CBD Products - Worldwide

Worldwide

The CBD Products worldwide is expected to reach a projected revenue of US$6.90bn in 2024.
This will be driven by an anticipated annual growth rate (CAGR 2024-2029) of 0.09%, leading to a market volume of US$6.93bn by 2029.
When compared globally, in the United States is set to generate the most revenue in this market, with an estimated US$2,575.00m in 2024.
In terms of per capita revenue, each person is projected to generate US$20.94 in 2024.
Therapeutic cannabis is gaining widespread acceptance and legalization in countries around the world, including the United States, Canada, and Germany.

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

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Analyst Opinion

The CBD Products market has been experiencing significant growth and development in recent years.

Customer preferences: Consumers worldwide are increasingly turning to CBD products for their perceived health benefits and wellness properties. The shift towards natural and organic products has driven demand for CBD-infused items such as oils, edibles, skincare products, and pet treats.

Trends in the market: In the United States, the legalization of hemp-derived CBD has opened up a massive market for CBD products, leading to a proliferation of brands and product offerings. The market is becoming increasingly competitive, with companies focusing on product innovation, quality, and branding to stand out in a crowded field.

Local special circumstances: In Europe, the CBD market is also expanding rapidly, driven by growing consumer awareness and acceptance of CBD products. However, regulations around CBD vary widely across different countries, creating a complex and fragmented market landscape. Companies operating in Europe need to navigate these regulatory challenges to ensure compliance and market access.

Underlying macroeconomic factors: In Asia, the CBD market is still in its nascent stages due to strict regulations and cultural attitudes towards cannabis. However, changing perceptions around CBD and increasing awareness of its potential benefits are starting to drive market growth in countries like Japan and South Korea. As regulations evolve and consumer acceptance grows, the CBD market in Asia is poised for significant expansion in the coming years.

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.