A new report has projected the cannabis beverage market to reach £6.43bn (USD$8521.6m) by 2027.
The report from Fortune Business Insights, which offers expert corporate analysis and data, has said the market is set to see increasing growth due to the surging popularity of the products.
It noted that the online retail segment is set to dominate and that specialty stores would see greater sales if they display novel products online.
With consumer demand increasingly shifting toward chemical-free and natural trends and moving away from unhealthy consumption habits such as smoking, the report suggests consumers will increasingly move toward novel cannabis products like beverages.
In particular, consumers in Europe and North America are rapidly inclining towards these trends, such as recognisable and herbal formulations, chemical-free, and all-natural cannabis beverages.
However, it highlights that governments of various countries are implementing stringent regulations on the distribution and manufacturing of such THC products – a factor that is likely to hamper the market’s growth in the near future.
Regionally, the sector is set to favour growth in North America, as, since the passing of the 2018 US Farm Bill, the demand for hemp-CBD has surged rapidly, according to the report. It also highlights that Latin America, Oceania, and Asia will exhibit slow growth because of the ban of cannabis beverages in these regions.
Recent developments have seen leading lifestyle brand, Tonino Lamborghini, move into the market through a licensing agreement with The Flora Growth Corp which will see the distribution of CBD beverages in North America and Columbia. Additionally, Canopy Growth Corp is planning to introduce a new range of cannabis beverages into the US to strengthen its position in the sector.
To read the report in full, please visit: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/cannabis-beverages-market-100738