CBD Products - Lithuania | Statista Market Forecast

In Lithuania, revenue in the CBD Products market is forecasted to reach US$7.92m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.41%, leading to a market volume of US$8.50m by 2029.
When looking at global comparisons, the United States is expected to generate the most revenue (US$2.58bn in 2024).
In terms of per person revenues in 2024, US$24.13 are generated in relation to the total population figures.
In Lithuania, the growing acceptance of CBD products in the cannabis market is fueling a surge in demand for innovative derivatives.

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

In Lithuania, the CBD Products market is experiencing significant growth and development.

Customer preferences: Customers in Lithuania are increasingly turning to CBD products due to a growing awareness of their potential health benefits and therapeutic properties. The demand for natural and organic products is on the rise, with consumers showing a preference for CBD-infused items over traditional alternatives.

Trends in the market: One notable trend in the Lithuanian CBD market is the expanding variety of products available. From oils and tinctures to edibles and skincare products, consumers have a wide range of options to choose from. Additionally, there is a growing interest in locally sourced CBD products, driving the demand for domestic manufacturers.

Local special circumstances: Lithuania's regulatory environment plays a crucial role in shaping the CBD market. The country has taken steps to legalize the use of CBD products with low THC content, creating opportunities for businesses to enter the market. This regulatory clarity has helped build consumer trust and confidence in CBD products.

Underlying macroeconomic factors: The overall economic stability and increasing disposable income in Lithuania have contributed to the growth of the CBD market. As consumers become more health-conscious and willing to invest in wellness products, the demand for CBD items is expected to continue rising. Additionally, the country's strategic location within the European Union allows for easy access to a larger market, further fueling the expansion of the CBD industry in Lithuania.

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.