[223+ Pages Report] According to Facts and Factors, the global cannabis in food and beverage market was valued at USD 684 Million in 2020 and is expected to generate revenue of USD 2,818 Million by the end of 2026, representing a CAGR of nearly 26.6% between 2021 and 2026.
Cannabis is a member of the Cannabaceae family of flowering plants. The number of species inside a single plant is debatable. Cannabis indica, Cannabis sativa, and Cannabis ruderalis are the three most common species of cannabis. Hemp seeds, oil, hemp fiber, and hemp leaves have long been used as vegetables and juice, as well as for medical and recreational uses. For a few years, cannabis has been used to make a variety of foods and beverages. A cannabis edible, also known as a cannabis-infused meal, is a form of food that includes cannabinoids such as tetrahydrocannabinol (THC) or cannabidiol (CBD).
THC is included in most edibles manufactured from cannabis, and it has a wide range of physiological effects, including relaxation, increased hunger, euphoria, anxiety, and exhaustion. Edibles laced with THC or CBD are utilized for both medicinal and recreational purposes. Hemp foods are meals and beverages that are prepared using non-psychoactive cannabis. A frequent sort of cannabis cuisine is cannabis-infused baked goods. Space cakes, marijuana brownies, and hash cookies are among the most popular baked goods.
The growing legalization of marijuana for medical purposes has fueled the growth of the cannabis in food and beverage industry. Market expansion is aided by the food and beverage industry's growing interest in cannabis. In the food and beverage business, cannabidiol is the most widely used and authorized type of marijuana. The market for cannabis in food and beverage products is growing due to many health benefits. Additionally, increased consumer demand for cannabis in food and beverage items for recreational use or to cure illnesses including chronic pain, cancer, and anxiety is driving market expansion. Furthermore, the availability of cannabis in food and beverage items in a variety of forms, including beverages, snacks, spreads, cookies, sweets, brownies, chocolate bars, and other confections, contributes to the market's development. Furthermore, when consumers' disposable money rises and their living standards rise, the food and beverage business is stimulated to innovate. Consumers are looking for foods that will help them maintain excellent health, increase their mental function, and improve their physical beauty. The market's growth is aided by increased awareness of cannabis in food and beverage items via the internet and social media. On the other hand, the market's growth is hampered by health hazards associated with the use of cannabis in food and beverage items. Furthermore, the development of new food and beverage items infused with various kinds of cannabis to target different consumer groups presents several potentials for the cannabis in food and beverage business to flourish.
The global Cannabis in Food and Beverage market is segregated based on product type, source type, grade type, end-user, distribution channel. and region
In 2018, the specialty shop category was the main supply chain point with the greatest Cannabis in Food and Beverage market share, according to the distribution channel. This is due to an increase in cannabis product uptake from specialty shop chains in both established and emerging economies. Furthermore, online stores provide a one-stop-shop where customers can get all forms of Cannabis in Food and Beverages, making it a popular shopping choice for customers.
North America, Asia-Pacific, Europe, and the Rest of the World are the four regions that make up the worldwide cannabis in food and beverage industry. The worldwide cannabis in food and beverage industry is likely to be dominated by North America. The rise of the cannabis in food and beverage business in North America is aided by the legalization of cannabis in the area. Over the projection period, Europe is expected to have a robust CAGR in the market. The market for cannabis in food and beverages grew as Europe moved closer to legalizing weed. In the worldwide cannabis in food and beverage industry, the Asia-Pacific region offers promising development prospects. In the Asia-Pacific area, increased laboratory proficiency testing with a high number of manufacturers and an increase in research laboratories contributed to the expansion of the food and biologics sector and, as a result, promoted cannabis testing. In addition, the rising legalization of cannabis products for medicinal and recreational use in Asia-Pacific has boosted the region's industry.
Some main participants of the global cannabis in food and beverage market are Natural Extractions, Beverages Trade Network, Canopy Growth, VCC Brand, Dixie Brands Inc., Lagunitas, Hexo Group, Aphira, New Age Beverages Corporation, General Cannabis Corporation, Phivida Holdings Inc, The Supreme Cannabis Company, Coalition Brewing, Koios Beverage Corporation, Alkaline88 LLC and The Alkaline Water Company amongst others.
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