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Is the industry ready for CBD wine?
CBD wine, which combines the properties of CBD with traditional wine, has been forecast to see “explosive growth” in the next few years.
According to a new report published by Allied Market Research, North America leads in consumption and analysts have stated that all eyes should be on the category since “CBD wine combines innovation with wellness, shaping the future of beverage consumption”.
The report findings showed that the global CBD wine sector was valued at US$11.1 million in 2021 and is projected to reach US$112 billion by 2031, growing at a CAGR of 27.8% from 2022 to 2031.
Analysts identified that CBD wine offers “significant potential for industry expansion” and pointed out that even though “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”.
Reasons for the rising consumer interest in the category have been outlined as being due to “a result of the expanding worldwide population and rising per capita income”.
CBD wine typically involves infusing wine with CBD extract or isolates during the production process. Researchers noted that “this infusion allows for the integration of CBD’s therapeutic properties into the wine, creating a novel product that appeals to both wine enthusiasts and consumers interested in exploring the potential benefits of CBD”.
The report highlighted how the “combination of CBD and wine introduces a new dimension to the wine-drinking experience, offering a blend of flavours and potential wellness benefits”. However, the researchers warned that “it’s essential to note that regulations surrounding the production and sale of CBD-infused products vary by region, so consumers should ensure they are purchasing from reputable sources that comply with relevant laws and regulations”.
The researchers identified how the trend is set to take root and noted how “the legalisation of cannabis in industrialised nations, including the US, Canada, and Australia, has raised the demand for beverages with CBD extracts”. Added to this there is the “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”.
The findings showed that “the consumption of CBD wine is ultimately higher in emerging countries since they have larger per capita incomes than developed countries”.
By type, the CBD wine market is said to be divided into hemp-based CBD wine and marijuana-based CBD wine. Among these, the report revealed that “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, which is a cannabis sativa strain that belongs to the genus cannabis and has a tetrahydrocannabinol (THC) concentration of less than 0.3%, is typically made from the leaves and flowers of the hemp plant.
The report additionally detailed how the “growth of the CBD wine market is anticipated to be fueled by consumer preference for offline distribution channels” [stores and supermarkets]. To assist this growth, it forecast that California is expected to lead as the US state that consumes the most CBD wine.
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