controlled blood pressure, is significantly contributing to the expansion of the cannabis beverages market.
• The cannabis beverages market is driven by consumers are shifting their preference from soft drinks to wellness drinks leading to the increasing sale of cannabis beverages.
• Increasing demand of healthy beverages is propelling the demand of cannabis beverages in the market.

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Restraints

• The stringent restrictions on selling cannabis product worldwide may impede the growth of the market.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The cannabis beverages market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the cannabis beverages market in these regions.

MARKET PLAYERS

The report covers key developments in the cannabis beverages market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from cannabis beverages market are anticipated to lucrative growth opportunities in the future with the rising demand for cannabis beverages in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the cannabis beverages market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

• Aphria Inc.
• Aurora Cannabis
• CannTrust Holdings Inc.
• Canopy Growth Corporation
• Cronos Group Inc.
• Koios Beverage Corporation
• New Age Beverages Corporation
• Phivida Holdings Inc
• The Alkaline Water Company
• VIVO Cannabis Inc.

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IMPACT OF COVID-19 ON CANNABIS BEVERAGES MARKET

Various governments throughout the world have instituted tight lockdown and social isolation measures. Market closures decreased eating out habits, and a drop in demand for cold beverages have all contributed to the market's decline. The food services sector, as well as other food industries such as the bakery sector, beverage servings, and dairy, are seeing a significant reduction in revenue generation. Since January 2020, the food services sector and other food industries such as bakery, beverage servings, and dairy have seen a significant decrease in revenue generation, resulting in lower sales of cannabis beverages.

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This release was published on openPR.