CBD Products - Eastern Asia

Eastern Asia

Revenue in Eastern Asia's CBD Products market is forecasted to reach US$0.52bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -1.59%, leading to a market volume of US$0.48bn by 2029.
When compared globally, the United States will generate the highest revenue (US$2,575.00m in 2024).
In terms of per person revenues in 2024, US$22.15 are generated concerning the total population figures.
In Eastern Asia, Japan's increasing interest in CBD products reflects a growing acceptance of alternative wellness solutions in the cannabis market.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The demand for CBD products in Eastern Asia has been steadily increasing in recent years, driven by changing consumer preferences and evolving regulations in the region.

Customer preferences: Consumers in Eastern Asia are showing a growing interest in natural and alternative health and wellness products, leading to a rise in the popularity of CBD products. The shift towards holistic approaches to health, including the use of CBD for its potential therapeutic benefits, has contributed to the increasing demand for these products in the region.

Trends in the market: In Japan, there has been a notable trend towards the use of CBD products in skincare and beauty applications. Japanese consumers are known for their focus on skincare and beauty routines, and the incorporation of CBD into these products has gained traction due to its perceived anti-inflammatory and antioxidant properties. This trend is driving the growth of CBD-infused skincare products in the Japanese market.

Local special circumstances: In South Korea, the market for CBD products is influenced by the country's strict regulations surrounding cannabis. While CBD derived from hemp is legal in South Korea, products containing THC are prohibited. This has led to a market focused on THC-free CBD products, catering to consumers seeking the potential health benefits of CBD without the psychoactive effects of THC. The emphasis on THC-free products sets the South Korean market apart from others in the region.

Underlying macroeconomic factors: The economic development and increasing disposable income in countries like China have contributed to the growth of the CBD market in Eastern Asia. As consumers in the region become more affluent, they are willing to spend on premium health and wellness products, including CBD. This economic factor, coupled with the changing regulatory landscape and shifting consumer preferences, is driving the expansion of the CBD market in Eastern Asia.

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.