Global Cannabis Beverage Market Predicted to Reach $2 Billion by 2026
More people are leaving booze for weed.
As the COVID-19 pandemic continues, the global market for cannabis beverages estimated at $799.8 million 2020, is projected to reach a revised size of $2 billion by 2026, growing at a CAGR of 16.9%, according to the "Global Cannabis Beverages Industry" report issued on Friday by Reportlinker.com, an AI-based award-winning market research solution.
According to the report, the alcoholic segment is readjusted to a revised 15.7% CAGR for the next 7-year period. Meanwhile, the non-alcoholic segment is projected to grow at a 17.5% CAGR to reach$1.6 billion by 2026.
“Non-alcoholic cannabis beverages dominate the market and are also expected to register strong growth, mainly supported by growing demand from female and new customers, especially millennials, and also rising interest in wellness drinks among customers. Cannabis-infused alcoholic beverages are also gaining strong popularity, given their capability to offer the alcohol effect, but with health advantages and no calories. They are mainly used by people who consume cannabis as well as alcohol,” states the report.
Where it's going in the U.S.
The U.S. market is estimated at $649.1 million in 2021 and “accounts for a 70.9% share in the global market.” The report noted that “Guam, Puerto Rico, the US Virgin Islands, District of Columbia, and 33 States have granted approval to medical cannabis programs (publicly available), which led to the introduction of many cannabis drinks. Further, 13 states in the country permit the usage of high CBD and low THC products for medical uses, which has resulted in strong adoption of CBD infused cannabis drinks.”
Among the other noteworthy geographic markets are Canada and Europe, each forecast to grow at 16.7% and 16.1% by 2026. Asia-Pacific is forecast to reach an estimated market size of $146.7 million in 2026 trailing a CAGR of 14.2% through the analysis period.
THC segment to reach $1.2 billion by 2026
According to the report, the demand for cannabis beverages infused with THC is being supported by the growing consumption among adults looking for “euphoria” and “therapeutic benefits.” In the global THC segment, the U.S., Canada and Europe will drive a 16.2% CAGR. These regional markets accounting for a combined market size of $422.5 million in 2020 will reach a projected size of $1.2 billion by 2026. The market in Asia-Pacific is forecast to reach $76.6 million by 2026.