The global Non-alcoholic Cannabis Based Beverages Market size is expected to reach USD 5.84 Billion in 2030 and register a revenue CAGR of 17.4% over the forecast period, according to latest report by Reports and Data. Legalization of marijuana and increasing number of new start-ups producing cannabis beverages are expected to drive market revenue growth during the forecast period. Increasing global awareness about medicinal properties of cannabis, along with its other utilities is leading to legalization and decriminalization of cannabis in multiple countries. Colorado and Washington became the first states in North America to legalize marijuana for recreational purposes. Similarly, possession and consumption of marijuana is now legal in several countries in Europe.
Increasing number of new start-ups for manufacturing cannabis beverages due to rising demand for alternative non-alcoholic and healthy beverages is expected to boost revenue growth of the global market. Major beverage manufacturers are expanding customer base in various regions where cannabis is legalized and decriminalized, in order to expand brand inventory and market footprint by novel manufacturing cannabis-infused beverages.
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Top Companies Operating in the Global Non-alcoholic Cannabis Based Beverages Market Report:
NewAge, Inc., The Alkaline Water Company Inc., SpaceStation, Inc., Koios Beverage Corporation, VCC Brand, Dixie Brands Inc., Keef Brands, Hexo Corp, Tilray, Inc., and Canopy Growth Corporation.
Major Driving Factors of Non-alcoholic Cannabis Based Beverages Market
- Legalization of Cannabis: The increasing legalization of cannabis for medicinal and recreational use in various regions and countries has been a significant driver for the cannabis-based beverages market. As more jurisdictions relax their regulations surrounding cannabis, it opens up opportunities for the development and sale of cannabis-infused products, including beverages.
- Changing Consumer Preferences: There has been a shift in consumer preferences towards healthier and more natural products. Cannabis-based beverages are often perceived as a more socially acceptable and discreet way to consume cannabis compared to smoking or vaping. These beverages offer an alternative to traditional alcoholic beverages, attracting consumers who are seeking new experiences and looking for cannabis-infused options.
- Innovation and Product Development: The cannabis-based beverage market has seen significant innovation in terms of product development and formulation. Manufacturers are experimenting with different flavors, potencies, and delivery systems to create appealing and diverse beverage options. This innovation is helping to attract new consumers and expand the market.
- Branding and Marketing: Effective branding and marketing strategies have played a crucial role in driving the growth of the cannabis-based beverages market. Companies are investing in creating appealing packaging, establishing strong brand identities, and educating consumers about the benefits and safety of their products. Additionally, partnerships between cannabis companies and established beverage companies have helped raise awareness and reach a wider consumer base.
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The global Non-alcoholic Cannabis Based Beverages Market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Constituent Outlook (Revenue, USD Billion; 2018-2030)
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
Type Outlook (Revenue, USD Billion; 2018-2030)
- Alcoholic beverages
- Non-alcoholic beverages
Application Outlook (Revenue, USD Billion; 2018-2030)
- Medication
- Recreation
End-Use Outlook (Revenue, USD Billion; 2018-2030)
- Hotels/Bars
- Household
- Others
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