CBD Products - Spain

Spain

In Spain, the revenue in the CBD Products is projected to reach US$156.60m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 1.14%, resulting in a market volume of US$165.70m by 2029.
When compared globally, in the United States is expected to generate the most revenue with US$2,575.00m in 2024.
In terms of per person revenues, in 2024, US$23.08 will be generated in Spain.
Spain's therapeutic cannabis market is rapidly growing, driven by the country's progressive policies and increasing acceptance of cannabis as a medical treatment.

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

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Analyst Opinion

In Spain, the CBD Products market is experiencing a surge in popularity and growth.

Customer preferences: Consumers in Spain are increasingly turning to CBD products due to a growing awareness of their potential health benefits and therapeutic properties. The shift towards natural and holistic remedies is driving the demand for CBD products such as oils, edibles, and skincare items.

Trends in the market: One notable trend in the CBD market in Spain is the diversification of product offerings. Companies are introducing innovative CBD-infused products to cater to different consumer needs and preferences. From CBD-infused beverages to pet products, the market is expanding rapidly to meet the evolving demands of customers.

Local special circumstances: Spain has a long history of hemp cultivation, making it a favorable environment for the CBD industry to thrive. The country's favorable climate and agricultural expertise contribute to the production of high-quality hemp, which is essential for manufacturing premium CBD products. Additionally, the relaxed regulations surrounding CBD in Spain have created a conducive environment for businesses to operate and innovate in the market.

Underlying macroeconomic factors: The economic stability and growth in Spain are also playing a significant role in the development of the CBD market. As the economy continues to recover, consumers are more willing to spend on wellness products like CBD. The increasing disposable income and changing lifestyles are driving the demand for CBD products as part of a holistic approach to health and well-being.

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.