Research activities affirming a variety of medical and relaxation benefits of cannabis have resulted in an upsurge in its demand among consumers. Cannabis legalization has also played an active role in accelerating the CBD-infused beverages market growth. The easy availability of cannabis plants and easy execution of pure cultivation and harvesting steps also contribute significantly toward the growth of the market. With more companies entering the market and making significant investments, the CBD beverages industry is expected to grow at an unprecedented rate.
In contrast to this scenario, several challenges existing in the market tend to hamper the market growth. The risk of side effects is one of the significant challenges faced by the CBD beverages market. Moreover, stringent regulations in different parts of the globe and lengthy approval processes collectively act as restraints that hinder the North America CBD market growth. Consequently, to abide by the state’s or country’s policy, CBD products’ production cost has become significantly high, further owing to the complicated distribution channel.
With the rapid adoption of CBD-infused beverages and the excitement for the product among the consumers, has led to increasing demand for CBD-infused beverages in the non-alcoholic segment. Several well-established alcohol companies are showcasing an interest in the industry. They are investing in the manufacturing and distribution of CBD-infused alcoholic drinks, which are expected to witness high market growth in the coming years.
Increasing concerns such as calorie intake and changing consumer tastes that lean more toward healthy alternatives, are pushing consumers toward CBD-based drinks, which is currently a trend in the industry. This trend offers an opportunity for investors to dive into the CBD-infused non-alcoholic beverage business.
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The strategies followed by various prominent companies of the global CBD-infused beverages market to sustain the competition and expand their market share vary from product launches to collaborations and partnerships. Among the different key developments, synergistic strategies (agreements, collaborations, and partnerships) have been the most preferred strategies for the past years (April 2017-April 2020). The global CBD-infused beverages market witnessed approximately 60 synergistic developments. The medium and small-medium enterprises are also venturing into the market and sustaining the competition through mergers and acquisitions as well as development and launch of new products.
The result of the emerging strategies and developments in the form of partnerships, collaboration, and joint ventures are already leading to visible market growth. Moreover, the growing demand for CBD-infused beverages is further expected to increase the involvement of companies across different segments of the value chain.
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