Cannabis
CBD based Beverages Market Size is projected to grow at CAGR of 25.6%: Straits Research
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New York, United States, March 07, 2023 (GLOBE NEWSWIRE) — CBD (Cannabidiol) beverages are derived from a non-psychoactive molecule found in cannabis, extracted from marijuana and hemp plants. This non-psychoactive molecule can be infused with non-alcoholic beer, water, coffee, and tea. CBD has the potential to reduce pain and anxiety and to cure cognition and movement disorders. Other fantastic healing properties of CBD beverages include proper digestion, flushing toxins, boosting the immune system, maintaining blood pressure, and reducing the chances of heart disease. These properties of CBD are attracting the attention of many people who were skeptical about using the product, which, in turn, is creating several untapped opportunities for the CBD beverages market in North America. Cannabidiol-based beverages are available in different product types, plant-based, and several other varieties.
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The Awareness of Numerous Health Benefits is driving the Market For CBD Beverages.
The demand for CBD beverages is driven by the growing awareness of the substance’s many health advantages, including its ability to improve digestion, manage obesity, and boost immunity. Although research and clinical trials to support the benefits are still in the early stages, they are very encouraging. They are stoking consumer interest, particularly in areas where hemp is grown significantly. The CBD beverage market is expanding due to the increased attention paid to health and wellness.
The market for CBD beverages is growing due to the increasing availability of these drinks and trends like the mainstreaming of products for athletes. They are used for replenishment and hydration. Sports performance beverages are thus establishing themselves as a promising market just waiting to be exploited, especially by newcomers.
Many skincare products for treating wrinkles and acne contain cannabidiol oil. For instance, Sephora recently added a skincare line containing cannabidiol, CBD, to its inventory. Similarly, Ulta Beauty plans to introduce a line of cannabidiol-based products. The market for cosmetics infused with cannabidiol is also seeing the entry of several new businesses. Hence this provides a more significant opportunity for the growth of the market.
Report Scope
| Report Metric | Details |
| Market Size | USD 4.52 billion in 2022 |
| CAGR | 25.6% (2023-2031) |
| Historical Data | 2020-2021 |
| Base Year | 2022 |
| Forecast Period | 2023-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Product Type, By Application |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Alkaline88 LLC., Rocky Mountain High Brands, Phivida, Cannara Biotech Inc, Kickback, Youngevity International INC., Recess, Sprig. |
| Key Market Drivers | The Awareness of Numerous Health Benefits is driving the Market For CBD Beverages. |
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Regional Insights
Many countries in North America have taken note of the benefits of cannabidiol, one of which is the U.S. For the recreational use of cannabis, the country has legalized it in 11 of its states, namely Alaska, California, Colorado, Illinois, Maine, Massachusetts, Michigan, Nevada, Oregon, Vermont, and Washington. The legalization of cannabis is soaring in the demand and consumption of CBD-infused alcoholic and non-alcoholic beverages across North America. On 17 October 2018, cannabis was legalized in Canada for recreational purposes by the House of Commons by passing Bill C-45, the Cannabis Act. After amendments and just after the legalization, various vital players started offering CBD-infused beverages. In Canada, The demand for CBD beverages is escalating rapidly among the health-conscious population. In 2017, around 140,000 acres of cannabis were cultivated in Canada to address the growing demand for CBD beverages, according to the Congressional Research Service. Government funding, support for new cannabis research, and public awareness programs drive market growth. For instance, the Government of Canada and the Minister of Health invested USD 24.5 million for funding in R&D to regulate the non-medical use of cannabis. If five ballot measures pass in the 2022 Midterm Elections, recreational marijuana use will be permitted in nearly half of the states in the United States. Nearly half of the U.S. could legalize marijuana.
Due to extensive online product advertising, CBD products are becoming more and more well-liked among consumers. Because the U.S. and Canada are among the technologically most developed nations, consumers are well-informed about the benefits of CBD products and the regulatory environment surrounding them. The use of CBD products has also increased dramatically in the nation in recent years due to the rising prevalence of diseases, and a similar trend is anticipated to drive the regional market.
