CBD Wine Market Surges to 2,458.2 Thousand by 2031

CBD Wine Market

Rising legalization of cannabis-infused beverages and a growing global population drive CBD wine market growth.

The increasing legalization of cannabis-infused beverages propels CBD wine market growth.โ€

โ€” Allied Market Research

WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, May 28, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, โ€œCBD Wine Market,” 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.

๐‘๐ž๐ช๐ฎ๐ž๐ฌ๐ญ ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐‚๐จ๐ฉ๐ฒ ๐จ๐Ÿ ๐“๐ก๐ข๐ฌ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ :

The CBD wine market holds substantial potential for industry expansion, even though it is still in its early developmental stages. Over the projected period, it is expected to make a significant contribution to the overall market. The increasing legalization of cannabis-infused beverages in numerous countries has driven the market to innovate and introduce advanced products like CBD wine. The demand for CBD wine is on the rise due to the expanding global population and the growth of per capita income.

The legalization of cannabis in industrialized nations such as the U.S., Canada, and Australia has led to an increased demand for beverages containing CBD extracts. This surge in demand is fueled by the growth in per capita income and population, contributing to an overall increase in cannabis production. The per capita income of a specific location is a crucial metric, calculated by dividing the region’s total revenue by its entire population, determining the standard of living in a nation. CBD wine consumption tends to be higher in emerging countries, given their larger per capita incomes compared to developed nations, and this trend is a significant driver for market growth.

The CBD wine market seems to be on a significant growth trajectory, driven by various factors such as increasing legalization of cannabis-infused beverages, rising global population, and growing per capita income. The Allied Market Research report provides a comprehensive analysis of the market dynamics, segmentation, and regional outlook.

One of the key findings is the dominance of the hemp-based CBD wine segment, attributed to factors like the legality of hemp-derived products and their widespread acceptance, especially in regions like the U.S. and Canada. Additionally, the preference for glass bottles in packaging reflects consumer demand for preserving the quality and integrity of the product.

The offline distribution channel, comprising supermarkets, hypermarkets, and retail stores, appears to be the primary avenue for CBD wine sales, indicating the importance of physical retail presence in reaching consumers.

The global CBD wine market is assessed based on type, packaging, distribution channel, and region. In terms of type, the market distinguishes between hemp-based CBD wine and marijuana-based CBD wine. The hemp-based CBD wine segment held the majority market share in 2021 and is anticipated to maintain its dominance throughout the forecast period. Hemp, a cannabis sativa strain with a THC concentration of less than 0.3%, is commonly used in CBD wine production, particularly in regions like the U.S. and Canada where cannabis is legalized.

In packaging, the market categorizes products into cans and glass bottles. The glass bottles segment is experiencing moderate growth during the forecast period due to its nonporous, nontoxic surface and excellent impermeability, making it an ideal choice for preserving aromas and carbonation in wine. Glass bottles are often associated with a classic or retro feel, conveying a sense of elegance unmatched by other materials.

๐†๐ž๐ญ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐‚๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐š๐ญ๐ข๐จ๐ง :

The distribution channel is classified into online and offline, with the offline segment expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. Supermarkets, hypermarkets, retail establishments, and specialized stores fall under the offline distribution channels, driven by consumer preferences.

North America dominated the global CBD wine market in 2021 and is predicted to continue this trend. The U.S., with its legalization of marijuana for both medical and recreational purposes, plays a significant role in controlling the market. California, in particular, stands out as the state with the highest consumption of CBD wine. North America, overall, boasts higher usage of CBD products compared to other regions, attributed to a heightened awareness of CBD and its health benefits among local consumers.

North America emerges as the leading region in the CBD wine market, primarily due to the favorable regulatory environment and high awareness of CBD among consumers. California, in particular, stands out as a significant market within North America, highlighting regional preferences and consumption patterns.

Despite the promising growth prospects, the COVID-19 pandemic posed challenges to market expansion in 2020, disrupting manufacturing operations and impacting sales. However, the market is expected to rebound and continue its growth trajectory in the coming years.

The report provides valuable insights into the CBD wine market, offering stakeholders a comprehensive understanding of key trends, drivers, and challenges shaping the industry landscape.
Exporters in both developed and developing nations faced challenges due to the COVID-19 pandemic. The implementation of lockdowns and curfews globally impacted domestic and foreign CBD wine manufacturing, resulting in hindered market expansion. Consequently, the pandemic had a negative impact on the CBD wine market in 2020, causing reduced company sales and suspended operations.

๐๐”๐˜ ๐๐จ๐ฐ :

๐Š๐ž๐ฒ ๐Ÿ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐Ÿ๐ซ๐จ๐ฆ ๐ญ๐ก๐ž ๐ฌ๐ญ๐ฎ๐๐ฒ ๐ข๐ง๐œ๐ฅ๐ฎ๐๐ž:

– The hemp-based CBD wine segment was the highest revenue contributor, reaching $8,454.0 thousand in 2021 and estimated to reach $83,870.0 thousand by 2031, with a CAGR of 27.5%.

– The glass bottles segment was the leading revenue contributor, achieving $8,849.2 thousand in 2021 and projected to reach $89,888.8 thousand by 2031, with a CAGR of 27.8%.

– The offline distribution channel was the highest revenue contributor, with $9,526.4 thousand in 2021 and estimated to reach $97,356.0 thousand by 2031, with a CAGR of 27.9%.

– North America was the dominant region, accounting for $4,972.8 thousand in 2021 and expected to reach $48,132.1 thousand by 2031, with a CAGR of 27.2%.

ยซ ยป ๐“๐ซ๐ž๐ง๐๐ข๐ง๐  ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ข๐ง ๐…๐จ๐จ๐ ๐š๐ง๐ ๐๐ž๐ฏ๐ž๐ซ๐š๐ ๐ž๐ฌ ๐ˆ๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ

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๐€๐›๐จ๐ฎ๐ญ ๐”๐ฌ

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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Article originally published on www.einpresswire.com as CBD Wine Market Surges to $112,458.2 Thousand by 2031