The idea of drinking cannabis wasn’t on people’s mind, until recently. According to recent forecasts, the drinks category may be the next big thing in the cannabis market, with one industry analyst projecting the cannabis beverage market to be worth a shocking $1.4 billion by 2023.
Furthermore, for the first time the Beverage Trade Network is hosting the Cannabis Drinks Expo in San Francisco this summer, which offers beverage producers, manufacturers, brand owners, distilleries and brewers a venue to come together and collectively assess, analyze, and implement ways to take advantage of this new market.
The cannabis beverage category is growing fast, with sights on new and innovative types of cannabis-infused beverages, including soda, seltzer water, juice, kombucha, cider, energy drinks, margaritas, and wine. According to Fact.MR’s Cannabis Infused Drinks Market Report, there is a remarkable uptick in consumer preferences for functional beverages, such as tea, coffee, and juice, with the sales of non-alcoholic cannabis recording a 30% year-over-year growth from 2018-2019. Also, the report shows that THC-infused drinks are the first preference among consumers, with CBD-infused drinks recently gaining traction, and that hybrid cannabis-infused drinks (containing strains of both CBD and THC) will gradually pick up the pace soon.
Surprisingly, there are only so many cannabis drinks on the market in places where weed is legal (for medical or recreational use), as big-brand names are hesitant to slap their iconic brand names on products that are still not federally legal nationwide. The ability to leverage emerging technology, track consumer trends, and introduce innovative variants to the category remains the primary expansion strategies to excel in the cannabis beverage market.
As an innovative manufacturer and co-packer of premium, cannabis-infused consumable products, SpaceStation offers companies the ability to develop a cannabis beverage and take it to market faster and easier.
So, if you’re interested in pioneering on the next frontier in cannabis by creating a cannabis beverage, contact us to learn more about our turnkey approach to cannabis beverage manufacturing and co-packing. No matter what type of cannabis-infused beverage your customers are thirsty for, we can design, product, and deliver.