Key Highlights
- The global CBD based Beverages Market size was valued at USD 4.52 billion in 2022 and is growing with a CAGR of 25.6% during the forecast period (2023–2031).
- Based on type, the North American CBD beverages market is bifurcated into marijuana-derived and hemp-derived cannabis.
- By product type, The CBD beverages market is segmented into beer, water, juice, tea, coffee, and others.
- CBD-infused beer is a booming market in the U.S., and it is expected to become an international product in the coming years.
- Based on age group, the CBD market is segmented into millennials, Gen-Z, and baby boomers. North America houses the largest millennial population. In 2022, around 76 million people were covered under the millennial age group in the region, which is about 21% of the region’s population.
- Depending on the country, the market is analyzed in the US, Canada, Mexico, and the rest of North America, where the U.S. dominates.
Some key market players in the CBD beverage market are
- Alkaline88, LLC
- Rocky Mountain High Brands
- Phivida
- Cannara Biotech Inc
- Kickback
- Youngevity International, Inc.
- Recess
- Sprig
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CBD-based Beverages Market Segmentation
By Type
- Marijuana-derived
- Hemp-derived cannabis
By Product Type
- Beer
- Water
- Juice
- Tea
- Coffee
- Others
By Application
- Millennials
- gen-z
- Baby boomers.
By Regional covered
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
Table of Content
- EXECUTIVE SUMMARY
- RESEARCH SCOPE & SEGMENTATION
- Research Objectives
- Market Definition
- Limitations & Assumptions
- Market Scope & Segmentation
- Currency & Pricing Considered
- MARKET OPPORTUNITY ASSESSMENT
- Emerging Regions / Countries
- Emerging Companies
- Emerging Applications / End Use
- Investment Landscape
- New Business Models / Revenue Streams
- TAM
- MARKET TRENDS
- Drivers
- Market Warning Factors
- Latest Macro Economic Indicators
- Geopolitical Impact
- Human Factors
- Technology Factors
- MARKET ASSESSMENT
- Porters Five Forces Analysis
- Value Chain Analysis
- Raw Material Analysis
- Sales And Distribution Channel Analysis
- Trade Analysis
- M & A Agreements & Collabration Analysis
- Export Import Analysis
- Cost Structure Analysis
- ESG TRENDS
- GLOBAL CBD BASED BEVERAGES MARKET SIZE ANALYSIS
- Global CBD Based Beverages Market Introduction
- By Type
- Introduction
- Type By Value
- Marijuana-Derived
- By Value
- Hemp-Derived Cannabis
- By Value
- Introduction
- By Product Type
- Introduction
- Product Type By Value
- Beer
- By Value
- Water
- By Value
- Juice
- By Value
- Tea
- By Value
- Coffee
- By Value
- Others
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Millennials
- By Value
- Gen-Z
- By Value
- Baby Boomers.
- By Value
- Introduction
- NORTH AMERICA MARKET ANALYSIS
- Introduction
- By Type
- Introduction
- Type By Value
- Marijuana-Derived
- By Value
- Hemp-Derived Cannabis
- By Value
- Introduction
- By Product Type
- Introduction
- Product Type By Value
- Beer
- By Value
- Water
- By Value
- Juice
- By Value
- Tea
- By Value
- Coffee
- By Value
- Others
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Millennials
- By Value
- Gen-Z
- By Value
- Baby Boomers.
- By Value
- Introduction
- U.S.
- By Type
- Introduction
- Type By Value
- Marijuana-Derived
- By Value
- Hemp-Derived Cannabis
- By Value
- Introduction
- By Product Type
- Introduction
- Product Type By Value
- Beer
- By Value
- Water
- By Value
- Juice
- By Value
- Tea
- By Value
- Coffee
- By Value
- Others
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Millennials
- By Value
- Gen-Z
- By Value
- Baby Boomers.
