CBD Products - Europe

Europe

In Europe, the CBD Products is expected to witness significant growth in the coming years.
According to projections, the market's revenue is set to reach US$2.28bn by 2024.
This growth is expected to continue at a compound annual growth rate (CAGR) of 0.86% between 2024 and 2029, resulting in a market volume of US$2.38bn by the end of 2029.
When compared to other countries globally, in the United States is expected to generate the highest revenue in the CBD Products, with an estimated revenue of US$2,575.00m0 in 2024.
To put this into perspective, in 2024, the per person revenue in Europe is projected to be US$22.62.
This indicates the potential of the market and the growing interest in therapeutic cannabis among the European population.
In Germany, the therapeutic cannabis market is experiencing significant growth due to the increasing acceptance and legalization of medical marijuana.

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

Market

Region

Region comparison

Currency

Analyst Opinion

Over the past few years, the CBD Products market in Europe has been experiencing significant growth and development.

Customer preferences: Customers in Europe are increasingly seeking natural and organic products, leading to a rise in demand for CBD Products. The preference for wellness and self-care products has also contributed to the popularity of CBD across the region.

Trends in the market: In countries like Germany and the UK, there has been a surge in the number of CBD retailers and online stores, offering a wide range of products to cater to different consumer needs. Italy and Switzerland have seen a growing trend of incorporating CBD into beauty and skincare products. France, on the other hand, is focusing on CBD-infused food and beverages.

Local special circumstances: In the United Kingdom, the Food Standards Agency has set a deadline for CBD companies to submit valid novel food authorization applications, which has led to some uncertainty in the market. In Switzerland, the regulations around CBD products are relatively more lenient compared to other European countries, allowing for a diverse range of products to be available to consumers.

Underlying macroeconomic factors: The increasing awareness and acceptance of CBD for its potential health benefits have played a significant role in driving the market growth in Europe. Additionally, the relaxation of regulations in some countries has created opportunities for businesses to innovate and expand their product offerings. Economic stability and disposable income levels in the region have also contributed to the growing consumer base for CBD products.

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.