United States, Rockville MD – According to the recently published report by Fact.MR, the global CBD Wine market is estimated at US$ 10.38 Million in 2021 and is projected to procure USD 13.58 Million by 2022. The market is anticipated to garner USD 190 Million by 2032 while recording a CAGR of 31% during the forecast period from 2022 to 2032. Expansion of the market can be attributed to the increasing preference for no-alcohol-based beverages and increasing learning about the health benefits associated with CBD products across developed and developing countries.
Moreover, the growing adoption of hemp-based CBD wine among millennials is boosting the demand all over the globe. Manufacturers of CBD products are focusing on the developing process to abide by the rules and restrictions implemented by authorities to maintain the product quality and associated health benefits with it.
CBD wine is the latest medicinal hemp drink that hit the US market. CBD provides various health effects, from anxiety and pain relief to better skin and heart health. Owing to the several health benefits and controlled dosage, the demand for CBD wine is burgeoning at a stellar rate. Furthermore, the growing celebrity and brand endorsements of CBD will make this product popular in the mainstream in the upcoming future. The increasing concern toward alcohol addiction and associated clinical issues like anxiety and depression have put forward CBD wine as an option for such consumers.
What Challenges are in Store for Filter CBD Wine Sales?
Manufacturers of alcohol and craft beer, wine, and spirits have to be very cautious in their making process of drink products based on stringent regulatory standards related to alcohol and CBD.
Nevertheless, these regulatory barriers haven’t stationed the process of developing stimulating new-fangled craft beverages. For instance, brewers like Portland, Oregon’s Coalition have developed CBD-infused craft IPAs with an emphasis on instructing consumers about CBD, its health benefits, and its effects. Other brewers like the Portland-based True Terpenes are working on other choices for CBD-infused craft beer.
Moreover, the myth associated with the product delivering psychoactive effects due to its popularity among consumers for recreation purposes hampers its market performance. Consumers are not well aware of its health benefits, functions, and offerings that are beneficial in several ways. However, the makers are constantly working on developing informative packaging to educate their consumers about their products.
Key Segments Covered in the CBD Wine Industry Survey
- CBD Wine Market by Source :
- Hemp-based CBD Wine
- Marijuana-based Wine
- CBD Wine Market by Product Type :
- Low-based CBD Wine
- Marijuana-based CBD Wine
- CBD Wine Market by Packaging :
- CBD Wine Bottles
- CBD Wine Cans
- CBD Wine by Distribution Channel :
- On-Trade CBD Wine Sales
- Off-Trade CBD Wine Sales
- CBD Wine Market by Region :
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Prominent medical foods manufacturers are emphasizing technological innovations to introduce safe and secure medical products. Key manufacturers are incorporating several marketing tactics such as the utilization of different sales channels and using mergers and acquisitions to expand their market size. Some key developments are as follows:
- In May 2022, House of Saka, Inc, producers of award-winning, alcohol-free, cannabis-infused wines from Napa Valley announced today that they have secured exclusive, North American rights to produce and distribute Gem + Jane Cannabis-Infused Beverages from Vintage Wine Estates.
- In January 2021, Rebel Wines Co. UK recently launched a new CBD-infused wine, which has gone down a treat with consumers. The product is made with the company’s quality, award-winning wines from Vondeling Vineyards in South Africa.
Key players in the CBD Wine Market
- House of Saka
- Rebel Wine.Co.UK
- Viv & Oak
- Wines of Uruguay
- Burdi W.
- Bodegas Santa Margarita
Key Takeaways from CBD Wine Market Study
- Based on distribution channel, the off-trade segment captured the largest share of more than 70% over the projected period.
- By product type, the no-alcohol CBD segment is likely to surge at a CAGR of 30% and contributes nearly 88% to the global revenue during the conjecture period.
- Glass bottles held the highest share in the packaging material insights, capturing nearly 85% market cap in 2022.
- Hemp-based Wine to gain more traction in the regions like North America and Europe.
- Japan to yield a dollar opportunity worth 1.8 Billion, growing at a CAGR of 6.5%
(This information is primarily sourced from FACT.MR. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).