The increasing legalization of cannabis and its increasing adoption across the globe are the factors driving the demand for CBD-infused beverages. Moreover, the CBD-infused beverages market is witnessing several upcoming trends and opportunities, further propelling growth in the industry. The initiation of research and development activities for the production of healthy CBD products is expected to drive the market during the forecast period 2019-2025.
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Research concerning cannabis and its industrial derivative, hemp, is continuously evolving. Research activities have demonstrated the high potential of CBD for numerous medical applications ranging from pain management to curing headache and muscle spasms. CBD is also proven to be effective for the treatment of arthritis, cerebral palsy, and several other autoimmune and neurodegenerative diseases. Multiple research organizations, universities, and institutes such as National Institutes of Health, University of Strathclyde, and the University of Queensland, among others, of North America, Australia, China, and Europe are also conducting research studies to evaluate the antifungal, antibiotic, and anti-microbial properties of CBD.
Researchers are also conducting several pre-clinical and clinical trials to understand CBD’s effectiveness in treating cachexia, cancer, glaucoma, seizures, chronic obstructive pulmonary disease (COPD), cystic fibrosis, and Crohn’s disease, among others. A majority of the consumers mainly use CBD for reducing stress and anxiety. Despite the multiple benefits, the CBD consumption pose a risk of adverse side-effects, which is a significant drawback for the CBD industry. However, with the rising demand for CBD products, research and developmental activities are gaining thrust, thereby playing a crucial role in setting standards related to the chemical composition and the formulation of cannabis, while ensuring its safety for human consumption.
Owing to the legalization of cannabis in both Canada and the U.S., North America demonstrates the highest potential among all the countries for the growth of the Global CBD-infused beverages market. North America currently holds more than 90% of the global cannabis market, with the U.S. alone covering more than 85% of the total market in North America. The legalization of medical and recreational cannabis in significant states of the U.S. and Canada is considered the prime factor for the growth of North America’s CBD-infused beverages market.
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The market is primarily dominated by several big, medium, and small-medium enterprises that are solely engaged in the development, manufacture, and distribution of CBD beverages for medical and recreational conditions. The huge demand for cannabis products and the need to develop safer forms of ingesting cannabis, such as tinctures, oils, vapes, beverages, and other edibles, are acting as drivers in the growth of the North America cannabis market. With a more significant number of companies entering the market and with large public and private investments in this sector, the North America cannabis market is expected to witness a low double-digit growth rate over the forecast period.
The North America CBD-infused beverages market mainly consists of the U.S. and Canada. The growth is primarily due to the growing legalization of cannabis products for both medical and recreational use in various states of the U.S. Moreover, Canada is expected to see a higher growth rate relative to the U.S. Relaxation in regulations and top public and private investment in cannabis product research are among the key driving forces for the growth in the Canada market. Some of the key players in the North America CBD-infused beverages market includes New Age Beverages Corporation, Phivida Holdings Inc., Puration Inc., Canopy Growth Corporation, Cannabiniers, Lagunitas Brewing Company, and The Alkaline Water Company.
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