The global cannabis drinks market is predicted to grow in popularity in the coming years, reaching a projected value of almost $8.3 billion in 2032.
The cannabis drinks market is expected to grow by a value of $8.3 billion by 2032, with a compound annual growth rate (CAGR) of 37.3% according to Future Market Insights.
With cannabis consumption being fully legalised for recreational use in many countries including Canada, Malta, Mexico, South Africa and 19 states in the US, the global market is expected to surge by 20-fold over the next 10 years.
Cannabis is the third most popular substance, after tobacco and alcohol. Latest estimates from the UK suggest that the number of UK consumers increased from 125,000 to 250,000 in 2016 & 2017 respectively, according to the Cannabis Trade Association.
Current main players such as Artet, CAN, Phivida Holdings are trying to appeal to a wider customer base by repositioning their products and making them fun and wellness-oriented while beverage giants such as PepsiCo, Nestlé and Kraft Heinz are approaching the market very cautiously.
