14-Feb-2020 | Syndicate Market Research
Cannabis is generally obtained from Indian hemp plants, like Cannabis indica and Cannabis sativa. The chief active compound in cannabis is THC (delta-9 tetrahydrocannabinol). The extracts obtained from cannabis are called cannabis extract. These concentrates come in various forms, such as phoenix tears, oils, wax, shatter, vaporizers, and hash with a high concentration of terpenes and cannabinoids. The cannabis is widely used in pharmaceutical and healthcare industries as an antidepressant agent. Cannabis has exhibited a rapid augmentation due to mass consumer appeal around the world. Its use for recreational purposes is far higher than the medicinal use, considering the illicit consumption.
The global cannabis beverages market is anticipated to stimulate by surging penetration of cannabis in the untapped “majority” consumer market. The cannabis legalization is receiving impetus globally which is mainly boosted by augmented recognition of cannabis for medicinal benefits and therapeutic applications. The cannabis application for medical benefits is playing a key role in compelling the legislation wave, and this is unquestionably having a constructive impact on the recreational use of cannabis. The recreational utilization of cannabis is likely to be prompted by the mainstreaming of consumption-related experience.
The cannabis consumers are no more confined to smoking flower with joints, bongs or pipes, but have their preference with a variety of products such as concentrates and different infused products. The cannabis beverage industry on its own is witnessing an essential revolution with the additives and ingredients. The consumers across the developed markets of Europe and North America are persistently shaping the category in the midst of “all-natural, chemical-free, and herbal formulations” trends and advancements. Infused beverages are becoming popular in the global market. Beverages are considered as the most accessible way for THC consumption as far as the entire array of edibles is concerned. In addition, the cannabis-based beverages are gaining popularity due to its portion-controlled doses, superior functional benefits, ease of availability and administration. The augmentation of cannabis-infused consumables is registering massive leaps amidst a rapidly advancing trend of modernism and product development across the sector.
The beverages boom, as observed in off-trade sales channels like clubs, restaurants, and lounges is further anticipated to facilitate the customized sales of cannabis-infused beverages. While THC has remained the main attraction amongst the customers for feeling the “euphoric high,” the cannabis beverages market had perceived a dramatic development with the robustly surging popularity of CBD-infused beverages. Rising demand for healthy edibles in the cannabis beverages industry has pitched the sales of CBD-infused drinks. Therefore, the high demand for cannabis beverages is also contributing to a radical momentum to the cannabis beverages market.
Speaking of the cannabis beverages market, recently it was stated that cannabis is taking a bigger share of the alcohol industry in the midst of apprehensions over calories and hangovers. The growing concern over hangovers and calories is causing more millennials to opt for cannabis than alcohol in their social life, which is a trend that pushes financiers to invest in the infused beverage industry. The latest research “Monitoring the Future” reported that the U.S. millennials consume far less alcohol compared to past generations.
The proportion of college students who consume alcohol daily dropped to 2.2% in 2017 from 6.5% in 1980. On contrary, there was a noteworthy surge in the daily marijuana use amongst US youngsters, particularly during 2019, the research further found, resonating with the continuing legalization of recreational and medical marijuana in the country. Up to now, almost 11 states have permitted marijuana for recreational purposes with 33 states in total approving it for medical use. As per financial services firm Cowen, the sales of recreational cannabis in the U.S. will surge over 700% to $50 billion (2026) from $6 billion (2016).
Browse Research Report for more Insights: https://www.syndicatemarketresearch.com/market-analysis/cannabis-beverages-market.html
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