Market overview:
Cannabis Beverages Market has been valued $xx billion in the year 2019 and it is estimated to reach $xx billion by the year 2026, with a CAGR of xx% from 2021 to 2026. Cannabis Beverages are beverages infused with the broad-spectrum (unless otherwise stated) hemp oil of hemp plants. These types of beverages are formulated with minute amounts of CBD but higher concentrations of other cannabinoids and terpenes; these are the main factors that have considerably increased the demand for the Cannabis Beverages in the market, thereby driving the huge growth of the Cannabis Beverages market in the upcoming years
Market Drivers and Restrains:
The main factors that have considerably increased the demand for the Cannabis Beverages in the market is mainly due to the Rising demand for wellness drinks are anticipated to drive the growth. Moreover, the low sugar content of the product and the presence of an appropriate quantity of cannabis for consumption are the factors projected to fuel the product demand. The legalization of marijuana usage for medical and recreational purposes in many countries is expected to drive the production as well as demand for cannabis-infused beverages. Increasing use of cannabis for the treatment of neurological disorders, cancer, and pain control is anticipated to drive the demand for cannabis drinks. The diverse application of cannabis is resulting in significant opportunities for market growth. Growing consumer interest in cannabis edibles is also expected to support growth; these are the main factors that have considerably increased the demand for the Cannabis Beverages in the market, thereby driving the huge growth of the Cannabis Beverages market in the upcoming years
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Report is segmented as:
Cannabis Beverages Market is segmented on the basis of by:
By Type (Alcoholic and Non-Alcoholic)
By Distribution channel (Specialty stores, Mass merchandisers, online retail and others)
Geographical Segmentation:
Cannabis Beverages Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Cannabis Beverages is due to the inclined to consuming concentrated and cannabis-infused products these are the main factors that have considerably increased the demand for the Cannabis Beverages in the North America, followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Cannabis Beverages Market
Impact of COVID-19 on Market
Covid -19 pandemic has affected the growth of business of every sector and it also affected the growth of the Cannabis Beverages market, and temporary lack of growth in export and import activities, which has impacted the rays of Cannabis Beverages market growth. Covid-19 pandemic has impacted huge on the sales revenue of Cannabis Beverages market. Due to the government restrictions like lockdown in many countries has shutdown the commercial and industrial establishments and also stopped in transportation these made huge loss for Cannabis Beverages market. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus.