That is the takeaway of
The report says that the “global CBD wine market size was valued at $11,100 thousand in 2021, and is projected to reach $112,458.2 thousand by 2031, growing at a CAGR of 27.8% from 2022 to 2031.”
The forecast reflects what has been apparent to any consumer who has visited a drug store or supermarket in the last five years: CBD is everywhere. Ever since Congress legalized industrial hemp with the passage of the 2018 Farm Bill, CBD-based products have exploded in popularity throughout the United States.
That apparently includes wine, according to the market research published this month.
“The legalization of cannabis in industrialized nations including the U.S., Canada, and Australia has raised the demand for beverages with CBD extracts,” the
In addition to legalization increasing demand, the report also pointed to increasing incomes and populations as important factors. “Increased demand for cannabis or wine with CBD has been driven up by rising per capita income and population growth, which has also increased cannabis output. A specific location (city, region, or nation)’s capita income is a measurement of the average annual income per person there. By dividing the overall revenue of the region by the entire population, the standard of living of a nation is determined. The consumption of CBD wine is ultimately higher in emerging countries since they have larger per capita incomes than developed countries. One of these CBD wine market trends are driving the market growth.”
That makes the market for wine with CBD ripe for expansion, according to the report.
“Although the market is still in its early stages of development, during the projected period its contribution to the overall market is anticipated to rise significantly. Numerous countries’ increased legalization of cannabis-infused beverages has compelled the market to create cutting-edge goods like CBD wine. The CBD wine market demand is rising as a result of the expanding worldwide population and rising per capita income,” the report said.
Types of CBD Wine and Packaging
This niche industry consists of two different types, according to Allied Market Research: hemp-based CBD wine and marijuana-based CBD wine.
“Among these, the hemp-based CBD wine segment occupied the major CBD wine market share of the market in 2021, and is projected to maintain its dominance during the forecast period. Hemp is a cannabis sativa strain that belongs to the genus cannabis and has a tetrahydrocannabinol (THC) concentration of less than 0.3%. It is typically made from the leaves and flowers of the hemp plant. Due to the legalization of cannabis for recreational and medical purposes in a number of U.S. states as well as Canada, that region is where the majority of edibles made from hemp are sold,” the report said.
The industry is further divided based on its packaging — cans and bottles — which is a factor in assessing the rate of growth.
“The glass bottles segment is growing at a moderate rate during the forecast period. Wines are typically packaged in glass bottles because of their nonporous, nontoxic surface, and excellent impermeability. It is a great option for wine because it keeps aromas and carbonation very well. It conveys a sense of elegance that other materials find challenging to match. Glass bottles have been a common packaging choice for so long that they are frequently thought of as having a classic or retro feel,” according to the report.
North America is the biggest hot bed for CBD wine, Allied Market Research said.
The report said that “the U.S. controlled the market,” with