With cannabis legalization spreading to new states and countries, the market for THC and CBD products is growing rapidly. Many product categories will likely see an increase in sales revenue, but infused beverages seem particularly poised for a huge increase in market share.
According to a new report from Grand View Research, the global cannabis beverage market was valued at $901.8 million in 2018. With the expansion of both legal medicinal and recreational cannabis over the next few years, Grand View predicts an overall 17.8 percent growth in the infused beverage market from 2019–2015.
Grand View reported CBD drinks experienced faster growth than THC drinks in 2018. The timing for CBD beverages may be ideal as the mocktail craze already shows an emerging demand for non-intoxicating drinks. Grand View concludes CBD drinks are popular because of the cannabinoid’s wellness and anti-inflammatory potential. This could be a major component of CBD’s continued growth in popularity.
THC-based drinks and cocktails also are rising in popularity. Unlike the therapeutic benefits associated with CBD drinks, THC beverages are popular with adults seeking recreational experiences. Grand View believes the demand for THC drinks is mostly driven by those who already consume both cannabis and alcohol.
Cannabis beverages could satisfy market demand for healthier, non-smokeable, infused products. While this trend has been taking shape for some time, the recent vaping crisis could further propel the popularity of infused drinks. “Cannabis beverages are expected to replace other marijuana-infused consumables, such as chocolates, cookies, brownies, and confectioneries like gummies and candies that are considered unhealthy,” Grand View says in its report.
CBD and THC infused beverages are both set to experience continued growth, based on Grand View’s predictions. Only a small portion of consumers sought out CBD infused drinks in 2015. By 2025, Grand View said CBD beverages sales will close the gap considerably and represent close to half of all infused beverage sales.
Alcohol producers seem to have reached the same conclusion as Grand View. Lagunitas, which is owned by Heineken, released Hi-Fi Hops, a cannabis beverage that includes zero calories and is infused with both CBD and THC. Constellation Brands, makers of Corona and Modelo, has entered the cannabis market with a partnership to make infused beverages with Canopy Growth.