Rise in production of recreational or medical cannabis in various countries & increase in demand for cannabis-based wellness drink fuel the growth of the market
PORTLAND, OR, UNITED STATES, December 9, 2020 /EINPresswire.com/ — Cannabis Food and Beverage Market by Product Type (Bakery Products, Chocolate, Cereal Bars, Candy, Beverages, Ice Cream, and Others), and Distribution Channel (Mass Merchandisers, Specialty Store, Online Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global cannabis food and beverage industry was estimated at $427 million in 2018 and is expected to hit $2.63 billion by 2026, registering a CAGR of 26.6% from 2019 to 2026.
Increase in production of recreational or medical cannabis in various countries and rise in demand for cannabis-based wellness drink fuel the growth of the global cannabis food and beverage market. On the other hand, shortage of supply in high-quality cannabis curbs the growth to certain extent. However, initiatives taken in legalizing cannabis-based food and beverage product, and surge in use of cannabis in various health disorders are expected to create a number of opportunities in the industry.