Your latest cannabis business info from Europe

Your latest cannabis business info from Europe

2023-05-03

Future of cannabis beverages market in Europe

Cannabis-infused beverages are becoming more and more popular on the market of Europe. However, future changes to these products may affect not only the European beverage market, but also global. Below you will find some points and forecasts about what we can expect on this market in the future.

Approach of people in Europe changes cannabis market

Cannabis-infused beverages are becoming more popular as a new segment in the global beverage market, according to a Euromonitor analysis. But it’s important to consider how cannabis beverages are presented, positioned, and advertised. The category is gradually developing different identities. They mostly do the demographic positioning and choose brand propositions after passing through the earliest stages of its development.

So first of all, the market of cannabis-infused beverages in Europe is being driven by changing tastes among people. These changes can include an increase in interest in health and wellness and a move towards deeper and thoughtful consumption.

Euromonitor conducted Voice of the Consumer Cannabis Survey in 2022. Nearly half of adult users and around a third of CBD consumers accept the substitute function that cannabis can fulfil. What is more, in comparison to illicit markets, respondents to Euromonitor’s Voice of the Consumer Cannabis Survey in legal US states were far more likely to substitute cannabis with alcohol in 2022. And that wave of normalisation is moving quickly, gaining strength as cannabis gets acceptance in popular culture and as legal frameworks change. What is more, around 30% of Eastern European people see cannabis beverages as a competition for the alcoholic drinks industry.

Legal environment around cannabis beverages

Also the legal and regulatory environment for cannabis-infused beverages in Europe is complicated and constantly changing. Each country in Europe can have varying degrees of legalisation and regulation. This has an effect on the production and marketing of cannabis beverages in the area. Morevoer, we have to distinguish between cannabis and CBD infused beverages. The last ones can currently be under investigation of EFSA, because of Novel Food regulation.

However, as legislative initiatives gradually open the another gates, the emergent cannabis on-trade will be the key to unlocking the real potential of the beverages segment, placing it on an even footing with established drinks.

Future of cannabis beverages market in Europe

In conclusion, according to the analysis, cannabis-infused beverages have the potential to change the European traditional beverage market. It can provide unique product experiences, challenge standard consumption practices, and attract a fresh group of customers. Overall, the Euromintor report shows that there is a growing market for cannabis-infused beverages in Europe. There is a focus on changing consumer tastes, the regulatory environment, opportunities, difficulties, and potential industry disruption. Cannabis beverages may represent an evolution in how we drink, build communities, and ultimately socialise when the obstacles are gradually overcome.

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