CBD Products - Jamaica | Statista Market Forecast

Jamaica is expected to witness a significant growth in the revenue of CBD Products by 2024, with projections indicating a figure of US$1.84m.
The market is further anticipated to exhibit a Compound Annual Growth Rate (CAGR 2024-2029) of 0.89%, leading to a market volume of US$1.93m by 2029.
When compared globally, the United States is forecasted to dominate in revenue generation, reaching US$2.58bn in 2024.
On a per capita basis, the revenue generated per person in Jamaica is estimated to be US$23.88 in 2024.
Jamaica's CBD Products market is flourishing, with a surge in locally-sourced, high-quality offerings meeting growing domestic and international demand.

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

The CBD Products market in Jamaica has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Jamaica are increasingly gravitating towards CBD products due to a growing awareness of their potential health benefits and therapeutic properties. The shift towards natural and alternative remedies is driving the demand for CBD products in the country.

Trends in the market: One prominent trend in the Jamaican CBD market is the emergence of a variety of locally produced CBD products, including oils, topicals, and edibles. This trend is influenced by the country's rich history of cannabis cultivation and expertise in plant-based remedies. Additionally, the relaxation of regulations surrounding cannabis in Jamaica has created a conducive environment for the growth of the CBD industry.

Local special circumstances: Jamaica's unique cultural association with cannabis, particularly with the popularity of reggae music and Rastafarianism, has played a significant role in shaping attitudes towards CBD products in the country. This cultural acceptance has helped fuel the demand for CBD products and has positioned Jamaica as a hub for cannabis-related products in the Caribbean region.

Underlying macroeconomic factors: The Jamaican government's efforts to capitalize on the economic potential of the cannabis industry have led to a more favorable regulatory environment for CBD products. The legalization of medical cannabis and the promotion of cannabis tourism have created opportunities for local businesses to thrive in the CBD market. Additionally, Jamaica's strategic location and reputation as a tourist destination have positioned the country to attract international investment in the CBD industry.

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.