CBD Products - Austria

Austria

In Austria, revenue in the CBD Products market is forecasted to reach US$52.15m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.18%, leading to a market volume of US$55.30m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$2,575.00m in 2024).
In terms of per capita figures, US$22.68 in revenue is generated per person in 2024.
Austria's CBD market is flourishing, with a surge in demand for high-quality CBD products and a growing number of specialty CBD stores in major cities.

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

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Analyst Opinion

The demand for CBD products in Austria has been steadily increasing in recent years, reflecting a growing trend towards natural and alternative wellness solutions.

Customer preferences: Consumers in Austria are showing a strong preference for CBD products due to their perceived health benefits and therapeutic properties. With a rising interest in holistic health and wellness, many individuals are turning to CBD as a natural remedy for various ailments. The convenience of purchasing CBD products online has also contributed to their popularity among Austrian consumers.

Trends in the market: One notable trend in the Austrian CBD market is the diversification of product offerings. In addition to traditional CBD oils and tinctures, there has been a surge in demand for CBD-infused skincare products, edibles, and beverages. This diversification is driven by changing consumer preferences and the desire for innovative CBD formulations that can be easily incorporated into daily routines.

Local special circumstances: Austria's regulatory environment plays a significant role in shaping the CBD market in the country. The legal status of CBD products in Austria is relatively favorable compared to other European countries, allowing for greater accessibility and a wider range of products in the market. This regulatory framework has created a conducive environment for both domestic and international CBD brands to operate and cater to the growing demand from Austrian consumers.

Underlying macroeconomic factors: The overall economic stability in Austria has also contributed to the growth of the CBD market. With a strong purchasing power and a high standard of living, Austrian consumers are willing to invest in premium CBD products that offer quality and efficacy. Additionally, the increasing awareness and acceptance of CBD within mainstream society have further fueled market growth, creating opportunities for both established companies and new entrants to capitalize on the growing demand for CBD products in the country.

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.