A huge generational shift in attitude toward alcohol is ongoing, with younger generations consuming less and more people considering alcohol consumption to be harmful, even in moderation.
And wariness toward alcohol has left an inevitable gap in the market, as while younger generations are shying away from alcohol consumption, they still want beverage options when they’re out or when they want to unwind.
Enter the cannabis cocktail.
What Are Cannabis Cocktails?
A cannabis cocktail is a drink infused with cannabis-derived compounds, like cannabidiol (CBD) or tetrahydrocannabinol (THC). Cannabis cocktails combine these ingredients with traditional cocktail ingredients like ice, garnishing and various flavorings in the same way a mocktail would. However, with these drinks, you’re subbing out the alcohol for THD or CBD rather than making the drink virgin.
Across the United States, CBD cocktails are widely accepted across the United States, given that CBD is federally legal, though legality can differ in different states.
THC cocktails are generally restricted to states where recreational cannabis is legal, though some legalities can vary depending on state or federal legislature.
What Is The Impact On The Alcohol Industry?
According to Fortune Business Insights, the global cannabis beverage market was $2.4 billion in 2023 and is projected to grow to $117.05 billion by 2032. The cannabis beverage market is dominated by North America, which in 2023 made up a market share of 21.14 percent. The cannabis beverage market in the U.S. is estimated to reach $81.44 billion by 2032.
“Demand for cannabis-infused beverages is certainly growing while the demand for alcohol had declined in recent years,” Meenakshi Subbaraman, MS, Ph.D., a program director and biostatistician with Behavioral Health and Recovery Studies at the Public Health Institute told Newsweek.
H/T: www.newsweek.com
