CBD Products - Ireland | Statista Market Forecast

In Ireland, revenue in the CBD Products market is forecasted to reach US$58.02m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 0.92%, leading to a market volume of US$60.74m 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$30.61 are generated relative to total population figures.
Ireland's CBD Products market is booming, with a surge in innovative offerings and growing consumer interest in cannabis-derived wellness 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

Amid the growing popularity of CBD products globally, Ireland has witnessed a notable surge in the CBD market in recent years.

Customer preferences: Consumers in Ireland are increasingly gravitating towards CBD products due to their perceived health and wellness benefits. The rising awareness about the potential therapeutic properties of CBD, coupled with a growing interest in natural remedies, has driven the demand for a wide range of CBD products in the market.

Trends in the market: One significant trend in the CBD market in Ireland is the diversification of product offerings. From CBD oils and tinctures to edibles, topicals, and even pet products, manufacturers and retailers are expanding their product lines to cater to the evolving preferences of consumers. This trend reflects a broader shift towards holistic health and self-care practices among Irish consumers.

Local special circumstances: Ireland's regulatory environment plays a crucial role in shaping the CBD market in the country. The legal status of CBD products, including restrictions on THC content and labeling requirements, influences product availability and consumer trust. Moreover, the presence of specialized CBD shops and wellness stores in urban centers highlights the growing mainstream acceptance of CBD in Ireland.

Underlying macroeconomic factors: Economic factors such as disposable income levels and consumer spending habits also impact the CBD market in Ireland. As the economy continues to grow, consumers are more willing to invest in premium CBD products that offer quality and efficacy. Additionally, the competitive pricing strategies adopted by market players contribute to market growth by making CBD products more accessible to a wider consumer base.

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.