CBD Products - Estonia | Statista Market Forecast

Estonia's revenue in the CBD Products market is projected to reach US$4.11m in 2024.
The revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.84%, resulting in a market volume of US$4.28m by 2029.
In global comparison, most revenue will be generated the United States (US$2.58bn in 2024).
In relation to Estonia's total population figures, per person revenues of US$25.65 are generated in 2024.
Estonia sees a rising demand for CBD products in the cannabis market, reflecting a growing acceptance of alternative wellness solutions.

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

Customer preferences: Customers in Estonia are increasingly drawn to CBD products due to their perceived health and wellness benefits. The growing trend towards natural and organic products has also contributed to the rising demand for CBD products in the country.

Trends in the market: One notable trend in the CBD Products market in Estonia is the increasing availability of a wide range of CBD products, including oils, topicals, edibles, and beverages. This diverse product offering caters to different consumer preferences and lifestyles, driving overall market growth.

Local special circumstances: Estonia's relatively progressive stance on cannabis regulation has created a favorable environment for the CBD industry to thrive. The country's supportive regulatory framework and increasing awareness about the potential therapeutic properties of CBD have encouraged market players to expand their product offerings and invest in the local market.

Underlying macroeconomic factors: The overall economic stability and increasing disposable income in Estonia have also played a role in the growth of the CBD Products market. As consumers have more purchasing power, they are willing to explore and invest in products that promote their health and well-being, further fueling the demand for CBD products in the country.

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.