CBD Products - Baltics | Statista Market Forecast

In Baltics, revenue in the CBD Products market is forecasted to reach US$12.03m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.22%, leading to a market volume of US$12.78m 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$24.63 is generated concerning the total population figures.
The CBD Products market in the Baltics is rapidly expanding, with a growing demand for innovative and high-quality cannabis derivatives.

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 Baltics has been experiencing significant growth and development in recent years.

Customer preferences: Customers in the Baltics are increasingly turning to CBD products due to a growing awareness of their potential health benefits and therapeutic properties. The demand for natural and organic products is on the rise, with consumers showing a preference for CBD products that are locally sourced and produced. Convenience and ease of access also play a key role in shaping customer preferences in the CBD market.

Trends in the market: One notable trend in the Baltic CBD market is the diversification of product offerings. Companies are introducing a wide range of CBD products, including oils, tinctures, edibles, topicals, and even pet products to cater to different consumer needs and preferences. Another trend is the emphasis on quality and transparency, with a focus on third-party testing and certification to ensure the safety and efficacy of CBD products.

Local special circumstances: In the Baltics, the regulatory environment surrounding CBD products is evolving, creating both opportunities and challenges for market players. While there is a growing acceptance of CBD products in the region, regulations regarding the sale and marketing of these products can vary between the Baltic countries. This dynamic regulatory landscape influences market dynamics and consumer trust in CBD products.

Underlying macroeconomic factors: The growing middle-class population in the Baltics, coupled with increasing disposable incomes, is driving the demand for CBD products in the region. Economic stability and a rising awareness of health and wellness trends further contribute to the expanding CBD market in the Baltics. Additionally, the influence of global market trends and the competitive landscape of the CBD industry play a significant role in shaping the market dynamics in the region.

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.