IMARC Group’s latest report, titled “CBD Food and Beverage Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global CBD food and beverage market is expected to exhibit a CAGR of 26.5% during the forecast period (2022-2027). Cannabidiol, or CBD, is a non-psychoactive chemical compound found in the cannabis Sativa plant and is generally derived from hemp due to its naturally high CBD content. It is widely used in foods and beverages as it helps in treating anxiety, seizures, osteoporosis, insomnia, inflammation, and hyperemesis. It possesses healing properties and thus aids in reducing pain and managing stress. Some commonly available CBD-infused edible products include bakery items, chocolates, tea, gummies, snacks, and ice cream. Since they eliminate exposure to tar and carcinogens, CBD foods and beverages have gained immense popularity as a healthier alternative to smoking cannabis.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global CBD Food and Beverage Market Trends:
The shifting consumer focus toward health and wellness coupled with the rising awareness regarding the therapeutic benefits of CBD represents the primary factor driving the market growth. Moreover, several favorable initiatives by governments of various countries to legalize recreational cannabis are positively influencing market growth. In addition, due to the widespread prevalence of various respiratory ailments, there has been a significant shift toward healthier edible alternatives among the masses. Along with this, the growing consumption of CBD foods and beverages to treat nausea, muscle spasms, poor appetite, weight loss, and different types of cancer has augmented the product demand. Besides this, the surging popularity of CBD protein bars among athletes, fitness enthusiasts, and sportspersons has accelerated the product adoption rate. Furthermore, the leading players are heavily investing in research and development (R&D) activities to formulate chemical-free and natural products with herbal ingredients. In line with this, recent product innovations, such as the launch of alcohol-free beer manufactured using CBD, have catalyzed market growth. Apart from this, the easy availability of CBD-infused foods and beverages, such as baked goods, fruit punch, cannabis cola, coffee, and tea, in various legal marijuana dispensaries is contributing to product sales. Other factors, including the escalating demand for functional beverages, inflating consumer expenditure capacities, increasing penetration of e-commerce platforms, growing health consciousness, and changing lifestyle preferences, are also creating a favorable market outlook.
- Based on the source, the market has been classified into marijuana-derived, hemp-derived, and synthetic.
- On the basis of the product type, the market has been segregated into bakery products, chocolate, cereal bars, candies, beverages, ice cream, and others. Amongst these, bakery products represent the largest market segment.
- The market has been categorized based on the distribution channel into supermarkets and hypermarkets, specialty stores, convenience stores, online, and others. Currently, specialty stores exhibit a clear dominance in the market.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, South Korea, Australia, and others), Europe (Germany, the United Kingdom, Netherlands, Spain, and others), Latin America (Brazil, Argentina, and others), and Middle East and Africa (South Africa and Israel).
- The competitive landscape of the market has also been analyzed, with some of the key players being Alkaline88 LLC, Beverages Trade Network, Dixie Brands Inc., Green Roads (Affinity Beverage Group, Inc.), Kannaway LLC, Koios Beverage Corp., Lagunitas Brewing Company (Heineken N.V.), NaturalXtract, New Age Beverages Corporation, and The Supreme Cannabis Company Inc.
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