CBD Products - Ghana | Statista Market Forecast

In Ghana, revenue in the CBD Products market is forecasted to reach US$7.33m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -0.14%, leading to a market volume of US$7.28m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$2.58bn in 2024).
In terms of per person revenues in 2024, US$23.78 are generated concerning the total population.
Ghana's CBD market is burgeoning, with a rise in local demand for innovative CBD products and a growing acceptance of cannabis-related offerings.

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, Ghana has seen a growing interest in CBD products, reflecting a global trend towards the acceptance and legalization of such products.

Customer preferences: Ghanaians are increasingly turning to CBD products due to their perceived health and wellness benefits. Consumers are becoming more health-conscious and are seeking natural remedies for various ailments, which has driven the demand for CBD products in the country.

Trends in the market: One noticeable trend in the CBD products market in Ghana is the diversification of product offerings. Local companies are expanding their product lines to include a wider range of CBD-infused products, catering to different consumer preferences and needs. Additionally, there is a growing emphasis on quality and transparency in the market, with consumers becoming more discerning about the source and composition of the CBD products they purchase.

Local special circumstances: Ghana's favorable climate for agriculture presents a unique opportunity for the local production of hemp, the primary source of CBD. This has led to a burgeoning hemp industry in the country, with local farmers increasingly turning to hemp cultivation for its economic potential. The government's support for the hemp industry through policies and regulations has also contributed to the growth of the CBD products market in Ghana.

Underlying macroeconomic factors: The growing middle class in Ghana, coupled with increasing disposable incomes, has contributed to the rising demand for CBD products in the country. As more Ghanaians are able to afford these products, the market is expected to continue expanding. Additionally, the government's efforts to position Ghana as a hub for CBD production in the region have attracted investments and further fueled the growth of the market.

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.