CBD Products - Eastern Africa

Eastern Africa

In Eastern Africa, revenue in the CBD Products market is forecasted to reach US$13.40m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -0.56%, leading to a market volume of US$13.03m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$2,575.00m in 2024).
In terms of per person revenues in 2024, US$24.92 are generated relative to the total population figures.
Amidst a growing interest in CBD products, Kenya's cannabis market is witnessing a surge in demand for innovative, locally sourced offerings.

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

Market

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Region comparison

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Analyst Opinion

The CBD Products market in Eastern Africa is experiencing significant growth and development, driven by various factors influencing consumer preferences and market trends in the region.

Customer preferences: Customers in Eastern Africa are increasingly seeking natural and organic products, leading to a rising demand for CBD Products. The shift towards health and wellness lifestyles is fueling the popularity of CBD-infused items among consumers in the region.

Trends in the market: In Kenya, there is a growing trend of incorporating CBD into skincare products due to its anti-inflammatory and antioxidant properties. This trend is driven by the rising awareness of skincare routines and the benefits of CBD in addressing skin issues.

Local special circumstances: In Ethiopia, the traditional use of herbs and natural remedies has paved the way for the acceptance of CBD Products in the market. The cultural inclination towards holistic healing practices has created a favorable environment for the growth of the CBD industry in the country.

Underlying macroeconomic factors: The increasing disposable income levels in countries like Tanzania are contributing to the growth of the CBD market. As consumers have more purchasing power, they are willing to invest in premium CBD products, driving the market expansion 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.