CBD beverages have grown in popularity since the Farm Bill (Agricultural Improvement Act) authorized cannabis goods in 2014. The growing awareness of the health advantages of CBD products has fueled the global expansion of the CBD beverage industry. Cannabidiol is a non-psychoactive chemical present in cannabis that is isolated from marijuana or hemp leaves, resin, and flowers.
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Rising public awareness of the health benefits of including cannabis-infused beverages in one’s diet is driving market expansion. These cannabis drinks first appeared in the industry in products like as brownies and gummy bears, which are frequently seen as unhealthy options. The fact that drinks have become the most popular method of taking THC is likely to boost the expansion of the CBD drinks arcade.
What are the market drivers for CBD beverages?
“Rising Public Awareness of the Health Benefits of CBD Beverages”
CBD beverages are thought to be a natural treatment for a range of health issues. CBD-infused beverages are thought to cure a wide range of health issues, including pain, anxiety, central nervous system disorders, epilepsy, and many more.
Rising consumer awareness of product wellness and a growing number of health-conscious consumers are driving the expansion of the CBD beverage market. Additionally, customers’ desire for natural products over pharmaceutical products will drive the CBD beverage industry forward. Furthermore, potential BVD beverage buyers are more inclined to spend money on legal CBD goods, particularly baby boomers.
Competitive Landscape:
The industry participants are focused on business expansion by investing extensively in product research. These players are capitalizing on dynamic and competitive market dynamics that will propel them in the next years. This market offers numerous prospects for new businesses.
Many organizations use mergers and alliances to flourish and maintain market position during the foreseeable period. BevCanna and Mota Ventures announced a collaborative venture in 2020, which is expected to offer up new distribution channels for both companies. The agreement is expected to benefit each other by using the parties’ experience.
Key Players:
- Alkaline88, LLC
- Cannara Biotech Inc.
- Phivida
- New Age Beverages Corporation
- Tilray
- Aurora Cannabis
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Regional Analysis:
With the legalization of CBD-infused products in many jurisdictions, the CBD beverage market in North America is predicted to boom. Colorado, Utah, Iowa, Texas, California, and other states in North America have received approval to grow and market CBD-infused goods. Many significant firms have dominated the CBD Infused drinks market, including Alkaline88, The Alkaline Water Company, and Youngevity International Inc.
The inclusion of CBD into beverages such as tea, coffee, and soda is gaining popularity among the general public. Legalization of these drinks in countries such as Canada has increased demand for distinct flavors in CBD drinks. This is projected to result in an increased trend for these drinks over the predicted period.
Key Segments of Industry:
- Based on the CBD Type :
- Marijuana-derived
- Hemp-derived
- Others
- By end Users :
- Millennial
- Gen Z
- Others
- By Grade :
- Pharmaceutical Grade
- Food Grade
- By Distribution :
- Storefront dispensaries
- Convenience store
- Other
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