LONDON – HEALTH – Is it all about the money? As the ramifications over the legalization of cannabis continue to work their way through the marketplace, the size of the market seems to be behind the majority of the business decisions that are being made by corporations.
The future of cannabis in the food and beverage industries will be worth billions, according to the latest report from FUTURES – the new insights service from just-food and just-drinks.
Earlier this month, Michigan became the latest US state to give recreational cannabis use the green light, while Canada is expected to welcome cannabis food and drink products next year. Outside of North America, the drug is gaining acceptance and support.
The latest free report from FUTURES offers a detailed look at who the key players will be, where consumers will come from and what food and drinks companies need to do now to stay ahead in this nascent category.
Key findings in the report include:
- Experts predict the cannabis market could be worth US$231bn in 15 years
- From psychoactive ingredients to those that claim analgesic properties, cannabis will impact alcohol, health and wellness, consumer experiences and consumption occasions
- Food and drinks companies will need to invest in expertise when it comes to creating products to suit myriad consumer needs
FUTURES editor Lucy Britner said: “Several large companies have already invested heavily in the cannabis space. The versatility of the drug means it will have far-reaching consumer appeal – and it will impact food and drink.
“This is the second in a series of future insights reports, designed to look at what will disrupt the food and drinks industries and offer insight into what businesses can start to do now.”
FUTURES was launched in October 2018 by just-food & just-drinks’ parent company Aroq. Starting with a series of digital magazines, the FUTURES service covers everything from new technologies to emerging consumer trends. The first edition was concerned with the growth of autonomous grocery delivery and how it is likely to impact the food and drinks industries.