CBD Products - Belgium | Statista Market Forecast

Belgium is expected to see a revenue of US$60.95m in the CBD Products market by 2024.
The market is projected to exhibit an annual growth rate (CAGR 2024-2029) of 0.44%, leading to a market volume of US$62.29m by 2029.
When compared globally, the United States will generate the highest revenue in 2024, amounting to US$2.58bn.
In terms of per capita figures, US$23.29 in revenue is expected to be generated per person in Belgium in 2024.
Belgium's rising demand for CBD products in the cannabis market reflects a growing trend towards holistic wellness and natural remedies.

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

Customer preferences: Consumers in Belgium are increasingly seeking natural and holistic remedies for various health and wellness issues, driving the demand for CBD products. The shift towards organic and plant-based products is also influencing consumer preferences in the market.

Trends in the market: One notable trend in the Belgian CBD market is the increasing availability of a wide range of CBD products, including oils, edibles, topicals, and beverages. This diversification of product offerings is catering to different consumer needs and preferences. Moreover, the market is witnessing a growing number of specialized CBD stores and online retailers, providing consumers with easier access to these products.

Local special circumstances: Belgium's progressive regulations on cannabis and CBD products have created a favorable environment for the growth of the market. The country allows the sale of CBD products with up to 0. 2% THC content, making it more accessible to consumers. Additionally, Belgium's strategic location in Europe allows for easy import and export of CBD products, contributing to the market's expansion.

Underlying macroeconomic factors: The overall economic stability in Belgium, coupled with increasing disposable income levels, has enabled consumers to spend more on health and wellness products, including CBD products. The growing awareness about the potential health benefits of CBD and changing attitudes towards cannabis use are also driving the market forward. Additionally, the presence of a well-established pharmaceutical and healthcare industry in Belgium is influencing the quality standards and regulations within the CBD market.

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.