The cannabis-based food and beverage market size is expected to grow rapidly, growing at a CAGR of 26.6% by 2026.

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PORTLAND, OREGON, USA, July 20, 2022 /EINPresswire.com/ — Cannabis Foods and Beverages Market by Product Type (Bakery Goods, Chocolate, Cereal Bars, Candy, Beverages, Ice Cream, and Others) and Channel (Mass Merchandisers, Specialty Store, Online Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026.” According to the report, the global cannabis food and beverage industry was estimated at 427 million in 2018 and is expected to reach $2.63 billion by 2026, registering a CAGR of 26.6% from 2019 to 2026.

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Drivers, constraints and opportunities –

Rising production of recreational or medical cannabis in various countries and increasing demand for cannabis-based wellness drinks are fueling the growth of the global cannabis food and drink market. On the other hand, the shortage of high quality cannabis supply is holding back the growth to some extent. However, the initiatives taken to legalize cannabis food and drink products and the increase in the use of cannabis in various health conditions are expected to create a number of opportunities in the industry.

The baked goods segment will maintain its dominance by 2026-

Based on source, the baked goods segment contributed one-fifth of the global cannabis edibles and beverages market share in 2018 and is expected to lead the trail through 2026. The launch of edibles plus Innovative cannabis-based products in the bakery industry are expected to drive segment growth. Cereal bars segment, on the other hand, would quote the fastest CAGR of 28.5% during the period 2019-2026. The rise in purchasing power, which has increased enormously in recent years, should fuel demand for cereal bars over the period.

North America held the largest share in 2018-

Based on geography, North America secured the largest share in 2018, holding more than two-fifths of the global cannabis food and drink market. Canada has recently made cannabis legal and as a result many manufacturers are entering the cannabis edibles and beverages industry, which is entering the market with more products, thus helping the cannabis edibles and beverages market to grow. grow in this region. Simultaneously, the LAMEA region would grow at the fastest CAGR of 28.1% by the end of 2026. With growing production of cannabis from agriculture, manufacturers are also welcoming supply from farmers and are inventing new products with different appealing flavors, thereby driving the growth of the market.

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The specialty store segment to rule the study period-

Based on distribution channel, the specialty store segment accounted for more than two-fifths of the global cannabis edibles and beverages market share in 2018 and is expected to dominate over the estimated period. This is attributed to the increase in the affluent population in emerging countries such as the United States, Canada, and the United Kingdom. At the same time, the online store segment would exhibit the fastest CAGR of 29.1% throughout the forecast period. This is due to the increase in internet penetration across the world.

Top Key Players: Natural Extractions, Dixie Brands Inc., New Age Beverages Corporation, Coalition brewing, Beverages Trade Network, Lagunitas, General Cannabis Corporation, The Supreme Cannabis Company, Koios Beverage Corporation, and The Alkaline Water Company.

David Correa
Allied Analytics LLP
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