The pandemic changed everything. USA has the cannabis business in his sights and there is no way he can get away with it. New research exploring U.S. consumer trends revealed the impact the cannabis sector could have on the overall beverage industry.
More and more consumers are showing interest in wellness drinks instead of soft drinks, which is driving increased demand for cannabis beverages. According to the Global Cannabis Beverages Industry report, the global cannabis beverages market, is expected to reach $2 billion by 2026, growing at a CAGR of 16.9%. On the other hand, the Asia-Pacific market is expected to reach US$76.6 million by 2026.
The U.S. beverage industry is watching the cannabis field closely because it is believed that the growing popularity could cannibalize its sales, despite warnings that its growing popularity could cannibalize alcohol sales.
With the U.S. cannabis industry. on track to generate more than $46 billion and projected global cannabis sales that could exceed $61 billion by 2026, beverage companies are poised to take advantage of this succulent business opportunity. However, there is conflicting advice on whether the two sectors can coexist in harmony or whether cannabis will usurp part of the alcohol business.
Roy Bingham, co-founder and chief executive officer of BDSA, which provides market research solutions for the global cannabinoid industry, recently revealed the complexity of the situation, but insisted that “today, more consumers are combining cannabis with alcohol than ever before, especially when relaxing. or going out with friends.”
Bingham added that the coexistence of the two industries could be possible as cannabis use by alcohol consumers is on the rise. Due to its high popularity and for those consumers who see cannabis as an enhancement, the BDSA stated that 12% of adults confirmed that they would combine it with some liquor or liquor as this year increased to 20%.
Indeed, 50% of Americans surveyed in states where cannabis is legal consumed cannabis in the last six months, showing that as this trend continues to grow, other industries will likely begin to adapt to take advantage of the commercial pull and this new niche.
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