The global CBD Wine Market size is anticipated to reach USD 126.8 million by 2030, expanding at a CAGR of 32.0%, according to a new report by Grand View Research, Inc. Rising awareness regarding health and wellness among consumers across the globe is a major factor driving the CBD wine market growth.
Consumers
are spending more on alcohol-free and CBD-infused products, mainly in North
American countries. The potential health benefits of CBD products are expected
to drive the CBD wine market globally. A large part of CBD's popularity stems
from the legalization of cannabis, which includes CBD with well-moderated
levels of THC. Several countries have legalized the cultivation and production
of cannabis, opening up a whole new market for CBD wine.
The
COVID-19 pandemic affected the market negatively. The consumers became more
open-minded and knowledgeable wine drinkers. The interest in wine is catching
up with the interest in food. The lockdown phase of the pandemic, and the
work-from-home policy, caused a spike in wine consumption. People spent more
time preparing meals, drinking, and learning about new wines. The curiosity in
wine enthusiasts to try new wines is driving the CBD wine market growth.
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- The cans
segment is expected to expand at a CAGR of 36.6% during the forecast
period. Millennials prefer canned wine anytime as it can be quickly
refrigerated and is convenient for house parties and picnics. Aluminum
cans are lighter than glass bottles, reducing the carbon footprint. As a
result, there has been an increase in the demand for
environmentally-friendly wine packaging
- The
no-alcohol CBD wine segment dominated the market in 2021. The segment is
also expected to register the fastest growth of 32.4% during the forecast
period owing to the consumer inclination toward healthy alcohol-free
drinks
- The
hemp-derived CBD wine segment accounted for a 75.4% revenue share in 2021.
The legalization of hemp-based cannabis edibles by various authorities in
different countries is driving the market
- The
off-trade segment is projected to expand at a CAGR of 32.8% during the
forecast period. Ecommerce wine sales escalated amidst the pandemic. As a
result of the lockdown, there was an immense growth in first-time
e-commerce wine buyers. Given the growth in e-commerce wine sales, businesses
are expected to increase their digital innovation approach while still
adhering to the laws and regulations governing CBD product marketing and
labeling
- North
America dominated the CBD wine market and accounted for a market share of
56.5% in 2021. According to a Wine Intelligence Vinitrac survey of regular
U.S. wine drinkers conducted in October 2019, 19% agreed or strongly
agreed that cannabis products are an excellent alternative to alcoholic
beverages. There is a connection between cannabis openness or current
consumption and more adventurous, open-minded, and interested wine
drinkers under 45 years of age
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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