CBD Products - Israel | Statista Market Forecast

The revenue in the CBD Products market of Israel is forecasted to reach US$47.55m by 2024.
It is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -2.17%, leading to a market volume of US$42.60m 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$24.70 are generated based on the total population figures.
Israel's growing acceptance of CBD products is reflected in the increasing number of local companies entering the market.

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, Israel has seen a significant rise in the popularity and availability of CBD products.

Customer preferences: Customers in Israel are increasingly turning to CBD products due to a growing awareness of their potential health benefits and therapeutic properties. Many consumers are seeking natural alternatives for managing various health conditions, leading to a surge in demand for CBD products. Additionally, the trend towards health and wellness lifestyles has influenced consumers to incorporate CBD into their daily routines.

Trends in the market: One notable trend in the CBD products market in Israel is the diversification of product offerings. Initially dominated by CBD oils, the market has expanded to include a wide range of products such as edibles, topicals, and beverages. This diversification caters to different consumer preferences and provides options for those looking to explore CBD in various forms. Another emerging trend is the focus on premium and organic CBD products, reflecting a shift towards quality and transparency in the market.

Local special circumstances: Israel stands out in the CBD products market due to its advanced research and development capabilities in the cannabis sector. The country has been at the forefront of cannabis research for medical purposes, creating a favorable environment for CBD product innovation. This expertise has not only contributed to the quality of CBD products available in the market but has also enhanced consumer trust in the industry. Additionally, Israel's relatively progressive regulations surrounding cannabis have paved the way for the growth of the CBD market.

Underlying macroeconomic factors: The increasing acceptance and legalization of cannabis for medical and research purposes in Israel have played a significant role in shaping the CBD products market. As regulations become more favorable towards cannabis-derived products, businesses have been able to expand their operations and product offerings. Moreover, the growing investment in the cannabis industry in Israel has bolstered the development of the CBD market, attracting both domestic and international players looking to capitalize on the growing demand 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.