(MENAFN- GlobeNewsWire - Nasdaq) WASHINGTON, Aug. 28, 2023 (GLOBE NEWSWIRE) -- As per Vantage market Research, some of the key factors contributed to the growth of Cannabis-based Alcoholic Beverages market are the increasing acceptance of cannabis and its derivatives for both medical & recreational purposes.
According to Vantage Market Research, the Global Cannabis-based Alcoholic Beverages Market is estimated to be valued at USD 1.1 Billion by 2030 and is expected to exhibit a CAGR of 13.3% during the forecast period 2023 to 2030. The global Cannabis-based Alcoholic Beverages market grew to USD 0.4 billion in 2022.
Cannabis-based Alcoholic Beverages offer a unique blend of psychoactive effects from both cannabis and alcohol, providing consumers with a novel experience. This combination can offer a pleasant intoxication alongside the potential medical benefits associated with cannabis compounds such as CBD and THC.
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Key Highlights
By Product, cannabis-infused beers segment is anticipated to mention fastest growth of the market during forecast period, By Component, the Cannabidiol (CBD) segment is expected to witness maximum market growth over projected period, By End Use, the households segment led the market and is expected to maintain its dominance throughout the projected period, In 2022, North America dominated the market with the highest revenue share of 40.30%, The Asia Pacific region is expected to witness maximum market growth during the forecast period.
Cannabis-based Alcoholic Beverages, a merging trend in the beverage industry, combine the consumption of cannabis and alcohol. These innovative products have gained popularity due to their unique properties and potential therapeutic effects. The global Cannabis-based Alcoholic Beverages market has seen notable growth in recent years and is expected to experience considerable expansion in the forecast period. The market growth can be attributed to several key drivers. Firstly, the expanding cannabis legalization for recreational and medicinal purposes has created a favorable environment for the development and sale of Cannabis-based Alcoholic Beverages. Countries such as Canada, Uruguay, and several U.S. states have legalized cannabis, providing opportunities for market players to enter and expand their operations in these regions.
Factors affecting the growth of the Cannabis-based Alcoholic Beverages Market Industry
Several factors can affect the growth of the Cannabis-based Alcoholic Beverages industry. Some of these factors include:
Growing legalization of cannabis: The increasing acceptance and legalization of cannabis in several countries and states has opened up new opportunities for the Cannabis-based Alcoholic Beverages market. As cannabis becomes more mainstream, consumers are showing a growing interest in trying new products that combine cannabis and alcohol. Health and wellness concerns: Many consumers are becoming more consciof their health and wellness and are looking for alternatives to traditional alcoholic beverages. Cannabis-based Alcoholic Beverages offer a potentially lower calorie and lower sugar option compared to traditional alcoholic drinks. These health-consciconsumers are likely to contribute to the growth of the Cannabis-based Alcoholic Beverages market . Innovation and product development: The market is witnessing a surge in innovation and product development, with companies creating new and unique Cannabis-based Alcoholic Beverages. This includes products such as CBD-infused beer, cannabis-infused cocktails, and THC-infused wine. The introduction of these innovative products is expected to drive consumer interest and boost market growth. Changing consumer preferences: Millennials and younger generations are driving the demand for Cannabis-based Alcoholic Beverages. These younger consumers are seeking novel and unique experiences, and cannabis-infused drinks offer a way to tap into this trend. The changing preferences and lifestyles of these consumers are expected to drive the growth of the market.
Top Companies in The Global Cannabis-based Alcoholic Beverages Market
New Age Beverages Corporation The Alkaline Water Company Inc Phivida Holdings Inc. Koios Beverage VCC Brand Dixie Brands Keef Brands HEXO Aphria Inc. Canopy Growth Corporation American Craft Spirits Association Hopp and Hemp Co. Coalition BrewingLtd. Green Monkey CBD GREEN TIMES BREWING Two Roots Brewing Co. CERIA, INC. FAT DOG SPIRITS The Wee Hemp Company Dutch Windmill Spirits BV Heineken N.V.
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Top Trends in Global Cannabis-based Alcoholic Beverages Market
The Cannabis-based Alcoholic Beverages market benefits from continuinnovation and product diversification. Companies in this sector are constantly striving to develop unique and appealing products that cater to different consumer preferences. Cannabis-based Alcoholic Beverages offer a unique selling proposition for tourist destinations where cannabis is legal. Cannabis tourism has gained momentum in regions like California, Colorado, and Canada, where enthusiasts and curitravelers seek to experience both the cannabis culture and the local alcoholic beverage scene.
Market Drivers
Consumer demand plays a vital role in shaping any marketplace, and the Cannabis-based Alcoholic Beverages market is no exception. With the growing acceptance and normalization of cannabis use, consumers are increasingly seeking new and innovative ways to incorporate cannabis into their lifestyles without renouncing alcohol consumption. Cannabis-based Alcoholic Beverages offer an alternative way for individuals to enjoy the relaxing effects of cannabis while still enjoying the social aspects of alcohol. In addition, cannabis provides an alternative recreational experience, and many consumers are turning to cannabis to relax or unwind instead of consuming alcohol. By combining cannabis with alcohol, Cannabis-based Alcoholic Beverages target individuals who want to experience the psychoactive effects of cannabis while still consuming alcohol in social settings. Thus, surge in consumer demand and increasing use of cannabis as a recreational substitute are driving the growth of the market in recent years.
