Key regions: Netherlands, Spain, United States, Europe, Australia
The demand for CBD products in the APAC region is on the rise, driven by shifting consumer preferences towards natural and holistic wellness solutions.
Customer preferences: Consumers in the APAC region are increasingly gravitating towards CBD products due to their perceived health benefits and therapeutic properties. The growing awareness about the potential of CBD in managing stress, anxiety, and chronic pain is fueling the demand for a wide range of CBD-infused products, including oils, topicals, edibles, and beverages. Moreover, the trend towards organic and plant-based remedies is also contributing to the popularity of CBD products among health-conscious consumers in the region.
Trends in the market: In Japan, CBD products are gaining traction in the beauty and skincare sector, with an emphasis on anti-inflammatory and antioxidant properties. South Korea is witnessing a surge in the demand for CBD-infused cosmetics, driven by the growing interest in K-beauty products. In Australia, CBD oils and tinctures are increasingly being used as complementary remedies to traditional medicine, especially for managing pain and improving sleep quality. The market in India is still nascent but shows great potential, with a focus on Ayurvedic formulations incorporating CBD for wellness and therapeutic purposes.
Local special circumstances: Regulatory frameworks and cultural attitudes towards CBD vary across the APAC region, influencing market dynamics. For instance, in China, CBD products face stringent regulations, limiting their availability and mainstream acceptance. In contrast, countries like Thailand and Malaysia are embracing the potential of CBD, leading to a more favorable environment for market growth. Additionally, traditional medicine practices and herbal remedies deeply rooted in countries like India and Japan are shaping the integration of CBD into wellness routines.
Underlying macroeconomic factors: Economic growth, urbanization, and increasing disposable incomes in many APAC countries are driving the demand for premium CBD products. The expanding middle-class population with a strong focus on health and well-being is willing to invest in high-quality CBD offerings. Moreover, the e-commerce boom in the region is providing easier access to a diverse range of CBD products, contributing to market expansion. As the regulatory landscape continues to evolve and consumer awareness grows, the CBD market in APAC is poised for further development and innovation.
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.
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