CBD Products - Japan | Statista Market Forecast

Japan is expected to see revenue in the CBD Products reach US$365.60m by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -1.86%, leading to a market volume of US$332.90m by 2029.
When compared globally, the United States is forecasted to generate the highest revenue (US$2.58bn in 2024).
In terms of per person revenues in 2024, US$21.21 is generated relative to the total population figures.
Japan's growing interest in CBD products reflects a shift towards embracing alternative wellness solutions in the cannabis 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

Amidst the growing popularity of CBD products globally, Japan has seen a significant rise in interest and consumption of such products in recent years.

Customer preferences: Consumers in Japan are increasingly gravitating towards CBD products due to their perceived health benefits and natural properties. The trend towards wellness and self-care has fueled the demand for CBD-infused products, ranging from skincare items to supplements. Japanese consumers are known for their meticulous attention to detail and high standards for quality, making them receptive to the premium nature of many CBD products.

Trends in the market: One notable trend in the Japanese CBD market is the emphasis on innovation and product diversity. Companies are introducing unique formulations and delivery methods to cater to the discerning Japanese consumer. From CBD matcha teas to infused cosmetics, the market is witnessing a wave of creativity to stand out in a competitive landscape. Additionally, collaborations between Japanese and international brands are becoming more common, bringing a fusion of traditional Japanese practices with modern CBD trends.

Local special circumstances: Japan's strict regulations on THC, the psychoactive component of cannabis, have shaped the CBD market in unique ways. With THC content limited to 0. 3%, companies have focused on isolates or broad-spectrum CBD products to comply with the law while still offering the benefits of cannabidiol. This regulatory framework has led to a market dominated by THC-free products, appealing to consumers cautious about the legal implications of cannabis-related products.

Underlying macroeconomic factors: The economic landscape in Japan, characterized by a strong emphasis on health and wellness, has provided a fertile ground for the growth of the CBD market. As the population ages and health awareness increases, the demand for natural remedies and holistic approaches has surged. Moreover, the gradual acceptance of CBD products in mainstream retail channels has expanded the reach of these items beyond niche stores, making them more accessible to a wider audience. The combination of changing consumer preferences, regulatory environment, and economic factors is propelling the CBD market in Japan towards continued expansion and diversification.

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.