CBD Products - Russia

Russia

In Russia, the Therapeutic Cannabis market is expected to witness a significant increase in revenue.
By 2024, the revenue is projected to reach US$90.19m.
This growth is likely to continue, with an annual growth rate (CAGR 2024-2028) of 17.85%.
As a result, the market volume is expected to reach US$174.00m by 2028.
When compared globally, United States is predicted to generate the highest revenue in the Therapeutic Cannabis market, with US$2,575.00m in 2024.
This indicates the dominant position of the United States in this market.
It is also interesting to evaluate the revenue per person in relation to the total population.
In Russia, the per person revenue generated in 2024 is estimated to be US$0.63.
This figure provides insight into the economic impact of the Therapeutic Cannabis market on an individual level.
Despite the growing global trend towards the legalization of therapeutic cannabis, Russia maintains a strict stance against its use and distribution.

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

Market

Region

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Currency

Analyst Opinion

Therapeutic Cannabis products are gaining mainstream prominence, especially after the outbreak of the COVID-19 pandemic, owing to factors such as growing stress and anxiety levels, and the subsequent need for consumers to receive aid. These products which can be consumed as oils, pills, and edibles, among other forms, are readily available in most nations throughout the world, unlike Recreational Cannabis products, which are heavily regulated and are legally sold in only a handful of countries.

It's interesting to note that these products are not only meant for human use, but for animals as well. A 2020 survey of over 5,000 pet owners conducted by research firm Attest and Prohibition Partners revealed that nearly 75% of them had purchased CBD products for their dogs. The growing pet population, therefore is expected to be one of the key driving factors in this space, in the medium to long term.

The industry is also witnessing much innovation in terms of new product development, emergence of new startups, and robust M&A activity, which we believe will also be key driving factors moving forwardin this market. For instance, the United States based manufacturer, Cheef Botanicals, has recently launched Vegan CBD Gummies, in August 2022, in order to attract diet-conscious consumers. Moreover, many manufacturers are also looking at exploring synthetic biology tools for manufacturing CBD products, which would result in lower manufacturing costs and ultimately, higher profits, and is expected to be a key trend in the manufacturing of these 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.