The legal worldwide cannabis food and beverage market is projected to reach an estimated $2.63 billion by 2026 according to a new report by Allied Market Research. The projected increase in market value is attributed to cannabis policy modernization efforts around the globe and increased consumer demand.
“According to a new report published by Allied Market Research titled, “Cannabis food and beverage Market by Product Type, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026,” the global cannabis food and beverage market size was valued at $427.0 million in 2018, and is expected to reach $2,632.0 million by 2026, registering a CAGR of 26.6% from 2019 to 2026.” the market researchers stated in a press release.
“North America dominated the market in 2018, accounting for around 45% of the total cannabis food and beverage market share.” the researchers also stated. The market is projected to experience a CAGR of 26.6% from 2019 to 2026 according to the analysis. The researchers also determined the following:
- Asia-Pacific is anticipated to dominate the cannabis food and beverage market growth, registering a CAGR of 31.4%.
- North America is projected to contribute the highest market share during the forecast period, with around 40% market share in 2026, and CAGR of 26.0%.
- The online sales segment is anticipated to dominate the global cannabis food and beverage market, with a CAGR of 29.1% during the forecast period.
- The mass merchandisers segment is estimated to grow at a CAGR of 25.6% during the forecast period.
The global cannabis-infused drinks market was estimated to be worth $400 million in 2022 and is projected to reach $8.7 billion in value by 2032 according to a separate market analysis by Fact.MR.
“This astounding market growth is because worldwide demand for cannabis infused drinks is estimated to surge at a CAGR of 37.8% through 2032.” Fact.MR stated in a news release.
“The projected share of the European Market on the global platform is 41% in the coming years.” the researchers also stated. The researchers estimated that the U.S. market will grow at a CAGR of 10.1% through the forecast period, and India will experience a CAGR of 8.1%.
Products in the cannabis drinks sector can come in various forms, including infused tonics and sodas. Some companies are incorporating resealable tops to their cannabis-infused sodas, which is very helpful when trying to stick to a precise dosage. An example can be found in the video below:
Research and Markets also recently released a cannabis drinks market analysis in which it found that “the global market for Cannabis Beverages estimated at US$1.2 Billion in the year 2023, is projected to reach a revised size of US$3.8 Billion by 2030, growing at a CAGR of 15.6% over the analysis period 2023-2030.”
“Non-Alcoholic Cannabis Beverages, one of the segments analyzed in the report, is projected to record 16.1% CAGR and reach US$2.5 Billion by the end of the analysis period. Growth in the Alcoholic Cannabis Beverages segment is estimated at 14.6% CAGR for the next 8-year period.” Research and Markets stated in a press release.
The global cannabis edibles market is projected to reach $27.2 billion by 2030 according to a market analysis by Fairfield Market Research. For comparison purposes, the same researchers estimated that the global cannabis edibles market was worth $9.6 billion in 2022.
“This robust growth will be driven by a multitude of factors, including shifting consumer preferences away from smoking cannabis, and rising awareness of the health benefits associated with cannabis edibles.” Fairfield Market Research stated in a press release.
A separate market analysis conducted by Technavio found that, “The global cannabis-infused edible products market size is estimated to grow by USD 25.27 billion from 2023-2027.”
“The market is estimated to grow at a CAGR of almost 21.74% during the forecast period. The global cannabis-infused edibles market is expanding due to shifting perceptions and lucrative opportunities.” Technavio stated in a press release about their cannabis edibles market analysis.