According to Facts and Factors, the global cannabis in food and beverage market was valued at USD 684 million in 2020 and is expected to generate revenue of USD 2,818 million by the end of 2026, representing a CAGR of nearly 26.6% between 2021 and 2026.
The cannabis plant is frequently referred to as hemp, however, this name refers to just the types of Cannabis that are grown for non-drug purposes. Hemp seeds, oil, hemp fiber, and hemp leaves have been used as vegetables and juices for centuries, and even as a recreational drug for therapeutic purposes. There are about 100 distinct forms of cannabinoids, the most common of which are tetrahydrocannabinol (THC) and cannabidiol (CBD).
Many economies throughout the world have been adversely hit by the COVID-19 outbreak. More than 100 nations have been affected by the epidemic. Governments throughout the world have announced partial or total lockdowns as a means of controlling the spread of the disease and avoiding its effects, which has had a severe impact on many businesses. Nonetheless, the cannabis sector is at a watershed moment. State and municipal governments are rapidly accepting the value and advantages of medical cannabis since it is good for COVID-19 respiratory impacts. As a result, this aspect is likely to raise cannabis demand in the food and beverage business.
Furthermore, during the pandemic, cannabis-infused foods and beverages were a popular alternative for those who were spending more time at home, both as a source of entertainment and to relieve tension and anxiety. As a result, sales of cannabis in food and beverages are surging, propelling the cannabis in food and beverage industry forward. Legalizing recreational cannabis in various countries, rising demand for cannabis-infused wellness drinks, rising disposable income of consumers, and improved living standards are just a few of the reasons driving this market’s rapid rise throughout the forecast period.
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Top Market Players
Major players operative in the global cannabis in food and beverage market are Beverages Trade Network, Canopy Growth, VCC Brand, Dixie Brands Inc., Lagunitas, Hexo Group, Aphira, General Cannabis Corporation, Phivida Holdings Inc, Natural Extractions, The Supreme Cannabis Company, Coalition Brewing, Koios Beverage Corporation, Alkaline88 LLC, New Age Beverages Corporation, and The Alkaline Water Company amongst others.
Thousands of new goods, including several meals and drinks, have been introduced to the market by cannabis firms and entrepreneurs. Despite the rich potential, there are enormous corporate, civil, and regulatory risks. For the time being, the FDA continues to prohibit the use of cannabis as a food ingredient. Despite this, numerous corporations have pursued global cannabis sales in foods and drinks. Because of a patchwork of varied rules at the state level, the edible cannabis business is primarily self-regulated, particularly in terms of food and beverage safety. It is critical that businesses take actions to reduce food and beverage safety hazards in the absence of established regulations. Dosing techniques and contamination prevention are currently two of the most important problems.
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Market Dynamics
The rising demand for medical cannabis is driving the growth of cannabis in the food and beverage industry, where it is marketed as a wellness food or beverage and consumed. Furthermore, the social acceptance of cannabis in many countries is a major driver for its inclusion in food and beverages. This acceptability has paved the way for the legalization of recreational marijuana, boosting demand for cannabis-infused sweets and beverages. Furthermore, the cannabis meals and beverages have the right quantity of marijuana and are made with healthy components.
The market for cannabis in food and beverages is largely driven by the expanding legalization of recreational cannabis in various countries, such as the United States, Canada, and Mexico. Furthermore, because of the increasing incidence of many respiratory disorders, there is a growing trend away from smoking cannabis and toward healthier edible options, which is fueling the market growth. Furthermore, the widespread availability of CBD-infused drinks such as cannabis cola, fruit punch, coffee, tea, and other CBD-infused drinks across a variety of legal marijuana shops is boosting the global industry.
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North America is projected to Dominate Global Cannabis in Food and Beverage Market Growth
North America is considered the most important regional cannabis in food and beverage market. This is due to the relaxation of the prohibition on the use of cannabis in the manufacture of food and drinks in the United States. In the United States, over 33 states have allowed the use of cannabis infusions in food and drinks. This element is predicted to promote the cannabis food and beverage market’s growth in the future in North America. The availability of consumable protein bars infused with cannabis for athletes is also contributing to the global expansion of cannabis food items.
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