CBD Products - Morocco

Morocco

In Morocco, revenue in the CBD Products market is forecasted to reach US$14.67m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.35%, leading to a market volume of US$15.69m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$2,575.00m in 2024).
In terms of per person revenues in 2024, US$24.46 are generated relative to the total population figures.
Morocco is witnessing a growing demand for CBD products, reflecting shifting attitudes towards cannabis-derived wellness solutions in the market.

Key regions: Netherlands, Spain, United States, Europe, Australia

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Analyst Opinion

The CBD Products market in Morocco is experiencing a significant growth trajectory driven by evolving customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Consumers in Morocco are increasingly turning towards CBD products due to their perceived health and wellness benefits. The rising awareness about the potential therapeutic properties of CBD, coupled with a growing interest in natural remedies, is fueling the demand for these products. Additionally, the shift towards more sustainable and eco-friendly options is also influencing consumer choices in the CBD market.

Trends in the market: One of the notable trends in the CBD Products market in Morocco is the diversification of product offerings. Companies are introducing a wide range of CBD products such as oils, topicals, edibles, and beverages to cater to different consumer preferences. Moreover, there is a growing emphasis on product innovation and quality to meet the evolving needs of the market. The increasing acceptance of CBD products in mainstream retail channels is also a key trend driving market growth.

Local special circumstances: Morocco's unique geographical location and climate provide ideal conditions for cultivating cannabis, the source of CBD. The country has a long history of cannabis cultivation, and the legalization of medical cannabis in 2016 has further boosted the CBD industry. The traditional use of cannabis in Moroccan culture also contributes to a more accepting attitude towards CBD products among the population.

Underlying macroeconomic factors: The economic landscape in Morocco, characterized by a growing middle class and increasing disposable income, plays a significant role in the development of the CBD Products market. As consumers have more purchasing power, they are willing to invest in premium CBD products for health and wellness purposes. Furthermore, the government's initiatives to regulate the CBD industry and promote domestic production are creating a conducive environment for market expansion.

Methodology

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.