CBD Products - Canada | Statista Market Forecast

Canada is expected to witness a significant growth in the CBD Products market, with projected revenue reaching US$192.60m by 2024.
The revenue is forecasted to exhibit an annual growth rate (CAGR 2024-2029) of -2.29%, leading to a market volume of US$171.50m by 2029.
When compared on a global scale, the United States is anticipated to generate the highest revenue of US$2.58bn in 2024.
In terms of per person revenues in 2024, in Canada is expected to generate US$21.85.
Canada's CBD market is booming as regulations evolve, creating a lucrative environment for investors in 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 demand for CBD products in Canada has been steadily increasing in recent years, reflecting a growing trend towards natural health and wellness products.

Customer preferences: Consumers in Canada are showing a strong preference for CBD products due to their perceived health benefits and therapeutic properties. Many are turning to CBD as an alternative remedy for various health issues, such as anxiety, pain management, and sleep disorders. The increasing awareness of CBD's potential benefits and the shift towards holistic wellness approaches are driving the demand for these products.

Trends in the market: One notable trend in the Canadian CBD market is the diversification of product offerings. Companies are introducing a wide range of CBD products, including oils, tinctures, edibles, topicals, and capsules, to cater to different consumer preferences and needs. This diversification is not only expanding the market but also attracting new customer segments looking to incorporate CBD into their daily routines.

Local special circumstances: Canada's legalization of recreational cannabis in 2018 has had a significant impact on the CBD market. The regulatory framework established for the cannabis industry has created a more favorable environment for CBD products as well. With a well-established cannabis infrastructure, including licensed producers and retail outlets, CBD companies in Canada have been able to navigate the market more effectively and reach a broader customer base.

Underlying macroeconomic factors: The overall economic stability in Canada has also played a role in the growth of the CBD market. With a relatively strong economy and high disposable income levels, Canadian consumers have the purchasing power to invest in premium CBD products. Additionally, the regulatory clarity and quality standards set by Health Canada have helped build trust among consumers, further fueling the market expansion.

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.