CBD Products - Italy | Statista Market Forecast

Italy is projected to reach a revenue of US$212.70m in the CBD Products market by 2024.
The revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 0.50%, leading to a market volume of US$218.10m by 2029.
When compared globally, the United States is expected to generate the highest revenue of US$2.58bn in 2024.
In terms of per person revenues, US$22.88 are generated in 2024 based on total population figures.
Italy's CBD market is flourishing, with a surge in demand for premium CBD products reflecting a growing trend towards wellness and luxury consumption.

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

Italy has seen a significant growth in the CBD Products market, reflecting a global trend towards the acceptance and use of CBD-infused products.

Customer preferences: Consumers in Italy are increasingly turning to CBD products due to their perceived health and wellness benefits. The demand for natural remedies and alternative medicines has been on the rise, driving the popularity of CBD products in the country. Additionally, the growing trend of self-care and holistic wellness practices has further fueled the demand for CBD products among Italian consumers.

Trends in the market: One notable trend in the Italian CBD Products market is the diversification of product offerings. Companies are introducing a wide range of CBD-infused products, including oils, edibles, topicals, and beverages, to cater to the varying preferences of consumers. This diversification not only expands the market reach but also drives innovation and competition among brands.

Local special circumstances: Italy's regulatory environment plays a significant role in shaping the CBD Products market in the country. The Italian government has taken steps to regulate the production and sale of CBD products, ensuring quality and safety for consumers. This regulatory clarity has instilled confidence in both businesses and consumers, contributing to the growth of the market. Additionally, Italy's rich cultural history of herbal remedies and natural therapies has laid a strong foundation for the acceptance of CBD products in the market.

Underlying macroeconomic factors: The economic landscape in Italy, characterized by a growing middle class and increasing disposable income, has also influenced the CBD Products market. As consumers have more purchasing power, they are willing to spend on premium CBD products that offer quality and efficacy. Moreover, the shift towards e-commerce and online retail channels has made CBD products more accessible to a wider audience, driving market growth in Italy.

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.