The global CBD Wine market is currently estimated at US$10.38m (~£8.48m), and is projected to procure $13.58m by 2022.
The new report from Fact.MR anticipates the global CBD wine market to garner $190m by 2032. The report has attributed expansion of the market 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.
Fact.MR states that the growing adoption of hemp-based CBD wine among millennials is boosting the demand all over the globe. It also notes that the growing celebrity and brand endorsements of CBD will make the product popular in the mainstream in the future.
Read more: Global medical cannabis market to reach £42.17bn by 2027
Rising concerns over alcohol addiction and associated clinical issues, such as anxiety and depression, have put forward CBD wine as an option for such consumers.
Fact.MR stated: “Increasing health awareness and growing emphasis on no-alcohol-based beverages have burgeoned the demand for the CBD Wine.
“Although the market growth is sluggish in emergent regions, the upward trends like influencer marketing is likely to boost the market sales in these regions as well.”
Read more: CBD gummies market projected to reach £12.1bn by 2028
The report shows that the off-trade segment captured the largest share of more than 70 per cent over the projected period.
By product type, the no-alcohol CBD segment is projected to rise at a CAGR of 30 per cent, contributing to nearly 88 per cent of the global revenue during the conjecture period. Glass bottles held the highest share in the packaging material insights, capturing nearly 85 per cent market cap in 2022.
Hemp-based Wine will also gain more traction in regions such as North America and Europe. With Japan to yield a dollar opportunity worth $1.8bn, growing at a CAGR of 6.5%
Prominent medical foods manufacturers are also emphasising technological innovations to introduce safe and secure medical products, and key manufacturers are incorporating several marketing tactics such as the utilisation of different sales channels and using mergers and acquisitions to expand their market size.
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