- By Value
- Introduction
- By Type
- Canada
- EUROPE MARKET ANALYSIS
- Introduction
- By Type
- Introduction
- Type By Value
- Marijuana-Derived
- By Value
- Hemp-Derived Cannabis
- By Value
- Introduction
- By Product Type
- Introduction
- Product Type By Value
- Beer
- By Value
- Water
- By Value
- Juice
- By Value
- Tea
- By Value
- Coffee
- By Value
- Others
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Millennials
- By Value
- Gen-Z
- By Value
- Baby Boomers.
- By Value
- Introduction
- U.K.
- By Type
- Introduction
- Type By Value
- Marijuana-Derived
- By Value
- Hemp-Derived Cannabis
- By Value
- Introduction
- By Product Type
- Introduction
- Product Type By Value
- Beer
- By Value
- Water
- By Value
- Juice
- By Value
- Tea
- By Value
- Coffee
- By Value
- Others
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Millennials
- By Value
- Gen-Z
- By Value
- Baby Boomers.
- By Value
- Introduction
- By Type
- Germany
- France
- Spain
- Italy
- Russia
- Nordic
- Benelux
- Rest Of Europe
- APAC MARKET ANALYSIS
- Introduction
- By Type
- Introduction
- Type By Value
- Marijuana-Derived
- By Value
- Hemp-Derived Cannabis
- By Value
- Introduction
- By Product Type
- Introduction
- Product Type By Value
- Beer
- By Value
- Water
- By Value
- Juice
- By Value
- Tea
- By Value
- Coffee
- By Value
- Others
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Millennials
- By Value
- Gen-Z
- By Value
- Baby Boomers.
- By Value
- Introduction
- China
- By Type
- Introduction
- Type By Value
- Marijuana-Derived
- By Value
- Hemp-Derived Cannabis
- By Value
- Introduction
- By Product Type
- Introduction
- Product Type By Value
- Beer
- By Value
- Water
- By Value
- Juice
- By Value
- Tea
- By Value
- Coffee
- By Value
- Others
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Millennials
- By Value
- Gen-Z
- By Value
- Baby Boomers.
- By Value
- Introduction
- By Type
- Korea
- Japan
- India
- Australia
- Taiwan
- South East Asia
- Rest Of Asia-Pacific
- MIDDLE EAST AND AFRICA MARKET ANALYSIS
- Introduction
- By Type
- Introduction
- Type By Value
- Marijuana-Derived
- By Value
- Hemp-Derived Cannabis
- By Value
- Introduction
- By Product Type
- Introduction
- Product Type By Value
- Beer
- By Value
- Water
- By Value
- Juice
- By Value
- Tea
- By Value
- Coffee
- By Value
- Others
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Millennials
- By Value
- Gen-Z
- By Value
- Baby Boomers.
- By Value
- Introduction
- UAE
- By Type
- Introduction
- Type By Value
- Marijuana-Derived
- By Value
- Hemp-Derived Cannabis
- By Value
- Introduction
- By Product Type
- Introduction
- Product Type By Value
- Beer
- By Value
- Water
- By Value
- Juice
- By Value
- Tea
- By Value
- Coffee
- By Value
- Others
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Millennials
- By Value
- Gen-Z
- By Value
- Baby Boomers.
- By Value
- Introduction
- By Type
- Turkey
- Saudi Arabia
- South Africa
- Egypt
- Nigeria
- Rest Of MEA
- LATAM MARKET ANALYSIS
- Introduction
- By Type
- Introduction
- Type By Value
- Marijuana-Derived
- By Value
- Hemp-Derived Cannabis
- By Value
- Introduction
- By Product Type
- Introduction
- Product Type By Value
- Beer
- By Value
- Water
- By Value
- Juice
- By Value
- Tea
- By Value
- Coffee
- By Value
- Others
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Millennials
- By Value
- Gen-Z
- By Value
- Baby Boomers.
