CBD Products - Benelux | Statista Market Forecast

In Benelux, revenue in the CBD Products market is forecasted to reach US$175.70m by 2024.
The market is expected to exhibit an annual growth rate (CAGR 2024-2029) of 0.42%, leading to a market volume of US$179.30m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue (US$2.58bn in 2024).
In terms of per capita figures, US$24.23 is the revenue generated per person in 2024.
In Benelux, the demand for CBD products in the cannabis market is steadily rising, reflecting a growing interest in natural health 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 Benelux is experiencing significant growth and development.

Customer preferences: Consumers in Benelux are increasingly seeking natural and holistic approaches to health and wellness, driving the demand for CBD products. They are attracted to the potential health benefits of CBD, including pain relief, anxiety reduction, and improved sleep quality. Additionally, there is a growing trend towards sustainable and eco-friendly products, making CBD products more appealing to environmentally conscious customers.

Trends in the market: One of the key trends in the CBD Products market in Benelux is the diversification of product offerings. Companies are introducing a wide range of CBD-infused products, including oils, edibles, topicals, and even beverages, to cater to different consumer preferences. Another notable trend is the increasing focus on quality and transparency, with consumers placing importance on third-party lab testing and product certifications.

Local special circumstances: Benelux countries, comprising Belgium, the Netherlands, and Luxembourg, have relatively progressive regulations regarding CBD products compared to some other European countries. This favorable regulatory environment has allowed the market to flourish, with a wide variety of CBD products readily available to consumers. Additionally, the region's proximity to other European markets makes it a strategic hub for CBD product distribution.

Underlying macroeconomic factors: The growing acceptance and legalization of cannabis for medical and recreational use across Europe have positively impacted the CBD market in Benelux. As stigma surrounding cannabis diminishes and regulations become more lenient, consumers are more open to trying CBD products for their therapeutic benefits. Furthermore, the increasing disposable income and changing lifestyle preferences in Benelux have contributed to the rising demand for premium CBD products.

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.