Cannabis Food and Drinks Market Might Reach $166b by 2025
According to the reports made by Euromonitor, over the next ten years, cannabis is expected to become an integral part of the consumers’ daily routines — at least in some shape or form.
Today, the global cannabis market’s worth (including the black market) is estimated at $150 billion, with a projected $166 billion market’s worth by 2025 (the legal market alone).
Until recently, cannabidiol, due to its non-psychoactive properties, has been the most frequent ingredient of choice for food and beverage production in place of THC and other (more than 100) cannabinoids. There are still many regulatory problems when it comes to the CBD food and beverage market, but the situation has significantly improved for both the producers and the consumers; thousands of products are now available despite the many challenges. Those who eagerly consume CBD claim that it alleviates symptoms of some medical conditions and helps reduce anxiety.
As per the words of Spiros Malandrakis, the industry manager at Euromonitor, these claims are yet to be scientifically proven for higher CBD doses than the ones currently available on the market. Moreover, what Malandrakis also stated was that, in the next few years, a number of other cannabinoids would slowly start to get attention. These would provide certain alternatives either to the level of intoxication you get with THC or the wide range of use you get with custom-tailored CBD alternatives.
So far, the alcoholic drink industry in the cannabis sector is flourishing, with several major brands taking an interest including Anheuser-Busch, Morson Coors, Constellation Brands, and even Heineken, which has already been selling CBD drinks in some US states and Canada.
A possible asset for the expansion of the cannabis food and beverage industry is the ever-increasing consumers’ interest in the consumption of low-alcohol drinks. Malandrakis claimed that the alcoholic beverages industry faced a cannabis-driven threat due to the cannabis revolution that is currently taking place, particularly among millennial consumers.
Cannabis beverages could also increase the consumption of soft drinks — a market that has been on a steady decline for the past few years as a result of fit and wellness trends that have been promoting various sugar-free beverages.
When it comes to cannabis-infused foods, so far, we have had cannabis present mainly in sweets, with Euromonitor stating that a number of unusual categories would appear on the market in the near future, including bakery products, pasta, and even soups!
Pinar Hosfaci, the industry manager of packaged foods at Euromonitor, said that, in the near future, the present-day functional food consumer would turn into a mindful, mood-enhancing consumer of tomorrow.
Consequently, cannabis-infused food and beverage sales are expected to double in the next two years. All thanks to the enormous potential of these goods, which are highly customizable and able to match individual needs and specific occasions; something not many industries have at their disposal.