Global Cannabis-based Alcoholic Beverages Market By Type ( Gin, Wine, Beer, Whiskey, Vodka, Absinthe ), By Application ( Supermarkets and Hypermarkets, Convenience Stores, Online Stores ), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2033

The global Cannabis-Based Alcoholic Beverages market was valued at USD 1.90 billion in 2023. It is projected to grow to USD 8.06 billion by 2023 and register a 17.4% revenue CAGR over the forecast period. Cannabis-based alcoholic beverages can be made by combining cannabis flowers, hemp seeds, cannabis terpenes, and CBD. These drinks include whiskey, vodka, absinthe, and wine, as well as gin and absinthe. Many alcoholic beverage companies have begun to infuse THC and CBD into many drinks such as soda, margaritas, and soda.

Growing Demand:

Global cannabis-based alcoholic beverages will continue to grow due to the increasing use of cannabis for medical treatments like chronic pain, neurological disorders, and cancer. Flavored alcoholic beverages are becoming increasingly popular, and this is a key reason for the market’s development. Benefits and regulations regarding cannabis use in many countries have played a major role in the rise in cannabis-based alcoholic beverages.

For example, cannabis is legal in the US and Canada. Because of its medicinal uses, cannabis is popular in Europe and India. This legalization allows for production and sale all around the globe. The rise in bars, lounges, bars, and pubs has boosted cannabis product sales around the world.

Cannabis-based Alcoholic Beverages Market Scope:

By type, the market is segmented into Gin, Wine, Beer, Whiskey, Vodka, and Absinthe. By Application, the market is divided into Supermarkets and Hypermarkets, Convenience Stores, and Online Stores.

Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Major players profiled in the report include Coalition Brewing, Dutch Windmill Spirits, Heineken, Klosterbrauerei Weienohe, SK Rodnik, and Corona.

Key Market Segments

Type

Gin

Wine

Beer

Whiskey

Vodka

Absinthe

Application

Supermarkets and Hypermarkets

Convenience Stores

Online Stores

Key Market Players included in the report:

Coalition Brewing

Dutch Windmill Spirits

Heineken

Klosterbrauerei Weienohe

SK Rodnik

Corona

Driving Factors:

Increasing awareness of the medicinal benefits of cannabis

Cannabidiol, Tetrahydrocannabinol, and other Cannabis-Based Alcoholic Beverages are becoming more popular among those looking for an alternative to alcohol. People are more comfortable with cannabis-based drinks as legalization continues to spread across the country. Research by the National Institute on Drug Abuse U.S. found that 17- to 19-year-old Americans had used cannabis in 2021. This is one reason for the market’s revenue growth over the forecast period. Merrick Garland, the Attorney General, restored a version Obama-era ‘Cole Memorandum’.

This confirms that the department will not pursue any case against Americans who reside in states where marijuana has been legalized. These government initiatives and support are expected to boost the market’s revenue growth. Cannabis-Based Alcoholic Beverages can also be used to treat common conditions like anxiety disorders, lowering blood pressure, and fight cancer. Many consumers use cannabis to treat their ailments. This significant opportunity will drive revenue growth in the Cannabis-Based Alcoholic Beverages market over the forecast period.

Factors that Limit:

Inadequate uniformity in regulations and standards across countries

The market’s revenue growth is hindered by a lack of uniform standards and regulations. For Cannabis-Based Alcoholic Beverages, you need to use cannabis as a raw material. There are many laws that regulate cannabis. Some countries allow the use of cannabis only for medical purposes. Others allow possession and consumption up to a limit. Medical cannabis is legal in many countries across North America and Europe. It is still illegal in the Middle East and Asia-Pacific. With different regulations regarding production, consumption, and distribution, medical marijuana is legalized in 33 states in the United States. These factors can hinder the growth of the market’s revenue.

This is due to a lack of evidence regarding the utility of cannabis and its long-term side effects. Due to the inaccessibility of Cannabis-Based Alcoholic Beverages, there is a demand for cannabis smoking, which can cause chronic respiratory diseases. This will also be a factor that could limit revenue growth in the global market during the forecast period.

Market Trend in Cannabis-Based Alcoholic Beverages

Another factor driving the market growth is the increasing prominence of online shopping. Vendors have been able to increase their profit margins due to the increasing popularity of online shopping. Online transactions are growing worldwide, as is the average transaction amount. This retail channel is being driven by factors such as users’ “buy it now” mentality and an increase in internet users. High sales growth of cannabis-based alcoholic drinks will be further supported by the increasing number of online customers and shoppers.

Online shopping is preferred by customers who can pay with debit or credit cards. This allows them to avoid long journeys and lengthy billing queues. Online shopping portals offer customers convenience and payment options that are efficient, as well as enhanced product visibility. These trends encourage many manufacturers to concentrate on the internet-savvy customer segment and explore the new online retail format. Vendors will be able to save on overheads and operations costs by using the online retail model. These costs are much lower than in a physical store format.

Recent Developments:

In August 2021, Cann, a THC (tetrahydrocannabinol) beverage manufacturer announced the launch of passion peach-made first-of-its-kind cannabis-infused caffeinated social tonic. The manufacturer launched this product line to offer all-natural caffeine with a microdose of THC (tetrahydrocannabinol) to consumers who want alternatives to alcohol.

Molecule Holdings INC., Canada’s craft-focused cannabis beverage producer, introduced the molecule-crafted cannabis-infused craft beverage portfolio to Canada in May 2021. These beverages are low-calorie and come in a variety of bold and exotic flavors.

Molecule Holdings Inc., Canada’s craft-focused cannabis beverage producer, launched Canajo in November 2021. It is a coffee-flavored cannabis beverage. This new product portfolio contains coffee-inspired flavors with an assortment of THC (tetrahydrocannabinol) and CBD (Cannabidiol) levels designed for the various variety of cannabis users.