Hemp-Derived THC Drinks - Brightfield Group December 2024 Report
Please note that below is a shortened excerpt of the report on food and beverage financing trends. View the full version here.
The U.S. hemp-derived THC product market is expected to have 2024 annual sales worth $3.5 billion annually, growing to $4.4 billion by 2029. Brightfield Group estimates that sales of hemp-derived THC beverages nearly quadrupled from 2023 to 2024, growing from $102 to $382 million in annual sales, and are expected to hit $750 million by 2029 with a leading 14% CAGR.
Hemp-derived THC product usage has been consistently growing in Brightfield Group’s general population Wellness consumer surveys, reaching an incidence rate of 14% in Q4 2024 from a base of 8% in Q1. The incidence rate of cannabis use in the U.S. sits much higher at 27% but hemp-derived THC products are growing much more rapidly than what was seen in CBD and cannabis/marijuana.
Gummies are the most popular product format on the hemp-derived THC market, purchased by 57% of consumers in Q3 2024, followed by flower and pre-rolls at 46%. Beverages are somewhat more niche, purchased by 11.4% of respondents. While down slightly from 14% incidence in Q1, it is too early to denote a declining trend. Comparing Hemp-Derived THC beverage incidence to other cannabinoid markets, hemp THC sits in the middle. 19.4% of cannabis consumers use cannabis beverages and 9.2% of CBD users opt for beverages.
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