CBD Products - Eastern Africa | Statista Market Forecast

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 -0.55%, 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$2.58bn 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.

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 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.

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.