Cannabis-based Alcoholic Beverages Market to Hit $464 Mn in 2020: Growth Analysis
Global Cannabis-based Alcoholic Beverages Market: Overview
Cannabis-based alcoholic drinks are made through the infusion of hemp seeds, cannabis flower, CBD, and cannabis terpenes into alcoholic drinks such as vodka, gin, whiskey, absinthe, beer, and wine. Apart from this, many of the product manufacturers are infusing THC as well as CBD into myriad number of drinks including margaritas, cider, and soda.
Global Cannabis-based Alcoholic Beverages Market: Growth Factors
The rise in massive demand for wellness as well as alcoholic drinks among the customers will drive the growth of the Cannabis-based alcoholic beverages industry over the years ahead. Apparently, the use of cannabis in effectively treating insomnia, neurological diseases, epilepsy, cancer, psychotic ailments, anxiety, chronic pain, and seizures will further accelerate the market trends. Cannabis are legalized in Africa, Uruguay, Australia, Canada, and the U.S. for medicinal as well as recreational use. Apart from this, New Zealand is likely to decriminalize the use of cannabis for medical as well as adult use by 2020. Additionally, India and Sri Lanka have legalized the use of cannabis. All these aforementioned aspects are likely to drive the growth of the cannabis-based alcoholic beverages market in the years to come.
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Moreover, the availability of the product in new flavors has enhanced the demand for the Cannabis-based alcoholic drinks among the young as well as adult persons. Furthermore, the growing social acceptance of cannabis across the globe will catalyze the market progress in the years to come.
Global Cannabis-based Alcoholic Beverages Market: Segmentation
The global Cannabis-based alcoholic beverages industry can be classified based on product and end-use. Based on the product, the market for Cannabis-based alcoholic beverages can be sectored into Cannabis-infused wines, Cannabis-infused beers, and Cannabis-infused spirits. Based on the end-use, the industry can be segregated into households, restaurants, hotels, and cafes.
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Global Cannabis-based Alcoholic Beverages Market: Regional Analysis
North America is projected to dominate the overall industry growth during the assessment timeline. The regional market growth can be attributed to the presence of a large number of manufacturers in the region along with the changing consumer preference for alcoholic beverages in countries like the U.S. and Canada. Apart from this, firms are investing immensely in the wellness & healthcare industries, thereby accelerating the growth rate of the Cannabis-based alcoholic beverages industry in the North American region.
Moreover, countries like the UK and New Zealand are predicted to legalize the use of cannabis for medicinal as well as recreational purpose in the near future. Moreover, medical cannabis is already legalized in countries like Italy, Germany, and the Czech Republic. This will drive the growth of the industry in Europe over the next decade.
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Global Cannabis-based Alcoholic Beverages Market: Competitive Players
Some of the key players in cannabis-based alcoholic beverages business include Heineken, Molson Coors Brewing Company, Aurora Cannabis, Dutch Windmill Spirits, Canna Wine, Lagunitas, Diageo, SK Rodnik, Hexo Corp, Mary Jane’s Magical Hemp Wines, Klosterbrauerei Weißenohe, and COALITION BREWING.
Global Cannabis-based Alcoholic Beverages Market: Regional Segment Analysis
- North America
- The U.S.
- The UK
- The Asia Pacific
- Latin America
- The Middle East and Africa