- By Value
- Introduction
- Brazil
- By Type
- Introduction
- Type By Value
- Marijuana-Derived
- By Value
- Hemp-Derived Cannabis
- By Value
- Introduction
- By Product Type
- Introduction
- Product Type By Value
- Beer
- By Value
- Water
- By Value
- Juice
- By Value
- Tea
- By Value
- Coffee
- By Value
- Others
- By Value
- Introduction
- By Application
- Introduction
- Application By Value
- Millennials
- By Value
- Gen-Z
- By Value
- Baby Boomers.
- By Value
- Introduction
- By Type
- Mexico
- Argentina
- Chile
- Colombia
- Rest Of LATAM
- COMPETITIVE ASSESSMENT
- Adoption Matrix
- CBD Based Beverages Market Share By Manufacturers
- CBD Based Beverages Market Ranking By Revenue For Manufacturers
- Average Price By Manufacturers
- Vendor Footprint Analysis
- MARKET PLAYERS ASSESSMENT
- Alkaline88 LLC.
- Overview
- Business Information
- Revenue
- ASP
- Gross Margin
- Swot Analysis
- Recent Developmments
- Rocky Mountain High Brands
- Phivida
- Cannara Biotech Inc
- Kickback
- Youngevity International INC.
- Recess
- Sprig.
- Alkaline88 LLC.
- RESEARCH METHODOLOGY
- Research Data
- Secondary Data
- Major Secondary Sources
- Key Data From Secondary Sources
- Primary Data
- Key Data From Primary Sources
- Breakdown Of Primaries
- Secondary And Primary Research
- Key Industry Insights
- Secondary Data
- Market Size Estimation
- Bottom-Up Approach
- Top-Down Approach
- Market Projection
- Research Assumptions
- Assumptions
- Limitations
- Risk Assessment
- Research Data
- APPENDIX
- Discussion Guide
- Customization Options
- Related Reports
- DISCLAIMER
Table of Content @ https://straitsresearch.com/report/cbd-based-beverages-market/toc
Market News
- The Alkaline Water Company Inc. (NASDAQ and CSE: WTER) (the “Company”), the largest independent alkaline water company in the nation and the maker of Clean Beverage®, provided an update on the development of Alkaline88on-premise ®’s sales in the health and fitness channel in December 2022. Three SKUs from the brand are offered in Gold’s Gyms in Texas, Oklahoma, and the Carolinas, which make up about a quarter of the renowned gym’s locations in the country.
- Alkaline88® Launches Sports Drink in More Than 250 Harris Teeter Stores in November 2022
- The establishment of Rocky Mountain NexBev, Inc., a wholly-owned subsidiary specializing in cannabis beverages, was announced by Rocky Mountain High Brands, Inc. (OTC: RMHB) in July 2022. NexBev will make efforts to guarantee CBD Life Mexico S.A. de C.V. By utilizing a solid network of cannabis co-packers across the United States, (CBD Life) has produced and developed RMHB’s HEMPd brand.
News Media
Global CBD Market to Grow at a Healthy CAGR of 16.7%
Have a Look at the Related Research Report?
CBD Skin Care Products Market: Information by Product Type (Oils, Lotions, and Creams), Distribution Channel (E-commerce, Hypermarkets, Retail Pharmacies), and Region — Forecast till 2031
Hemp-Derived CBD Oil Market: Analysis by Source (Organic, Inorganic),Application (Pharmaceutical, Food and Beverages, Others), Distribution Channel, and Region — Forecast till 2030
CBD Skin Care Market: Information by Source (Hemp, Marijuana), Type (Oils, Creams & Moisturizers), and Region — Forecast till 2030
CBD Pet Market: Information by Product (Therapeutic Grade, Food Grade), Application (Joint Pain), End-User (Veterinary Hospital Pharmacies), and Region — Forecast till 2029
Protein Ingredients Market: Information by Source (Animal, Plant), Form (Solid, Liquid), Application (Food and Beverages, Animal Feed), and Region — Forecast till 2031
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Cannabis
Verano Announces the Opening of Zen Leaf Fairless Hills, the Company’s Newest Affiliated Dispensary in Pennsylvania, in Prime New Location
- Zen Leaf Fairless Hills, the Company’s newest affiliated dispensary in Pennsylvania, relocated from its former home in Chester to 203 Lincoln Highway, a busy thoroughfare with daily traffic of over 17,000 vehicles per day1
- As the first medical cannabis dispensary in the city, Zen Leaf Fairless Hills will offer an elevated experience for area patients, including increased convenience and accessibility with numerous point-of-sale stations and kiosks for seamless in-store browsing and ordering
- Verano’s active operations span 13 states, comprised of 142 dispensaries and 13 cultivation and processing facilities with more than 1 million square feet of cultivation capacity
CHICAGO, July 26, 2024 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the opening of Zen Leaf Fairless Hills in Pennsylvania on Friday, July 26th, following a ceremonial ribbon cutting at 11 a.m. local time. Zen Leaf Fairless Hills is located at 203 Lincoln Highway and will be open Monday through Saturday from 9 a.m. to 8 p.m. and Sunday from 10 a.m. to 6 p.m. local time.
