CBD Products - Lebanon | Statista Market Forecast

Lebanon is expected to witness a significant increase in revenue within the CBD Products market, with projections indicating a figure of US$2.09m by 2024.
The sector is poised for steady growth, with an estimated Compound Annual Growth Rate (CAGR 2024-2029) of -1.10%, leading to a market volume of US$1.98m by 2029.
When compared on a global scale, the United States is anticipated to dominate in revenue generation, with a substantial amount of US$2.58bn forecasted for 2024.
In terms of per capita income, in Lebanon is set to generate revenues of US$18.77 per person in 2024.
Lebanon's growing interest in CBD products reflects a shifting consumer mindset towards 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

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

Customer preferences: Customers in Lebanon are increasingly turning to CBD products due to their perceived health and wellness benefits. The growing trend towards natural and alternative remedies has fueled the demand for CBD products among health-conscious consumers in the country.

Trends in the market: One of the key trends in the CBD Products market in Lebanon is the expanding product variety and availability. Local retailers and online stores are offering a wide range of CBD products, including oils, tinctures, edibles, and skincare items, to cater to the diverse preferences of consumers. This trend reflects the global shift towards mainstream acceptance and usage of CBD products.

Local special circumstances: Lebanon's unique geographical location and climate provide ideal conditions for cultivating cannabis plants, including those with high CBD content. This has led to a burgeoning local industry focused on the production of CBD extracts and products. Additionally, Lebanon has a long history of cannabis cultivation for medicinal and industrial purposes, which has laid the foundation for the current market growth in CBD products.

Underlying macroeconomic factors: The economic challenges facing Lebanon, including high inflation and currency devaluation, have also played a role in driving the demand for CBD products. As consumers seek affordable healthcare alternatives and ways to alleviate stress and anxiety, CBD products have emerged as a relatively accessible and cost-effective option. The uncertain economic environment has further incentivized local entrepreneurs to invest in the CBD industry as a potential source of revenue and growth.

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.