CBD Products - G20

The G20 country is expected to reach a revenue of US$6.44bn in the CBD Products market by 2024.
This revenue is projected to experience a compound annual growth rate (CAGR 2024-2029) of 0.12%, leading to a market volume of US$6.48bn by 2029.
When compared globally, the United States is anticipated to generate the highest revenue, amounting to US$2,575.00m in 2024.
In terms of per capita figures, the revenue generated per person is US$20.78 in 2024.
In the US, CBD products are gaining popularity and driving innovation in the cannabis market within the G20 countries.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The CBD Products market in G20 countries is experiencing a significant surge in demand and growth, driven by various factors influencing consumer behavior and market dynamics.

Customer preferences: Consumers in G20 countries are increasingly turning to CBD products due to the growing awareness of their potential health benefits and therapeutic properties. The shift towards natural and organic remedies, coupled with the rising interest in holistic wellness, is driving the demand for CBD products across the region.

Trends in the market: In the United States, the largest market for CBD products in the G20, the market is witnessing a proliferation of CBD-infused products across various categories such as skincare, beverages, and pet care. The legalization of hemp-derived CBD at the federal level has opened up opportunities for product innovation and market expansion.

Local special circumstances: In countries like Germany and the United Kingdom, strict regulations govern the sale and marketing of CBD products, leading to a more controlled market environment. Despite regulatory challenges, these countries have seen a growing acceptance of CBD products among consumers, especially in the wellness and beauty sectors.

Underlying macroeconomic factors: The economic stability and disposable income levels in G20 countries play a crucial role in shaping the CBD market. As disposable incomes rise, consumers are more willing to spend on premium CBD products, driving market growth. Additionally, the presence of established retail channels and e-commerce infrastructure in these countries facilitates the distribution and accessibility of CBD products to a wider consumer base.

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.