CBD Products - BRICS

BRICS

In BRICS, revenue from CBD Products is forecasted to reach US$0.61bn in 2024.
The market is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 0.65%, culminating in a market volume of US$0.63bn by 2029.
Among in BRICS nations, the United States is expected to lead in revenue generation with US$2,575.00m in 2024.
In terms of per capita calculations, US$24.66 in revenue is generated per person in 2024.
In Brazil, the rising demand for CBD products within the cannabis market reflects a growing acceptance of alternative health remedies.

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

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Analyst Opinion

The CBD Products market in BRICS countries is experiencing a significant surge in demand and growth, driven by various factors unique to each nation.

Customer preferences: Customers in Brazil are increasingly turning to CBD products for their reported health benefits and therapeutic properties. In Russia, there is a growing interest in CBD-infused cosmetics and skincare products. Indian consumers are showing a preference for CBD oils and tinctures, while in China, CBD-infused beverages and food products are gaining popularity. South Africa is witnessing a rise in demand for CBD products across various categories, including wellness supplements and pet care.

Trends in the market: In Brazil, the CBD Products market is witnessing a trend towards organic and sustainably sourced products, reflecting consumers' growing awareness of environmental issues. Russia is seeing a rise in online sales of CBD products, driven by the convenience and accessibility of e-commerce platforms. In India, there is a trend towards incorporating CBD into traditional Ayurvedic practices, blending ancient wisdom with modern wellness trends. China is experiencing a boom in CBD beauty products, with an emphasis on natural ingredients and innovative formulations. South Africa is observing a trend towards premium CBD products targeted at higher-income consumers seeking quality and efficacy.

Local special circumstances: Brazil's regulatory environment for CBD products is evolving, creating opportunities for domestic manufacturers to cater to the growing demand. Russia has strict regulations governing the sale and marketing of CBD products, influencing consumer perceptions and purchasing behavior. India's cultural acceptance of plant-based remedies is driving the demand for CBD products, especially among health-conscious consumers. China's emerging middle class is fueling the demand for luxury CBD products, creating a niche market for high-end brands. South Africa's diverse population and health and wellness trends are shaping the CBD Products market, with a focus on inclusivity and accessibility.

Underlying macroeconomic factors: The economic growth and rising disposable incomes in Brazil are driving consumer spending on CBD products, contributing to market expansion. In Russia, the fluctuating exchange rates and geopolitical factors are influencing the pricing and availability of imported CBD products. India's young population and increasing urbanization are creating a lucrative market for CBD products, with a growing emphasis on holistic health and well-being. China's booming e-commerce sector and tech-savvy consumers are facilitating the online sales of CBD products, driving market growth. South Africa's regulatory landscape and healthcare system are impacting the accessibility and affordability of CBD products, shaping consumer preferences and market dynamics.

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.