Tilray Brands - Cannabis Infused Drinks Update Cannabis Drinks Market Outlook (2022 to 2032)
The cannabis drinks market is expected to value US$ 0.4 billion in 2022 and is projected to grow at a CAGR of 37.3% during the forecast period of 2022 to 2032, to reach a value of US$ 8.3 billion by 2032. The global cannabis drinks demand is projected to grow year-on-year (Y-o-Y) growth of 18.7% in 2022. Factors that stimulate the market expansion are:
- The growing demand for health drinks among consumers.
- Cannabis drink consumers are drawn to them by their clean components and proportional amounts of cannabis.
- The legalization of marijuana usage for both recreational and medical purposes.
Cannabis beverages take the place of other marijuana-infused foods and drinks that are regarded as harmful.
| Attributes | Key Statistics |
| Market Size Value in 2022 | US$ 0.4 Billion |
| Market Forecast Value in 2032 | US$ 8.3 Billion |
| Global Growth Rate (2022 to 2032) | ~ 37.3% CAGR |
| Collective Value Share: Top 3 Countries (2021A) | 55.8% |
Legalization of Cannabis Drive the North American Market Expansion
North America, led by the USA, is at the forefront of the cannabis-infused product sector. The region's functional beverage market has an exponential development pattern, and it had the greatest market share for cannabis drinks. Additionally, the presence of several producers is anticipated to support the expansion of the cannabis drinks market in the area during the forecast period. Manufacturers are introducing cannabis, hemp, and marijuana beverages to the USA market as smoother, healthier substitutes for wine, beer, and spirits. Teas, still and sparkling waters, fruit-flavored items, as well as wine and beer infused with tetrahydrocannabinol are all examples of beverages.
A significant driver of development is the legalization of cannabis for both medicinal and recreational uses. The recreational and medicinal use of marijuana became legal in Canada in 2018. The United States has many territories such as New York, New Jersey, Vermont, and California where it is allowed to add cannabis infusion to meals and drinks. This aspect is anticipated to ratchet up the cannabis drinks market growth for cannabis-infused foods and beverages across North America. Due to the legalization of low tetrahydrocannabinol and high cannabidiol goods in 13 USA states, there is a significant market for cannabidiol-infused cannabis beverages in the area.
Europe is Emerging due to the Deployment of Cannabis for Medical Purpose
In countries like Germany, France, Italy, and others, the use and consumption of cannabis-related products for therapeutic purposes have been legalized by the government. The business for cannabis beverages in Europe is expected to increase over the next several years as customers become more socially accepting of them over alcoholic beverages. As a result, it is predicted that throughout the forecast period, the cannabis drinks market would expand significantly in Europe.
According to the Cannabis Trade Association, there were 250,000 cannabidiol consumers in the United Kingdom in 2017 compared to 125,000 in 2016. Due to the existence of marijuana-specific cafs and restaurants, demand is also high in the Netherlands. The country's expanding cannabis tourism industry is anticipated to significantly increase demand. The legalization of marijuana for medicinal and recreational use is expected to result in a considerable increase in product demand in nations like Australia and Uruguay.
https://www.futuremarketinsights.com/reports/cannabis-drinks-market