Rise in production of recreational cannabis in different countries and surge in demand for cannabis-based wellness drinks drive the global cannabis food and beverage market growth.
Allied Market Research published a research report on the cannabis food and beverage market. The findings of the report states that the global market for cannabis food and beverage generated $427.0 million in 2018, and is projected to reach $2.63 billion by 2026, witnessing a CAGR of 26.6% from 2019 to 2026. The report provides detailed analysis of changing market trends, key investment pockets, major segments, and competitive landscape for investors, market players, and new entrants.
Aniket Kadam, Senior Research Associate for Consumer Goods at Allied Market Research, outlined, “Global brands are introducing new line of cannabis infused beverages and spirits types in their product range to provide different varieties of products for consumers, and producing innovative solutions. Innovative product offerings by global brands for specific target group such as ethnic population, working population, and athletes are increasing the regional demand for cannabis food and beverage products.”
The report offers a detailed analysis of drivers, restrains, and opportunities to enable market players in determining strategies based on driving factors and tap on new opportunities. Rise in production of recreational cannabis in different countries and surge in demand for cannabis-based wellness drinks drive the global cannabis food and beverage market growth. However, the supply shortage of high-quality cannabis hinders the market growth. On the other hand, various initiatives related to legalization of cannabis-based food and beverage products and rise in utilization of cannabis for different health disorders are projected to present new opportunities in the next few years.
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The research provides detailed analysis regarding the Covid-19 pandemic along with its impact on the cannabis food and beverage market across the globe. The food and beverage sector was considerably impacted due to disruptions in supply chain, stoppage of manufacturing activities, and lack of raw material transportation. Moreover, lockdown restrictions led partial or complete closure of manufacturing activities. The demand for cannabis food and beverages was declined during the initial stages of pandemic as people were inclined to consume packaged food. However, the market is expected to recover post-pandemic.
The report offers an extensive analysis of segments of the global cannabis food and beverage market based on product type, distribution channel, and region. Based on product type, the bakery products segment held nearly one-fifth of the total market share in 2018, and is projected to maintain its lead by 2026. On the other hand, the cereal bars segment is estimated to register the highest CAGR of 28.5% from 2019 to 2026. By distribution channel, the specialty store segment contributed to more than two-fifths of the global market share in 2018, and is expected to dominate the market throughout the estimated period. On the other hand, the online stores segment is projected to grow at the fastest CAGR of 29.1% during the forecast period. Based on geography, North America held the highest market share in 2018, accounting for more than two-fifths of the total market share. On the other hand, the LAMEA is projected to grow at the highest CAGR of 28.1% by 2026.
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Leading players of the global cannabis food and beverage market analyzed in the research include Natural Extractions, New Age Beverages Corporation, Dixie Brands Inc., Beverages Trade Network, Coalition Brewing, General Cannabis Corporation, Lagunitas, Koios Beverage Corporation, The Supreme Cannabis Company, and The Alkaline Water Company.
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