The CBD-infused beverages market will continue to become more popular for years to come, according to Data Bridge Market Research (DBMR).
On Thursday, the multinational analytics firm released findings from its new cannabis industry research.
Key drivers propelling the market forward include increasing rates of legalization globally and a growing awareness of the health benefits that CBD can offer — including pain relief, stress management and better sleep.
According to DBMR, the CBD-infused drinks market (worth US$2.83 billion in 2021) is expected to be valued at US$8.96 billion by 2029 with a compound annual growth rate (CAGR) of 15.5 per cent throughout the 2022-2029 forecast period.
Additional factors propelling the market forward include the growing popularity of CBD as an alternative to traditional painkillers such as aspirin and ibuprofen, cannabis health benefits with no psychoactive/intoxicating effects offered by CBD, the anti-anxiety and anti-depressant properties the cannabinoid offers and its ability to help promote brain cell growth.
DBMR is a renowned market researcher and consulting firm that has over 500 analysts working within different industries, serves over 40 per cent of Fortune 500 companies and has a network consisting of over 5,000 clientele globally.
Key players in the market include Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC), Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) and Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF).