CBD Products - Europe | Statista Market Forecast

The revenue in the CBD Products market in Europe is forecasted to reach US$2.28bn by 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 0.83%, leading to a market volume of US$2.38bn by 2029.
When compared globally, the United States is anticipated to generate the highest revenue (US$2.58bn in 2024).
In terms of per person revenues in 2024, US$22.62 are generated in Europe relative to the total population figures.
Germany's CBD market in Europe is experiencing exponential growth, driven by increasing consumer awareness and demand for a wide range of CBD products.

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

Over the past few years, the CBD Products market in Europe has been experiencing significant growth and development.

Customer preferences: Customers in Europe are increasingly seeking natural and organic products, leading to a rise in demand for CBD Products. The preference for wellness and self-care products has also contributed to the popularity of CBD across the region.

Trends in the market: In countries like Germany and the UK, there has been a surge in the number of CBD retailers and online stores, offering a wide range of products to cater to different consumer needs. Italy and Switzerland have seen a growing trend of incorporating CBD into beauty and skincare products. France, on the other hand, is focusing on CBD-infused food and beverages.

Local special circumstances: In the United Kingdom, the Food Standards Agency has set a deadline for CBD companies to submit valid novel food authorization applications, which has led to some uncertainty in the market. In Switzerland, the regulations around CBD products are relatively more lenient compared to other European countries, allowing for a diverse range of products to be available to consumers.

Underlying macroeconomic factors: The increasing awareness and acceptance of CBD for its potential health benefits have played a significant role in driving the market growth in Europe. Additionally, the relaxation of regulations in some countries has created opportunities for businesses to innovate and expand their product offerings. Economic stability and disposable income levels in the region have also contributed to the growing consumer base for CBD products.

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.