CBD Products - Canada

Canada

The CBD Products in Canada is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach a substantial amount of US$192.60m by the year 2024.
This indicates a positive trend and highlights the potential of the industry.
Furthermore, it is anticipated that the market will continue to expand at an annual growth rate of -2.29% from 2024 to 2029.
This steady growth trajectory is expected to result in a market volume of US$171.50m by 2029.
These figures demonstrate the promising outlook for the CBD Products in Canada over the forecast period.
In terms of global comparison, in the United States is projected to generate the highest revenue in the CBD Products, with an estimated amount of US$2,575.00m in 2024.
This highlights the dominance of the US market in the industry.
When considering the per person revenues in Canada, it is estimated that each individual will contribute approximately US$21.85 in revenue in the year 2024.
This figure provides insights into the economic impact of the CBD Products on a per capita basis.
Overall, the CBD Products in Canada is poised for substantial growth, with significant revenue potential and positive market indicators.
In Canada, the therapeutic cannabis market is experiencing rapid growth due to the country's progressive approach to cannabis legalization and a strong demand for alternative medical treatments.

Key regions: South Africa, Spain, Canada, Europe, Netherlands

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Analyst Opinion

The demand for CBD products in Canada has been steadily increasing in recent years, reflecting a growing trend towards natural health and wellness products.

Customer preferences: Consumers in Canada are showing a strong preference for CBD products due to their perceived health benefits and therapeutic properties. Many are turning to CBD as an alternative remedy for various health issues, such as anxiety, pain management, and sleep disorders. The increasing awareness of CBD's potential benefits and the shift towards holistic wellness approaches are driving the demand for these products.

Trends in the market: One notable trend in the Canadian CBD market is the diversification of product offerings. Companies are introducing a wide range of CBD products, including oils, tinctures, edibles, topicals, and capsules, to cater to different consumer preferences and needs. This diversification is not only expanding the market but also attracting new customer segments looking to incorporate CBD into their daily routines.

Local special circumstances: Canada's legalization of recreational cannabis in 2018 has had a significant impact on the CBD market. The regulatory framework established for the cannabis industry has created a more favorable environment for CBD products as well. With a well-established cannabis infrastructure, including licensed producers and retail outlets, CBD companies in Canada have been able to navigate the market more effectively and reach a broader customer base.

Underlying macroeconomic factors: The overall economic stability in Canada has also played a role in the growth of the CBD market. With a relatively strong economy and high disposable income levels, Canadian consumers have the purchasing power to invest in premium CBD products. Additionally, the regulatory clarity and quality standards set by Health Canada have helped build trust among consumers, further fueling the market expansion.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.