The global cannabis drinks market will be worth US$1.82 billion by the end of 2020, growing to US$5.8 billion by 2024.
That’s one of the key findings in Disrupting Drinks, a new report, published today by Prohibition Partners.
The report reveals that cannabis is growing in every segment of the drinks industry; from alcoholic drinks to energy drinks, wellness to soda, fruit juice to coffees and tea.
Prohibition Partners say that CBD and cannabis infused drinks are benefiting from the so-called “the lipstick effect” as consumers seek out small luxuries during covid-19 lockdown and beyond.
The report finds that one in four consumers or would-be consumers of other cannabinoid-based products would be willing to try cannabis-infused drinks, and 28% of people who have already tried infused beverage consumers say they intend to buy more infused consumer goods in the coming three months.
The current stressors of 2020 have already proven to be a boost to cannabis-based products. Despite the beginnings of a sharp economic downturn, cannabis is still set to record impressive growth as consumers look for products to help them relax and de-stress and as the most popular format, drinks will likely be the greatest beneficiary.
Cannabis-infused beverages are recognised for relaxation, reducing anxiety and promoting calm- characteristics much sought after at a time of unprecedented upheaval and uncertainty.
The drinks are made up of two distinct subsets:
· In countries where CBD is legal, including the UK, cannabis can be infused into both alcoholic and non-alcoholic drinks, and will be consumed to relieve stress and decrease anxiety. Indeed brands such as Vita Coco and Lagunitas have already launched CBD offerings.
· In countries where THC is legal (including the US, Canada, the Netherlands), brands are beginning to produce non-alcoholic THC drinks that have often been designed to visually and gustatorily mimic alcoholic drinks – so they may look or taste like beer, or gin, or wine, mirroring the more traditional effects of cannabis.
How cannabis is disrupting drinks globally, will be discussed at the new online global event Prohibition Partners LIVE – set to run in place of the annual Cannabis Europa conference usually held at the Southbank in London, Cannabis Europa on 22nd-23rd June.