CBD Products - GCC

The revenue in the 0 market in the GCC is forecasted to reach 0.00 in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-0.00) of [globalrevenue_currentlayer_yeartoday_currentcountryvalue], leading to a market volume of 0.00 by [globalrevenue_currentlayer_yeartoday_currentcountryvalue].
When compared globally, the majority of revenue will originate from 0 ([globalrevenue_currentlayer_yeartoday_maxcountrynameprep] in 2024).
Concerning total population statistics, per person revenues of 0.00 are projected to be generated in 2024.
The GCC region is witnessing a growing demand for CBD products, reflecting a shift towards embracing 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 the GCC region is on the rise due to changing consumer preferences and increasing awareness about the potential health benefits of these products.

Customer preferences: Consumers in the GCC are increasingly seeking natural and holistic remedies for various health issues, leading to a growing preference for CBD products. The shift towards wellness and self-care trends globally has also influenced customers in the region to explore CBD-infused products for their therapeutic properties.

Trends in the market: In the GCC, there is a noticeable trend towards incorporating CBD products into skincare and beauty routines. Beauty-conscious consumers are drawn to the anti-inflammatory and antioxidant properties of CBD, making it a popular ingredient in skincare products. Additionally, the relaxation and stress-relief benefits of CBD are driving the demand for CBD-infused wellness products such as oils, tinctures, and edibles in the region.

Local special circumstances: The GCC region has unique regulations and cultural considerations that impact the CBD market. While some countries in the region have legalized the use of CBD for medicinal purposes, there are still restrictions on the sale and consumption of CBD products in certain GCC countries. This regulatory landscape influences the availability and accessibility of CBD products, shaping the market dynamics in the region.

Underlying macroeconomic factors: The economic stability and increasing disposable income in the GCC countries play a significant role in the growth of the CBD market. As consumers become more willing to invest in health and wellness products, the demand for CBD products is expected to continue rising. Moreover, the strategic location of the GCC as a hub for trade and commerce facilitates the import and distribution of CBD products, contributing to market expansion.

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.