Market Restraints
The complex and evolving regulatory landscape is impeding the growth of global Cannabis-based Alcoholic Beverages market. Each state that has legalized marijuana has its own set of regulations and licensing requirements, making it challenging for businesses to navigate and comply with varying rules and restrictions. This regulatory fragmentation also creates barriers to entry for new businesses, as they must invest significant time, resources, and expertise to understand and meet compliance standards. In addition, the lack of federal oversight and regulation means that quality control and consumer safety standards can vary across different states. This lack of consistency not only poses potential health and safety risks for consumers but also creates difficulties for businesses looking to expand and establish brand reputation and trust.
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Recent Development of the Global Cannabis-based Alcoholic Beverages Market
May 2023: Naka launched new all-natural CBD water drink as an alternative to alcoholic drinks. The newly launched "Naka Moonlight" drink contains 30mg equivalent CBD per can which help in reducing alcohol consumption and also help in relaxation. September 2022: Legacy Distribution Group Acquired Direct Store Distribution (DSD) Operation from New Age Beverage and NABC Properties. November 2022: Ablis launched a new potency of its CBD beverages and shooters in all drinks with doubling CBD isolates in each beverage. Ablis created CBD drink with all-natural ingredients and high-quality products and made from 100% pure hemp CBD isolate. April 2022: PepsiCo-owned brand Rockstar Energy launched a line of hemp-infused drinks in Germany. Infused with hemp seed oil, spearmint, lemon balm, and only about 80 milligrams of caffeine, Pepsi is hoping to attract younger, female consumers and men between the ages of 18 and 34 years.
Market Opportunities
The increasing popularity of craft beer and spirits is contributing to the growth of the Cannabis-based Alcoholic Beverages market. Craft beer and spirits have gained a strong following in recent years, with consumers seeking unique flavors and high-quality products. Cannabis-infused beverages offer a new and exciting option for craft beer and spirits enthusiasts, providing them with a completely different taste experience. For instance, U.S.-based beverages company Good Feels launched a line of fast-acting cannabis-infused seltzers and beverages. Good Feels introduced four cannabis infused seltzers black cherry, raspberry apple, blood orange and grapefruit, along with its two beverage enhancers, lemon-lime and flavorless. This crossover between cannabis and craft alcohol is likely to attract new customers and boost the overall market.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Cannabis-based Alcoholic Beverages Market Forecast Report (2023-2030).
Report Segmentation of the Global Cannabis-based Alcoholic Beverages Market
Product Type Analysis
Cannabis-infused Wines accounted largest market growth in 2022 owing to the to the rising popularity amongst the millennials. As a health drink, which contains minimal alcohol content and has numerhealth benefits, the market players have taken advantage of this opportunity to promote CBD infused wine as an advertising medium. And that led to an increase in the sale of CBD infused wine. According to Cannawine, one of the largest producers and distributors of CBD infused wine, claims that CBD infused wine calms the mind and makes it relax.
Component Analysis
Tetrahydrocannabinol (THC) segment dominates the market in 2022. The demand for THC infused cannabis beverages is majorly driven by rising product demand from adult consumers for recreational purposes. It is expected that in the coming years, rising demand for this medicine and its euphoric effect will have a positive impact on segment growth.
End Use Analysis
The Households segment accounted for the largest growth of the market in 2022 owing to its convenience and ease of consumption in a home setting. Many consumers prefer to enjoy their beverages in the comfort of their own homes, and Cannabis-based Alcoholic Beverages has no exception. This allows for a more private and controlled environment to explore and experience the effects of cannabis in a safe and familiar space.
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Market Segmentation
By Product
Cannabis-infused Beers Cannabis-infused Infused Vodka Cannabis-Infused Gin Cannabis-infused Wines Other Products
By Component
Cannabidiol (CBD) Tetrahydrocannabinol (THC)
By End Use
Households Restaurants Hotels Cafes
By Region
North America Europe Asia Pacific Latin America Middle East & Africa
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 0.4 Billion |
| Revenue Forecast by 2030 | USD 1.1 Billion |
| CAGR | 13.3% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | New Age Beverages Corporation, The Alkaline Water Company Inc, Phivida Holdings Inc., Koios Beverage, VCC Brand, Dixie Brands, Keef Brands, HEXO, Aphria Inc., Canopy Growth Corporation, American Craft Spirits Association, Hopp and Hemp Co., Coalition BrewingLtd., Green Monkey CBD, GREEN TIMES BREWING, Two Roots Brewing Co., CERIA, INC., FAT DOG SPIRITS, The Wee Hemp Company, Dutch Windmill Spirits BV, Heineken N.V. |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Regional Analysis
North America led the Cannabis-based Alcoholic Beverages market growth in 2022. This growth is accounted owing to the changing regulations, evolving consumer preferences, health and wellness trends, and the convergence of the alcohol and cannabis industries. In addition, the legalization of cannabis for recreational or medicinal use in varistates and provinces across North America has created a new market for cannabis-infused products. This has provided an opportunity for the development of cannabis-infused alcoholic beverages.
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