Cannabis-based alcoholic beverages are created via the drink of cannabis flower, CBD, cannabis terpenes, and hemp seeds into alcoholic drinks like whiskey, gin, absinthe, vodka, wine, and beer. A number of alcoholic beverage producers are instilling CBD and THC into a several drinks, comprising cider, margaritas, and soda.
The key factor contributing to the growth of the global cannabis-based alcoholic beverages market is the rise in need for wellness drinks among customers. Further, the global market is expected to observe noteworthy expansion during the forecast period due to factors such as the introduction of new flavors within the product range along with the decriminalizing of recreational or medical cannabis in specific regions around the world. In addition to this, the usage of cannabis in efficiently treating neurological diseases, insomnia, cancer, epilepsy, anxiety, psychotic ailments, seizures, and chronic pain is projected to drive the growth of the global market during the coming years. Also, the rising alertness of the medicinal advantages related cannabis is anticipated to generate growth avenues for the market.
The global cannabis-based alcoholic beverages market can be bifurcated based on type, constituent, application, product, end use, and geography. The market, on the basis of constituent, is divided into Tetrahydrocannabidiol (THC) and Cannabidiol (CBD). The market, on the basis of type, is classified into cannabis-infused wines, cannabis-Infused Beers, and others. The market, on the basis of distribution channel, is diversified into B2C and B2B. The B2C segment is further sub-segmented into specialty stores, supermarkets & hypermarkets, and others. The market, on the basis of application, is segregated into recreation and medication. The market, on the basis of end-use, is classified into hotels/restaurants/cafes and household.
Regionally, in 2019, the global cannabis-based alcoholic beverages market was dominated by North America and also the region is expected to provide numerous expansion prospects to the market players during the forecast period. The growth in North America can be credited to the existence of a huge count of producers together with the altering customer inclination for alcoholic beverages in nations such as Canada and the US. In addition, several companies are spending massively in the wellness & healthcare industries, thus hastening the expansion of the regional cannabis-based alcoholic beverages market.
Some of the key players actively participating within the global cannabis-based alcoholic beverages market consist of CannaVines, Anheuser-Busch InBev, Heineken NV, Dutch Windmill Spirits BV, MJ Wines LLC, Klosterbrauerei Weißenohe GmbH & Co.KG, Rebel Coast Winery, Winabis, Wine & Cannabis, and NABC, Inc., among others.