CBD Products - Australia

Australia

In Australia, revenue in the CBD Products market is forecasted to reach US$153.50m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -2.26%, leading to a market volume of US$136.90m by 2029.
When compared globally, the United States is expected to generate the most revenue (US$2,575.00m in 2024).
In terms of per capita figures, in 2024, US$22.99 in revenue is generated per person.
Australia sees a surge in demand for CBD products, reflecting the country's growing acceptance and adoption of cannabis-derived remedies in the market.

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

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Analyst Opinion

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

Customer preferences: Consumers in Australia are increasingly turning to CBD products due to a growing awareness of their potential health benefits and therapeutic properties. The shift towards natural and holistic remedies has driven demand for CBD products across various demographics.

Trends in the market: One notable trend in the Australian CBD market is the diversification of product offerings. Companies are introducing innovative CBD-infused products such as skincare items, beverages, and pet treats to cater to evolving consumer preferences. Additionally, online retail channels have become increasingly popular for purchasing CBD products, providing convenience and accessibility to a wider audience.

Local special circumstances: Australia's regulatory environment plays a significant role in shaping the CBD market. The country has established stringent regulations for CBD products, ensuring quality standards and consumer safety. This has led to a sense of trust among consumers and has contributed to the overall growth of the market. Additionally, the cultural shift towards wellness and self-care has further fueled the demand for CBD products in Australia.

Underlying macroeconomic factors: The overall economic stability and disposable income levels in Australia have supported the growth of the CBD market. As consumers prioritize health and well-being, they are willing to invest in high-quality CBD products. Furthermore, the increasing acceptance of CBD within mainstream society has created a favorable environment for 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.