WILMINGTON, DE, UNITED STATES, December 26, 2024 /
EINPresswire.com/ --
Global Cannabis food and beverage Market size by Product size was valued at $427.0 million in 2018, and is expected to reach $2,632.0 million by 2026, registering a CAGR of 26.6% from 2019 to 2026. North America dominated the market in 2018, accounting for around 45% of the total cannabis food and beverage market share.
Global brands are introducing new line of cannabis infused beverages and spirits types in their product range to provide different varieties of products for consumers, and producing innovative solutions. Innovative product offerings by global brands for specific target group such as ethnic population, working population, and athletes, is increasing the regional demand for cannabis food and beverage products.
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The cannabis food and beverage market hold a substantial scope for the market growth. The market is currently in its growth stage; however, its contribution to the global market is expected to increase significantly during the cannabis food and beverage market forecast period. Rise in legalization of cannabis in food and beverages by many countries has enforced the market to produce innovative products such as flavored waters, wines, butter, and other bakery foods. Growth of the global population and rise in per capita income boost the market growth, thus increasing the demand of cannabis food and beverages.
The legalization of cannabis in developed economies , such as U.S., and Canada, and Australia has increased the demand for cannabis infused beverages to their food. The increase in population coupled with per capita income has increased the demand for cannabis infused bakery items, further boosting the production of cannabis.
The per capita income measures the average income earned per person in a given area (city, region, and country) in a specified year. It is used to measure a country's standard of living by dividing the area's total income by its total population. In emerging countries, per capita income is more as compared to developed countries and hence, the consumption of cannabis beverages and food is eventually higher.
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By distribution channel type, it is categorized into mass merchandisers, specialty store, online stores, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, Switzerland, the Netherlands, and Rest of Europe), Asia-Pacific (Australia, and New Zealand), and LAMEA (Uruguay, Colombia, South Africa, and Rest of LAMEA). Countries such as Australia, the U.S., and the UK, spend the highest on cannabis food products. In addition, factors such as product availability, socio-economic status, per capita expenditure, and consumer purchasing power, are responsible for the growth of the cannabis food and beverage market in these regions.
The global market is fragmented with the presence of several market participants across various regions. The strong presence of private label brands is also giving tough competition to global players. The key players operating in global cannabis food and beverage market industry include 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.
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