The dispensary is located in Bucks County, the fourth largest county in the Commonwealth with a total population of over 630,0002 residents. To increase accessibility and convenience, Zen Leaf Fairless Hills features large in-store kiosks and numerous point-of-sale stations to enhance the browsing and ordering experience for patients. To celebrate the grand opening of Zen Leaf Fairless Hills and following a ceremonial ribbon cutting, patients will be greeted with complimentary deals and doorbusters on featured branded products.
“We are excited to bring the Zen Leaf experience to local patients in Fairless Hills, where our talented team members will continue to deliver hospitality-driven care and top-quality products for local patients,” said George Archos, Verano Founder and Chief Executive Officer. “As the Pennsylvania medical cannabis patient population continues to grow, we are grateful for the opportunity to deepen our roots in Bucks County at our newest Zen Leaf location in the Commonwealth, and look forward to providing a warm and welcoming environment for current and future patients.”
Zen Leaf Fairless Hills adds another convenient outlet for Philadelphia area patients, and solidifies Verano’s footprint in the state as one of the Company’s 18 affiliated Pennsylvania dispensaries. Verano’s Pennsylvania operations also include a state-of-the-art 62,000 square foot cultivation and processing facility in Chester, where the Company produces its signature Verano Reserve flower and Troches, concentrates and vapes; (the) Essence and Savvy flower and extracts; and Avexia RSO cannabis oil and topicals. For additional convenience and accessibility, patients can choose to order ahead at ZenLeafDispensaries.com for express in-store pickup.
About Verano
Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry’s leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf™ and MÜV™ dispensary banners, including Cabbage Club™, an innovative annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano™, (the) Essence™, MÜV™, Savvy™, BITS™, Encore™, and Avexia™. Verano’s active operations span 13 U.S. states, comprised of 13 production facilities with over 1,000,000 square feet of cultivation capacity. Learn more at Verano.com.
Contacts:
Media
Verano
Steve Mazeika
VP, Communications
Steve.Mazeika@verano.com
Investors
Verano
Julianna Paterra, CFA
VP, Investor Relations
Julianna.Paterra@verano.com
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans, strategies, or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “future”, “scheduled”, “estimates”, “forecasts”, “projects,” “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risk factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2023, its quarterly report on Form 10-Q for the quarter ended March 31, 2024 and any subsequent quarterly reports on Form 10-Q, in each case, filed with the U.S. Securities and Exchange Commission at www.sec.gov. The Company makes no assurances and cannot predict the outcome of all or any part of the on-going litigation with Goodness Growth referenced in this press release, including whether the Company will prevail on its Notice of Application and its counterclaim, or whether Goodness Growth will prevail on its claim for damages against the Company. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.
