Global CBD Beverages Market Overview
CBD beverages have gained popularity as cannabis products were legalized by the Farm bill (Agricultural Improvement Act) in 2014. The rising awareness of health benefits of CBD products has elevated the growth of CBD beverages market globally. Cannabidiol is a non-psychoactive molecule found in cannabis, which is extracted from leaves, resin, and flowers of marijuana or hemp.
Cannabidiol is infused in the beverages which treat a variety of health conditions including antioxidant and neuroprotective protective properties. The market is expected to showcase significant growth in the forecast period due to rising adoption of natural products over pharmaceutical products. However, regulation and compliance on the use of CBD in the food and beverage industry have the potential to hampers the growth of the market.
Global CBD Beverages Market Dynamics
Rising Awareness of the health benefits of CBD Beverages
CBD beverages are considered as a natural remedy for a variety of health conditions. CBD infused beverages are believed to treat varieties of health conditions including pain, anxiety, central nervous system disease, epilepsy and many more.
Rising awareness of consumers on the wellness of the products and a growing number of health-conscious consumers is driving the growth of CBD beverage market. Also, consumer’s preference for natural products over pharmaceutical products will also boost CBD beverage market. Moreover, potential customers of BVD beverages are more willing to spend on legal CBD products especially by baby boomers.
Increased Demand from baby boomers
Baby boomers are the early users of CBD products. They have been using marijuana and hemp in food ingredient, textiles and medical purpose. Baby boomers are more aware to CBD beverage benefits as compared to millennial and Gen Z. Baby boomers are tend to spend more on CBD products. Also, with the increasing in number of baby boomers globally and legalisation of CBD beverages, baby boomers are expected to have the largest share in the CBD beverage market.
Global CBD Beverages Market Regional Overview
CBD beverages market is expected to grow immensely in North America region, with the legalization of CBD infused products in many states. North American states including Colorado, Utah, Iowa, Texas, California, and others have approval to grow and market CBD infused products. Many key manufacturers such as Alkaline88, The Alkaline Water Company and Youngevity International Inc. have been dominating the CBD Infused beverages.
European market has also seen an upsurge in CBD beverage market and is expected to grow tremendously in the region as legalization on cannabidiol products has become mainstream. Asia Pacific is considered as the biggest market for the CBD beverages, many manufacturers are discovering the opportunities to expand their market in this region. Latin America and Middle East and Africa has experienced a steep growth in the legalization and marketing cannabis product and has an ample opportunity for this market to grow in these regions.
Global CBD Beverages Market Key Players
The key participants of CBD Beverages is majorly concentrated in North America regions followed by Europe. Some of the key market participants in the global CBD Beverages market are:
- Alkaline88, LLC
- Cannara Biotech Inc.
- New Age Beverages Corporation
- Aurora Cannabis
- Canopy Growth Corporation
- CBD Biotechnology Co. Ltd
- Other prominent players
Stringent Regulations on CBD Infused Products
CBD is derived from marijuana and hemp which is incorporated with many laws and regulations. The import and growing of marijuana and hemp has been legalised by very few states, however, FDA has not approved the use of CBD in foods and Beverages, which could affect the growth of CBD beverage market globally. The rules and regulation on the use of CBD are different in different regions. Thus, the market is remains constrained to only states which have made CBD beverages legal.
The global CBD Beverages market can be segmented on the basis of CBD Type as:
The global CBD Beverages market can be segmented on the basis of End User as:
- Gen Z
- Baby Boomers
The global CBD Beverages market can be segmented on the basis of grade as:
- Pharmaceutical Grade
- Food Grade
The global CBD Beverages market can be segmented on the basis of Distribution Channel as:
- Storefront Dispensaries
- Convenience Store
The global CBD Beverages market can be segmented on the basis of the geographical region as:
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia