A recently released report by Fact.MR forecasts that this year the global marijuana-infused drinks market will experience significant growth. Projections also show that a decade from now, the market’s revenues will have grown by more than 20 times, with a compound annual growth rate of about 38% to reach roughly $6 billion.
Marijuana is legal in more than 35 states for medical use and in 16 states for recreational use. The herb’s legalization has prompted an increase in the demand for marijuana and marijuana goods. This has led to more marijuana-infused beverage businesses entering the market in an attempt to meet this rising demand.
The spread of the legalization of recreational marijuana in the U.S. is expected to boost demand for marijuana-infused drinks in particular. Data shows that between 2016 and 2020, sales for marijuana-infused goods grew at a compound annual growth rate of about 20%, to reach $250 million last year.
In comparison with therapeutic marijuana use, the recreational use of marijuana has been found to be considerably superior, especially when illicit use is considered. In the coming decade, projections by Fact.MR show that increasing the therapeutic and recreational use of marijuana may likely cause an increase in the demand for marijuana-infused beverages.
Businesses involved in the market are currently working to develop THC emulsifications that will achieve a shorter uptake period, even less than half an hour. This aligns with consumer need for quick feedback on their dosage, which will in turn improve marijuana-infused beverage sales. Marijuana-infused drinks have also shown growing demand via e-commerce platforms, which offer autonomy in product selection, privacy and increased convenience.
Reported health advantages such as regulated blood pressure, relief from anxiety and depression, decreased weight gain and improved sleep patterns are also expected to propel the marijuana beverage market growth in the projected time frame. Additionally, the increased use of marijuana in pain relief and the treatment of cancer, epilepsy and various neurological ailments is also expected to increase the demand for marijuana-infused drinks.
At the moment, the CBD and hemp category in the United States is valued at roughly $1 billion. The U.S. is expected to become one of the biggest marijuana beverage industries worldwide, with federal legalization of marijuana for recreational, therapeutic and medicinal use driving market development.
However, the companies involved in the market will have to ensure that they comply with changing regulatory standards by testing and relabeling their goods in order to avoid hitches. This is an issue that existing cannabis drinks segment leaders such as BevCanna Enterprises Inc. (CSE: BEV) (OTCQB: BVNNF) (FSE: 7BC) take seriously, since it is one of the building blocks of brands that resonate with consumers.
NOTE TO INVESTORS: The latest news and updates relating to BevCanna Enterprises Inc. (CSE: BEV) (OTCQB: BVNNF) (FSE: 7BC) are available in the company’s newsroom at http://cnw.fm/BVNNF
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