This sector of the cannabis market is expected to reach $2 billion by 2026

By Nicolas Jose Rodriguez

As the COVID-19 pandemic continues, the global cannabis beverage market, valued at US$799.8 million in 2020, is expected to reach a revised size of US$2 billion by 2026 and according to the Global Cannabis Beverages Industry. grow at an annual growth rate of 16.9%. Report issued Friday by Reportlinker.com, an AI-powered, award-winning market research solution.

According to the report, the alcohol segment will be adjusted to a revised CAGR of 15.7% for the next 7 years. Meanwhile, the non-alcoholic segment is expected to grow at a CAGR of 17.5% and reach $1.6 billion by 2026.

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“Non-alcoholic cannabis beverages are dominating the market and are also expected to see strong growth, driven primarily by growing demand from female and new customers, particularly millennials, as well as increasing customer interest in wellness beverages. Cannabis-infused alcoholic beverages are also rapidly gaining popularity as they can provide the effects of alcohol but with health benefits and zero calories. They are mainly used by people who use both cannabis and alcohol,” the report said.

The US market is valued at $649.1 million in 2021 and “represents a 70.9% share of the global market.” The report noted that “Guam, Puerto Rico, the U.S. Virgin Islands, the District of Columbia and 33 states have approved medicinal cannabis programs (publicly available), which has led to the launch of many cannabis-based beverages. Additionally, 13 states across the country allow the use of high-CBD, low-THC products for medicinal purposes, which has led to strong acceptance of CBD-infused cannabis beverages.”

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Other notable geographic markets include Canada and Europe, which are expected to grow 16.7% and 16.1%, respectively, through 2026. Asia Pacific is forecast to reach an estimated market size of US$146.7 million in 2026, showing a CAGR of 14.2% over the analysis period.

THC segment projected to reach $1.2 billion by 2026

According to the report, demand for THC-infused cannabis beverages is being supported by growing consumption by adults seeking “euphoria” and “therapeutic benefits.” In the global THC segment, the US, Canada and Europe will achieve a CAGR of 16.2%. These regional markets, which collectively account for a market size of $422.5 million in 2020, will reach a projected size of $1.2 billion by 2026. The Asia-Pacific market is expected to reach $76.6 million by 2026.

This article originally appeared on Benzinga and has been republished with permission.