###
1 Pennsylvania Department of Transportation
2 United States Census Bureau
Cannabis
Unlocking New Horizons in Health: TNR, The Niche Research Reveals the Transformative Power of Minor Cannabinoids
Wilmington, Delaware, July 25, 2024 (GLOBE NEWSWIRE) — Minor cannabinoids refer to the lesser-known compounds found in the cannabis plant, distinct from the well-known THC (tetrahydrocannabinol) and CBD (cannabidiol). While THC and CBD dominate the market, minor cannabinoids such as CBG (cannabigerol), CBC (cannabichromene), and CBN (cannabinol) are gaining attention for their potential therapeutic benefits. These compounds are extracted from both marijuana and hemp plants, with varying legal restrictions depending on their THC content. The minor cannabinoids market is poised for significant growth, driven by increasing consumer awareness and demand for alternative health and wellness products. As regulatory environments around cannabis products evolve, companies are exploring the potential of minor cannabinoids in various applications, including pharmaceuticals, nutraceuticals, cosmetics, and food and beverages.
Minor cannabinoids are being researched for their potential therapeutic effects, including anti-inflammatory, analgesic, and neuroprotective properties. This versatility facilitates product diversification in various industries. Companies are investing in research and development to create novel formulations and delivery methods for minor cannabinoids. This includes nano-emulsions, encapsulation technologies, and controlled-release systems to enhance bioavailability and efficacy. For example, in January 2022, CBDA + CBGA Tincture a new product was launched by Hometown Hero CBD. This 30ml tincture contains 600mg each of CBGA, CBDA, CBG, and CBD. Derived from hemp, the cannabinoids in this tincture comply with legal requirements across all 50 states in the USA. There is an increasing consumer preference for natural as well as plant-based remedies, which in turn is driving the demand for cannabinoid-infused products. This trend is particularly strong among younger demographics seeking alternatives to traditional pharmaceuticals. Evolving regulatory frameworks, particularly in regions like North America and Europe, are creating opportunities for legal market expansion. Regulatory clarity is crucial for market participants to navigate compliance and market entry.
Global Minor Cannabinoids Market: Key Datapoints
|
Market Value in 2023 |
US$ 17.8 Bn |
|
Market Value Forecast by 2034 |
US$ 42.3 Bn |
|
Growth Rate
|
8.2% |
|
Historical Data
|
2016 – 2022 |
|
Base Year
|
2023 |
|
Forecast Data
|
2024 – 2034 |
Increasing consumer interest in health and wellness products, coupled with the perceived therapeutic benefits of cannabinoids, is a major driver of market growth. Progressive cannabis legalization in various parts of the world, including the United States and parts of Europe, is expanding the addressable market for minor cannabinoids. Significant investments in research and development by pharmaceutical and biotechnology companies are accelerating product innovation and clinical trials. The market remains fragmented with opportunities for new entrants and niche players to introduce specialized products catering to specific consumer needs.
The COVID-19 pandemic initially disrupted supply chains and retail channels for minor cannabinoids products. However, the crisis also underscored the importance of health and wellness, leading to increased interest in natural remedies, including cannabinoids. As economies recover, the market is expected to rebound stronger.
The geopolitical tensions, such as the Russia-Ukraine conflict, have also affected global markets, including the minor cannabinoids sector. Fluctuating currency values, supply chain disruptions, and geopolitical uncertainty have impacted production and distribution channels. However, the long-term impact will depend on geopolitical developments and their influence on global trade and regulatory environments.
The minor cannabinoids market presents significant opportunities for growth and innovation, driven by evolving consumer preferences, regulatory advancements, and expanding research initiatives. Companies that can navigate regulatory complexities, invest in research and development, and respond to shifting consumer trends are well-positioned to capitalize on this emerging market. As the market matures, collaboration across sectors and regions will be crucial in unlocking the full potential of minor cannabinoids in various industries worldwide.
Global Minor Cannabinoids Market: Key Takeaways of the Report
- Cannabigerol (CBG) segment by product type is expected to grow at a CAGR of 6.7% in the minor cannabinoids market due to increasing research highlighting its potential therapeutic benefits, including anti-inflammatory, antimicrobial, and neuroprotective properties. As consumer awareness grows and regulatory environments become more favorable, there is heightened interest in CBG-based products for their diverse health applications, ranging from skincare to pharmaceutical formulations, driving sustained market demand and expansion.
