CBD Products - CIS

Revenue in the CBD Products sector in the CIS country is forecasted to reach US$90.19m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2028) of 17.85%, leading to a market volume of US$174.00m by 2028.
When compared globally, the United States is expected to generate the highest revenue (US$2,575.00m in 2024).
In terms of per capita figures, US$0.63 in revenue is generated per person in 2024.
The CIS region is experiencing a growing demand for CBD derivatives in the Cannabis market, signaling a shift towards alternative wellness products.

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

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Analyst Opinion

The CBD Products market in CIS is experiencing a surge in demand and growth, driven by various factors influencing consumer preferences and market trends.

Customer preferences: Consumers in the CIS region are increasingly turning to CBD products due to the growing awareness of their potential health benefits and therapeutic properties. The shift towards natural and organic remedies is a key driver for the rising popularity of CBD products among the health-conscious population in the region.

Trends in the market: One notable trend in the CIS CBD market is the increasing availability of a wide range of CBD products, including oils, tinctures, edibles, and skincare items. This diverse product offering caters to different consumer preferences and usage requirements, contributing to the overall market expansion. Additionally, the online retail sector is playing a significant role in driving sales growth, providing consumers with convenient access to a variety of CBD products.

Local special circumstances: In the CIS region, the regulatory landscape surrounding CBD products varies across countries, impacting market dynamics. Some countries have embraced the legalization of CBD products, leading to a more competitive market environment with a proliferation of brands and products. On the other hand, certain countries have stricter regulations, limiting the availability of CBD products and affecting market growth to some extent.

Underlying macroeconomic factors: Economic factors such as increasing disposable income levels and changing consumer lifestyles are influencing the growth of the CBD market in the CIS region. As disposable incomes rise, consumers are more willing to spend on health and wellness products, including CBD items. Moreover, shifting cultural attitudes towards holistic well-being and alternative medicine are shaping the demand for CBD products in the region.

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.