Market Outlook
Cannabisis a flowering plant which is widely known as hemp, belong to the family ofCannabaceae. For ages, cannabis has been used as a source of hemp oil and hempfiber and is known for its medicinal purpose and as a psychoactive drug.Recently the use has been extended to common consumable drinks known ascannabis drinks. Cannabis drinks are gaining traction in the market owing toincreasing demand for wellness drinks by the consumers. Smoking products arequite common, but now consumers are looking forward for cannabis drinks owingto clean ingredients, low sugar content and an appropriate amount of cannabis.Moreover, health benefits offered by cannabis drinks such as improvement insleep disorders, prevention in weight gain, release anxiety and depression andcontrolled blood pressure, becomes the key reasons for the growth of cannabisdrinks market across the globe. Countries such as U.S. and Canada havenow legalized the use of marijuana, due to which the cannabis industry isbetting on cannabis drinks to drive future growth.
Increasing demand of healthybeverages
Enhancementin the demand for healthy drinks in the North America region is expected tocreate vital opportunities for companies in the global cannabis drinks market.Ever-mounting demand for flavoured beverage with natural constituents isexpected to result in significantly high sales of cannabis drinks. Playersoperating in the cannabis drinks market are estimated to leverage thisopportunity during the forecast period. Big beverage companies are highlyconcentrating on the R&D activities to improve the multifunctional profileof cannabis drinks which offers high health benefits. Recently, BNN Bloomberg reportedthat the Coca-Cola Company is in serious talks with Aurora Cannabis Inc. todevelop cannabis drinks which could ease pain, inflammation and cramping.
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Global Cannabis Drinks Market: Key Players
The globalcannabis drinks market continues to grow in both size and popularity on thebackdrop of unhealthy sugary drinks and is expected to drive the globalcannabis drinks market over the forecast period. In the cannabis drinks market,North America is estimated to account for the highest volume share, whereasEurope is estimated to account for the highest CAGR, owing to increasing demandfor cannabis drinks infused with liquors.
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Some ofthe key players operating in the global cannabis drinks market are: MirthProvisions, Dixie Brands, Inc., Venice Cookie Company (VCC), Canna Punch, KnowLabel Wine, Natural Extractions Inc., Canopy Growth Corporation and Brewbudzamong others
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Opportunities for MarketParticipants
Witharound 64% of Americans now are in favor of legalization of cannabis, comparedwith just 12% during 1970, it is expected that the growth of cannabis drinksindustry could be worth an astonishing billion dollar industry by 2025. Thecannabis drinks market is also foreseen to profit from the ongoing surge indemand for improved flavor impact and profile of cannabis drinks, creatingfurther prospects for the growth of the players of the cannabis drinks market.There are not many big players those who offer cannabis drinks any form. Thus,companies could focus on producing and exporting cannabis drinks across theglobe, resulting in expanding their global presence for cannabis drinks market.For the past couple of years, cannabis drinks have attracted the eyes ofvarious beverage manufacturers across the globe due to its health benefitproperties. Therefore, the global cannabis drinks market is expected tohave a positive viewpoint over the forecast period.
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