Understanding the target market is the basis of any successful sales strategy
The market for cannabis-based beverages has been growing slowly at a steady pace. This does not mean, however, that at some point the market won’t begin to reach peaks that nobody expected and, therefore, find a more significant place in the global market will be given. The cannabis tracking firm Headset has been closely monitoring consumer markets and recently revealed its findings on the growth. It also discovered who is more prone to purchase cannabis beverages.
Headset determined that, in the US, “the beverage category’s market share has held fairly steady between 0.85% and 1.1% over the last several years.” It adds that “the market share to the category was slowly decreasing through late 2019 and early 2020 before maintaining just below 0.9% during the beginning of the COVID-19 pandemic.”
It is believed that, as the pandemic passes, and its restrictions are reduced, beverage products may take a course to reach an all-time high. On the other hand, in revealing its findings, Headset pointed out that women have more influence over this type of market at the time of purchase. Regardless of age category, women were found to spend more on cannabis-infused beverages than men. This can be of great importance when companies decide to do their marketing of cannabis-based beverages since it is known that the public that consumes most of this product are women.
Even though the cannabis beverage is still only a small part of the market, there is hope that its growth will be positively affected as time goes on. Many people are still unaware of the benefits of cannabis, but once this becomes general knowledge, all the products related to cannabis will begin to prosper on a large scale.