CBD Products - APAC | Statista Market Forecast

Revenue in the CBD Products market in APAC is forecasted to reach US$1.15bn in 2024.
The revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of -0.98%, leading to a market volume of US$1.10bn by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$2.58bn in 2024).
In terms of per person revenues in 2024, US$23.77 are generated concerning the total population figures.
In APAC, the demand for CBD products in the cannabis market is surging, driven by changing regulations and increasing consumer awareness.

Definition:
The CBD Products market encompasses products derived from the cannabis plant that contain Cannabidiol (CBD), a non-psychoactive compound. These products may include oils, tinctures, edibles, topicals, and capsules. They are typically sold in health food stores, pharmacies, online platforms, and specialty CBD stores. These products are consumed for wellness purposes, and depending on the product, can be ingested, applied topically, or inhaled.

Structure:
The CBD Products market includes products used for general wellness, relaxation, and stress relief. The CBD Products market includes various forms of CBD such as oils, edibles, topicals, and capsules.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C).

Cannabidiol (CBD) used for recreational purposes

CBD based medicine holding marketing authorisation
CBD based medicine not holding marketing authorisation

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.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.