CBD Products - Asia | Statista Market Forecast

In Asia, revenue in the CBD Products market is forecasted to achieve US$1.02bn by 2024.
The sector is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -0.85%, leading to a market size of US$981.20m by 2029.
When compared on a global scale, the United States is expected to generate the highest revenue (US$2.58bn in 2024).
With respect to the total population, per capita revenues of US$23.95 are recorded in 2024.
In Japan, the growing acceptance of CBD products in the cannabis market reflects a shift towards wellness-focused consumption trends among the population.

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

Customer preferences: Customers in Asia are increasingly turning to CBD products due to their perceived health and wellness benefits. The rising awareness of alternative medicine and natural remedies has driven the demand for CBD products across the region.

Trends in the market: In Japan, there has been a growing trend towards incorporating CBD into skincare and beauty products. Japanese consumers are known for their skincare routines and are now embracing CBD-infused products for their potential skin-enhancing properties.

Local special circumstances: In China, the market for CBD products is heavily regulated, with strict laws surrounding the use and sale of CBD. However, there is a growing interest in CBD among Chinese consumers, particularly in major cities where wellness trends are quickly catching on.

Underlying macroeconomic factors: The economic growth in countries like South Korea and Singapore has led to an increase in disposable income among consumers. This has allowed for greater spending on health and wellness products, including CBD items. Additionally, the relaxation of regulations in some Asian countries has created new opportunities for businesses to enter the CBD market and cater to the growing demand.

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.