CBD Products - New Zealand | Statista Market Forecast

In New Zealand, revenue in the CBD Products market is forecasted to reach US$23.38m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -0.98%, leading to a market volume of US$22.26m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$2.58bn in 2024).
In terms of per person revenues in 2024, US$22.32 is generated relative to the total population figures.
New Zealand's CBD Products market is burgeoning with innovative brands and a growing consumer base seeking natural wellness solutions.

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 demand for CBD products in New Zealand has been steadily increasing in recent years, driven by various factors influencing consumer preferences and market trends.

Customer preferences: Consumers in New Zealand are increasingly turning to CBD products due to a growing awareness of their potential health benefits and therapeutic properties. There is a rising interest in natural remedies and alternative healthcare options, leading individuals to seek out CBD products as a holistic approach to wellness. Moreover, the shift towards wellness and self-care among consumers is also fueling the demand for CBD products in the market.

Trends in the market: One notable trend in the CBD products market in New Zealand is the diversification of product offerings. Companies are introducing a wide range of CBD-infused products, including oils, tinctures, topicals, edibles, and beverages, to cater to different consumer preferences and needs. This diversification is not only expanding the market but also attracting new customer segments looking to incorporate CBD into their daily routines.

Local special circumstances: New Zealand's unique regulatory environment plays a significant role in shaping the CBD products market. The country has specific regulations governing the sale and distribution of CBD products, which influences market dynamics and consumer behavior. Additionally, the cultural acceptance of natural and alternative remedies in New Zealand contributes to the growing popularity of CBD products among the population.

Underlying macroeconomic factors: The overall economic stability and disposable income levels in New Zealand also impact the CBD products market. As the economy grows and consumers have more purchasing power, they are willing to spend on premium CBD products for health and wellness purposes. Moreover, the increasing availability of CBD products through various retail channels and online platforms is making it more accessible to a broader audience, further driving market 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.