- Pharmaceutical segment by application, leads the minor cannabinoids market with a significant revenue share of 35.8% owing to growing recognition of cannabinoids’ potential in therapeutic applications. Cannabinoids like CBD, CBG, and others show promise in treating conditions such as epilepsy, chronic pain, and anxiety disorders, backed by increasing clinical research and favorable regulatory developments. Pharmaceutical companies are investing heavily in cannabinoid-based drug development, driving market growth as they seek to capitalize on these compounds’ efficacy and market potential in addressing unmet medical needs.
- In 2023, Latin America is anticipated as fastest growing region in the global minor cannabinoids market due to evolving regulatory landscapes favoring cannabis legalization and cultivation. This shift is fostering a burgeoning industry infrastructure for cannabis extraction and product development. Additionally, increasing consumer acceptance of cannabinoid-based products for medicinal and wellness purposes is driving market expansion. With a vast potential consumer base and supportive regulatory frameworks, Latin America presents significant growth opportunities for companies seeking to enter or expand within the minor cannabinoids market.
Key Development:
- In December 2023, Rare Cannabinoid Company introduced Uplift Gummies infused with THC and THCV. These gummies combine the relaxing properties of Delta-9-THC with the energizing and appetite-controlling effects of CBD and THCV.
- In October 2022, High Tide Inc., a cannabis retailer, announced that its Colorado-based subsidiary, NuLeaf Naturals, had launched plant-based softgels and full-spectrum multicannabinoid oil in Manitoba. The products feature CBC, CBD, CBG, Delta-9 tetrahydrocannabinol (Delta 9), and CBN.
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By Product Type
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- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
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Global Agricultural Textiles Market Size To Worth USD 25.02 Billion By 2033 | CAGR of 4.70%
New York, United States , July 23, 2024 (GLOBE NEWSWIRE) — The Global Agricultural Textiles Market Size is to Grow from USD 15.8 Billion in 2023 to USD 25.02 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.70% during the projected period.
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Products made of agricultural textiles, or agro textiles, increase productivity, shield farmers from harmful chemicals and pesticides, and keep soil from drying out. The word “agro-textile” has been used recently to refer to materials used in horticulture and agriculture that are knitted, woven, and non-woven. Reducing the use of hazardous pesticides and herbicides promotes a sustainable farming culture and is also good for the environment. Agricultural textiles have remarkable mechanical potential, environmental resistance, simplicity of processing, and durability features that can enhance the safety, quantity, and quality of agricultural products. Textile textiles have been utilized in agriculture for a very long period. Most textile materials are woven or nonwoven in manufacture and are made of synthetic materials in a variety of decompositions. Furthermore, future expansion in the worldwide agricultural textiles market is anticipated to be driven by the rising demand for agricultural products. Any agricultural commodity or product, whether raw or processed, that is derived from livestock is referred to as an agricultural product. Agricultural textiles are used to protect crops from insects and birds, as well as to provide shade for plants, which increases crop yield. Furthermore, going forward, the market for agricultural textiles is expected to be driven by the rise in sustainable agriculture methods. Sustainable farming operations employ socially and environmentally conscious farming methods to increase crop output over the long term, reducing adverse environmental effects, and fostering equitable working conditions for farmers. However, increased raw material costs substantially impede the expansion of the worldwide agricultural textile industry. The rising cost of raw materials is creating challenges for the sector.
Browse key industry insights spread across 193 pages with 112 Market data tables and figures & charts from the Report on the “Global Agricultural Textiles Market Size, Share, and COVID-19 Impact Analysis, By Product (Woven, Knitted, Non-Woven, and Others), By Material (Nylon, Polyethylene, Polypropylene, Polyesters, and Others), By Application (Agriculture, Horticulture, Forestry, Aquaculture, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The knitted segment is anticipated to hold the greatest share of the global agricultural textiles market during the projected timeframe.
