CBD Products - Czechia | Statista Market Forecast

Revenue in Czechia's CBD Products market is forecasted to reach US$33.91m by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.89%, leading to a market volume of US$37.25m by 2029.
When compared globally, the United States is expected to generate the most revenue (US$2.58bn in 2024).
In terms of per capita figures, US$25.58 in revenue is generated per person in 2024.
Czechia's CBD Products market shows a growing demand for innovative formulations, setting a trend for premium quality and diverse product offerings.

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

Customer preferences: Consumers in Czechia are increasingly turning to CBD products due to the growing awareness of their potential health benefits. Many customers are seeking natural and organic alternatives to traditional pharmaceutical products, driving the demand for CBD-infused items. The trend towards wellness and self-care is also influencing customer preferences, with many individuals incorporating CBD products into their daily routines.

Trends in the market: One of the key trends in the CBD Products market in Czechia is the diversification of product offerings. Companies are introducing a wide range of CBD products, including oils, topicals, edibles, and beverages, to cater to different consumer preferences. Another notable trend is the emphasis on quality and transparency, with customers prioritizing products that are lab-tested and certified. Additionally, partnerships between CBD brands and local retailers are on the rise, making these products more accessible to a wider audience.

Local special circumstances: Czechia has a relatively lenient stance towards CBD products compared to some other European countries. The legal framework allows for the sale and consumption of CBD items with low THC content, providing a favorable environment for businesses operating in this sector. This regulatory environment has contributed to the growth of the CBD Products market in Czechia, attracting both domestic and international companies to invest in the market.

Underlying macroeconomic factors: The overall economic stability and increasing disposable income in Czechia have also played a role in the development of the CBD Products market. As consumers have more purchasing power, they are willing to spend on premium CBD products that offer quality and efficacy. Moreover, the growing trend of online shopping has made it easier for customers to access a wide variety of CBD products, further fueling the market growth.

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.