With social attitudes towards cannabis use softening across the globe, the cannabis-infused product market is a world that is buzzing with potential.
Prohibition Partners’ latest consumer research report, “The Impact Series: Disrupting Drinks”, looks at the impact that cannabis and hemp are having on this traditional drinks and beverage market, and breaks down how consumer and brand activity looks set to propel the sector to become a multi-billion dollar industry over the coming years.
Cannabis Meets A Beverage Industry In Decline
For the past several years, previously robust segments of the beverage industry—specifically beer—have been experiencing a slow decline. In 2018, alcohol consumption in the United States dropped for a third straight year, with early figures appearing to show a further decline across 2019 for traditional beer products.
In contrast, cannabis-infused drinks offer an exciting new product category that is forecast for growth. “Disrupting Drinks” highlights a number of studies from recent years that directly look at the effects of cannabis legalization and newly available cannabis products on the demand for such alcoholic drinks.
In a joint study published by researchers from the University of Connecticut, Georgia State University, and the Universidad del Pacífico in Peru, data suggested that monthly alcohol sales dropped by nearly 15% …