The CBD beverage market accounted for $3,221 million in 2022 and is estimated to grow to $4,6221 million by 2032.
For over 80 years, Scott Labs has been providing fermentation products and filtration media, equipment, cork & packaging solutions for wineries, breweries, cideries, distilleries and beyond.
In a report by financial analyst Benzinga, rising demand for functional beverages among consumers will result in market competition intensifying, and both big international corporations and start-ups vying to establish position in the market.
The beer industry is expected to be a player in the emerging category. In June 2018, Heinekin’s Lagunitas launched a new cannabis-infused sparkling water line in California by making Heineken the first international brewer to launch a THC-infused cannabis beverage. The alcohol adjacent is rising rapidly as more individual are interested in moderation and avoiding effects of alcohol. Alcohol adjacent product includes, no alcohol bitters, no-alcohol malt beverages, and no alcohol wine replacement.
CBD is the non-psychoactive compound which is found within the hemp plant and has been credited with helping aches, pain, anxiety and aiding in falling asleep.
See more on the report here.