Cannabis drinks market value set to grow by US$8.3 billion in 2032
The global cannabis drinks market is set to grow by a value of $8.3 billion in 2032, with a compound annual growth rate (CAGR) of 37.3%, according to Future Market Insights.
Cannabis is becoming more commonly used in various markets across the world to treat a variety of illnesses, including neurological disorders, epilepsy, cancer, and pain management. Cannabis consumption has also been fully legalised for recreational use in 19 US states, and the drug is gaining traction within health-conscious communities.
Demand for cannabis drinks is predicted to rise as a result of legalisation of recreational or medicinal cannabis.
The cannabis drinks market is worth of US$ 0.4 billion sales in 2022 and expand at CAGR of 3% between 2022 and 2032.
India is expected to be the most lucrative cannabis market in South Asia over the assessment period. In terms of product type, the alcoholic cannabis infused drinks segment is expected to record the highest CAGR during the forecast period.
A Future Market Insights analyst said: “Cannabis drinks sales are increasing from regulated dispensaries, creating a multitude of options for specialised retailers to present appetising and creative drinks, which are infused with active cannabis. In addition to that, distribution channels, which are allowed to serve cannabis drinks as the go-to-place for cannabis-based edibles, are likely to gain momentum in the upcoming decade.”
New research from the US exploring consumer trends has revealed the impact the cannabis sector could have on the wider drinks industry.
Big players are eyeing the market with interest, with Constellation Brands investing US$4 billion in THC-infused drinks. And all eyes are on Canada, the petri dish for cannabis beverages, to see how sales develop there ahead of US and European expansion.