Based on the product, the global agricultural textiles market is divided into woven, knitted, non-woven, and others. Among these, the knitted segment is anticipated to hold the greatest share of the global agricultural textiles market during the projected timeframe. The fabric’s multiple applications such as wind control, hail protection, and bird netting are what provide the majority of its revenue. The variety of textiles produced by knitting techniques and the ease of handling knitted fabric has led to a growth in demand for the product. Non-woven fibers can be produced by a variety of techniques, such as chemical bonding, thermal fusion, and mechanical entanglement. A web is created throughout manufacture, adding first mechanical strength and later other properties according to the fiber’s intended use.
The polyethylene segment is expected to grow at the fastest pace in the global agricultural textiles market during the projected timeframe.
Based on the material, the global agricultural textiles market is divided into nylon, polyethylene, polypropylene, polyesters, and others. Among these, the polyethylene segment is expected to grow at the fastest pace in the global agricultural textiles market during the projected timeframe. Thermoplastic polymer polyethylene has a volatile crystalline structure and a wide range of uses, depending on the kind. One of the most widely used materials for agricultural textiles is polyethylene, which is somewhat more expensive than polypropylene. Farm products are covered in HDPE fabrics, which shield them from UV radiation and inclement weather. HDPE Yarns are a useful foundation material for applications including braiding, twisting, and weaving. Technically, they are resistant to both alkalis and acids.
The aquaculture segment is predicted for the highest revenue share in the global agricultural textiles market during the estimated period.
Based on the application, the global agricultural textiles market is divided into agriculture, horticulture, forestry, aquaculture, and others. Among these, the aquaculture segment is predicted for the highest revenue share in the global agricultural textiles market during the estimated period. The demand for seafood is rising, and this has led to an increase in aquaculture and the growth of the fishing net industry. Other industries that have benefited from this growth include nutraceuticals, pharmaceuticals, and cosmetics. The crops that grow under shade nets are chosen depending on how well they tolerate light. They also help to reduce damage from excessive heat and increase agricultural yield in the summer. They are used in a variety of procedures, such as floriculture, nursery operations, and vermicomposting.
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Asia Pacific is expected to hold the largest share of the global agricultural textiles market over the forecast period.
Asia Pacific is expected to hold the largest share of the global agricultural textiles market over the forecast period. The region’s noteworthy share can be attributed to the rising demand for agricultural products resulting from changing consumer preferences and population expansion. Due to the significant demand generated by the developing economies of China and India. In addition, China is the biggest consumer since it uses a lot of these textiles for its agricultural and aquaculture sectors. These uses include using nets, mulches, and storage bags to save aquatic life and crops.
North America is predicted to grow at the fastest pace in the global agricultural textiles market during the projected timeframe. Research into more sustainable agriculture practices and consumer interest in organic products will both rise. China is the top region in terms of the agricultural textile market. The region’s expanding aquaculture sector, which generates fish oils, shell meats, and other products, as well as increased domestic consumption, accounts for this development. Policies that support aquaculture at the federal level will drive up demand for these textiles.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Agricultural Textiles Market include Beaulieu Technical Textiles, Belton Industries, Meyabond, Capatex, Neo Corp International, Garware Technical Fibres, HUESKER Synthetic, Maccaferri, Koninklijke Ten Cate, DuPont de Nemours Inc., Leggett & Platt, SRAM & MRAM Group, Bonar Technical Fabrics, Visaka Industries Limited, and Others.
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Recent Developments
- In June 2024, Beaulieu Technical Textiles highlighted performance and sustainability when introducing their Recover and Recover Pro ground covers at GreenTech Amsterdam 2024. Recover uses recycled materials to reduce CO2 emissions and increase durability, while Recover Pro uses volcanic lava rock to improve plant health and water management. The line provides longevity, cannabis, and UV protection.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Agricultural Textiles Market based on the below-mentioned segments:
Global Agricultural Textiles Market, By Product
- Woven
- Knitted
- Non-Woven
- Others
Global Agricultural Textiles Market, By Material
- Nylon
- Polyethylene
- Polypropylene
- Polyesters
- Others
Global Agricultural Textiles Market, By Application
- Agriculture
- Horticulture
- Forestry
- Aquaculture
- Others
Global Agricultural Textiles Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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