CBD Products - Denmark

Denmark

Denmark is expected to see a revenue of US$39.96m in the CBD Products market by 2024.
The market is projected to have an annual growth rate (CAGR 2024-2029) of -0.45%, leading to a market volume of US$39.07m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue of US$2,575.00m in 2024.
In terms of per capita figures, individuals in Denmark are expected to generate revenues of US$24.54 in 2024.
Denmark's CBD market is flourishing, with a surge in demand for high-quality products and a growing emphasis on sustainability and organic practices.

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

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Analyst Opinion

Denmark has seen a significant rise in the popularity of CBD products in recent years.

Customer preferences: Consumers in Denmark are increasingly turning to CBD products due to a growing awareness of their potential health benefits and therapeutic properties. The preference for natural and organic products also plays a key role in driving the demand for CBD products in the country.

Trends in the market: One noticeable trend in the Danish CBD market is the diversification of product offerings. From CBD oils and tinctures to edibles and skincare products, there is a wide variety of options available to cater to different consumer preferences. Additionally, the market is witnessing an influx of new brands and products, leading to increased competition and innovation in the industry.

Local special circumstances: Denmark's progressive stance on cannabis regulation has created a favorable environment for the CBD industry to thrive. The country has established clear guidelines for the production and sale of CBD products, providing consumers with a sense of safety and transparency. Moreover, the Danish government's efforts to promote research and education around CBD have helped destigmatize the use of these products.

Underlying macroeconomic factors: The overall economic stability and high disposable income levels in Denmark have contributed to the growth of the CBD market. As consumers prioritize health and wellness, they are willing to invest in premium CBD products, driving sales and market expansion. Additionally, the country's strong trade relationships and access to international markets have facilitated the import and export of CBD products, further fueling the industry's growth.

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.