Cannabis beverages are drinks infused with cannabis or hemp extract containing tetrahydrocannabinol (THC) and/or cannabidiol (CBD). Common products include beverages infused with marijuana, beer, spirits, water, coffee, tea and other soft drinks. Cannabis beverages provide an alternative consumption method to smoking and can provide a predictable onset and duration of effects. The cannabis industry has observed growing interest among consumers toward more convenient and discreet consumption options.

The global Cannabis Beverage Market is estimated to be valued at US$ 547.43 Mn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The opportunity for alternative consumption methods is expected to drive growth of the cannabis beverage market. Cannabis beverages provide consumers a convenient and discreet method of consuming cannabis without smoking. This makes cannabis beverages an appealing option for both new and experienced cannabis consumers. Due to accurately measured dosage and controlled onset of effects, cannabis beverages can provide a more predictable experience compared to other forms. With increasing social acceptance of cannabis, beverages are considered a socially acceptable format for cannabis consumption. The market is expected to gain significant demand from young adult consumers who prefer alternative methods over smoking. Innovation in product development aimed at new form factors and flavors will further expand the addressable consumer base for cannabis beverages.

Porter’s Analysis
Threat of new entrants: The cannabis beverage market has moderate threat from new entrants due to significant capital requirements and established brand loyalty of existing players. However, supportive regulations and growing demand offer opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power given the availability of substitutes and standardized nature of cannabis beverages. This is mitigated by the opportunity for differentiation.
Bargaining power of suppliers: Suppliers of cannabis and other raw materials have moderate-to-high bargaining power due to specialized expertise and limited availability of components. This power is balanced by long-term contracts.
Threat of new substitutes: New substitutes pose low-to-moderate threat given consumer product loyalty and legal barriers for alternate means of cannabis consumption. However, new delivery methods can emerge.
Competitive rivalry: Rivalry is high owing to increasing number of players and legalization leading to intense competition.

SWOT Analysis
Strength: Strong brands, large product portfolios, established distribution channels. Experienced management with domain expertise.
Weakness: Regulatory hurdles and compliance requirements increase costs. Dependence on agricultural conditions for raw materials.
Opportunity: Growing cannabis legalization and rising consumer acceptability support market growth. Expand into new geographies and develop innovative products.
Threats: Stringent regulations and legal barriers in key markets. Competition from alternate sources of cannabis and substitutes.

Key Takeaways
The Global Cannabis Beverage Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by expanding legalization and increasing consumer demand.

Regional analysis North America constituted a major share of over 40% of the global market in 2023 led by the US and Canada where recreational use of cannabis is permitted in most areas. Europe accounted for over 25% share and is witnessing increasing approvals for medical cannabis use driving beverage demand. Asia Pacific excluding Japan is expected to grow at fastest pace supported by evolving regulations.

Key players operating in the Cannabis Beverage market are MedReleaf Corp., Cronos Group Inc., Jazz Pharmaceuticals, Phoena Holdings, VIVO Cannabis Inc., Tilray Inc., General Cannabis Corporation, Koios Beverage Corporation, New Age Beverages Corporation, Dutch Windmill Spirits, Heineken, Canopy Growth, and SK Rodnik. Major players are focusing on capacity expansion, new product development and partnerships for geographical expansion.

For More Insights, Read: https://www.newswirestats.com/cannabis-beverage-market-demand-growth-and-regional-outlook-by-2030/