In addition to the legalization of cannabis for recreational purposes, its use as a medical aid for patients has given a kick start to the cannabis beverages market. Thereby, as the market is expected to gain as an increasing number of food manufacturers include CBD and THC in a variety of beverages. The cannabis beverage market is witnessing high demand as an increasing number of consumers seek robust recreational marijuana for, healthy, innovative and smoke-free experience.
Furthermore, as a result of ongoing trend and changing consumer preference products such as hemp juices, Cannabidiol (CBD) Infused water, CBD Infused tea, Tetrahydrocannabinol (THC) Infused beer, THC Wine, Hemp milk, and Hemp gin are introduced. Hence, the introduction of new concepts by key companies will augment the growth of the global cannabis beverages market.
Rising Demand for Health and Wellness Beverages Will Favor Market Growth
The increasing demand for health and wellness beverages that are infused with bioactive compounds will boost the cannabis beverages market revenue. Swayed by prevailing trends, several key companies are developing innovative beverages. This will, in turn, give impetus to the cannabis beverages market growth. For instance, Caliva, one of the largest vertically integrated cannabis companies in California, acquired Zola, the maker of plant-powered beverages, to expand into the cannabis and hemp-based CBD (hCBD) beverage space.
Moreover, the collaboration among leading players to launch cannabis-infused beverages will also contribute to the global cannabis beverages growth. For instance, Hexo Corp., a licensed producer of cannabis-based in Quebec, Canada, entered a joint venture with Molson Coors Canada to produce CBD-infused beverages. In addition, advancements in the isolation and purification techniques for active ingredients such as nano-emulsification will aid growth of the global cannabis beverages market.
https://www.fortunebusinessinsights.com/industry-reports/cannabis-beverages-market-100738