You want to drink your THC now, right? How are cannabis infused beverages in the market?
Cannabis has been infused into a number of products over the past few years. Since the big leap from prohibition to legalization, new and improved ways of using cannabis have been regularly developed, leading to new types of food. Cannabis has been infused into beverages, groceries, pastries, brownies, gums, and our main focus today on beverages. These new and innovative ways of consuming cannabis are becoming increasingly popular as they are adopted by the majority of cannabis users.
Read on to find out how cannabis infused beverages are performing in the global market and in the cannabis industry.
Cannabis beverages are a arm of cannabis infused products that have performed very well in the market for the past few months. Sales of the product generally increased 40% over the past year, partly due to global change due to the pandemic and consumers looking for new ways to relax. Another factor that has fueled this surge in sales over the past year is consumer behavior, as many looked for a familiar form of consumption that was about weed while others looked for a substitute for alcohol. Regardless of the driving force, cannabis companies took advantage of this consumer behavior with various types of cannabis infused beverages that further enhanced the overall activity of the product in the marketplace.
The presence of Dry January is a particular health-related trend that sees alcohol drinkers completely abstaining from alcohol for a month. Most of these teetotalers, who stay true to their promises, tend to find new ways to satisfy their cravings. This is where cannabis infused beverages come into play. Some who experience the unique energetic and relaxing feeling that comes with cannabis beverages tend to use the product longer than they originally intended. All of these factors play a major role in why recent data shows cannabis-infused beverage sales in the recreational markets of California, Colorado, Nevada, Oregon, and Washington State increased 40.3%. This is based on data from a Seattle-based cannabis analysis company called Headset.
Cannabis drinks on the market
As a total number, cannabis-infused beverages soared from $ 67.8 million in 2019 to a whopping $ 95.2 million in 2020, and projections show even more growth can be expected this year. It should be noted that this percentage growth is greater than the overall growth in marijuana sales over the same period. Overall marijuana sales growth rose 39.4% between 2019 and 2020. It’s important not to get carried away with these statistics, however, as cannabis-infused beverages still make up a small part of the complex matrix of cannabis products on a larger scheme. The product alone has been huge over the past year, but relative to its place among other marijuana products, much remains to be done to advance cannabis-infused beverages even further.
When interpreting the data on the performance of the market share of cannabis infused beverages, Headset found that the performance of the product was constant as it had an annual share of 1% from 2018 to 2020. A change in this trend, however, appears to be changing on the go, headset characterized this early 2021 trend with a 1.2% share since the start of the year. It may be a little early to finalize what the end of 2021 will look like for cannabis beverages, but the first signs already seem very positive. It is also important to keep in mind that the increasing demand for infused beverages will not yet have a complementary increasing effect on the price of the product. In this case, we will check if this has any impact on the market share performance of the product.
Specific reasons why cannabis infused beverages perform so well
Easy and convenient to use
It is very easy to be surprised how cannabis beverages are performing in the market because of the product price. Using the LeafLink cannabis wholesale market as the default, cannabis beverages were priced at $ 8.58 per serving, down from $ 8.67 for which they were sold in January 2020. The first specific reason that can easily be identified why cannabis drinks perform so well is the fact that consumers are already familiar with them. Drinks are easy to use and very acceptable in all social situations. This makes it easy for such packaged cannabis beverages to fit in well with the normal lifestyle anywhere. It does not require a special instrument such as a swab or a whistle, and does not require lighting or inhalation, which makes administration very easy.
Healthier than many other alternatives
Foods generally have the advantage of not having the risk of smoking and inhaling smoke, which makes them better than other traditional methods of delivery. This is also why they are most preferred by medical marijuana patients. Cannabis drinks, on the other hand, have the added benefit of being lower in calories and sugar, which is associated with other forms of food. It’s also a healthier alternative for those looking to avoid the unwanted hangovers that come with alcohol, as it mostly promotes relaxation and calm when infused with a high percentage of CBD.
Onset of action
It is very common for cannabis users to complain that they are unable to predict when the effects of foods like brownies and gummies will kick in. This is because such foods have been in action for a long time, and if they are not handled carefully, users can ingest multiples of it, the accumulated effect is very serious. Cannabis drinks help avoid this problem as they work quickly and help the user not to get impatient. Some companies make a strong claim that their products can advertise action within 5 minutes while others have a 15 minute delay.
The future of cannabis infused beverages looks very promising. The majority of cannabis users are already switching sides, and how well the product has performed in the market is a testament to that.
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