CBD Products - ASEAN

ASEAN

In ASEAN, revenue in the CBD Products market is forecasted to reach US$48.12m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -0.88%, leading to a market volume of US$46.05m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$2,575.00m in 2024).
Concerning total population figures, per person revenues of US$26.67 are generated in 2024.
ASEAN sees a rising demand for CBD derivatives, reflecting a growing acceptance of cannabis products in the region's health and wellness market.

Key regions: Netherlands, Spain, United States, Europe, Australia

Market

Region

Region comparison

Currency

Analyst Opinion

The demand for CBD products in ASEAN countries has been steadily increasing in recent years, driven by changing consumer preferences, evolving regulations, and growing awareness of the potential health benefits associated with CBD.

Customer preferences: Consumers in ASEAN countries are increasingly seeking natural and organic products, including CBD items, as they become more health-conscious. The preference for alternative wellness solutions and the growing acceptance of CBD for its therapeutic properties have contributed to the rising demand for CBD products in the region.

Trends in the market: In countries like Thailand and Malaysia, there has been a noticeable trend towards incorporating traditional herbal remedies, including CBD, into daily healthcare routines. This cultural shift towards natural remedies has created a significant market opportunity for CBD products in these countries. On the other hand, in Singapore and Indonesia, the market for CBD products is still emerging, with regulatory frameworks being developed to govern the sale and use of such products.

Local special circumstances: Indonesia, with its large population and diverse consumer base, presents a unique opportunity for CBD product manufacturers looking to expand their market presence. However, the regulatory environment in Indonesia is strict, making it crucial for companies to navigate the legal landscape carefully. In contrast, Thailand has been proactive in legalizing medical cannabis, including CBD, creating a more conducive environment for the growth of the CBD market.

Underlying macroeconomic factors: The economic growth and increasing disposable income levels in ASEAN countries have also played a role in driving the demand for CBD products. As consumers become more willing to spend on health and wellness products, the market for CBD is expected to continue its growth trajectory. Additionally, the region's strategic location and trade agreements have facilitated the import and distribution of CBD products, further fueling market expansion.

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.