Here’s the deal. Big Alcohol’s role in the cannabis beverages market will bring both opportunities and challenges.
Cannabis beverages are the latest “trend” in cannabis consumption methods. But are cannabis beverages simply a trend? Research says “no.” In 2023, the global cannabis beverages market size was valued at USD $1.16 billion. From 2024, the market is projected to grow at a CAGR of 19.2 percent to reach $3.8 billion by 2030.
So what’s driving the increase in the consumption of cannabis-infused drinks? Today’s consumers are gradually becoming more health conscious and wary of the materials they put in their bodies. For example, only 62 percent of adults under age 35 drink alcohol. This number decreased from 72 percent just two decades ago.
In fact, cannabis consumption, as a whole, is on the rise. A study from 2022found that 17.7 million people reported daily or near-daily marijuana use. Meanwhile, 14.7 million people reported drinking at the same frequency.
It appears that the scales are tipping toward cannabis use and veering away from alcohol. And yes, Big Alcohol feels threatened. A recent Marijuana Moment article claims that Big Alcohol is experiencing a slump in sales of wine and spirits—in 2023 alone, total beverage alcohol volumes in the US decreased by 3 percent.
Why? This decline is partly due to consumers choosing to live an alcohol-free lifestyle (45 percent of millennials now demand no-alcohol products) and the increased consumer access to legal cannabis, including cannabis-infused beverages.
Therefore, it’s hardly surprising that Big Alcohol is looking to step into the cannabis beverage market. For instance, The Boston Beer Company, which owns brands Samuel Adams Boston Lager, Twisted Tea, Truly hard seltzer and Angry Orchard, has already entered the cannabis beverage market. In 2022, The Boston Beer Company introduced its TeaPot cannabis-infused iced teas in Canada.
Read the full article at Rolling Stone
