CBD Products - Nordics

Nordics

Revenue in the CBD Products market in the Nordics is forecasted to reach US$117.30m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -1.69%, leading to a market volume of US$107.70m 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 capita figures, US$24.98 in revenue is generated per person in 2024.
In the Nordics, the CBD Products market is experiencing a surge in demand driven by a growing interest in holistic health and wellness practices.

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

Market

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Currency

Analyst Opinion

The CBD Products market in Nordics has been experiencing significant growth in recent years.

Customer preferences: Consumers in the Nordics are increasingly seeking natural and organic products, which has led to a growing demand for CBD Products. Additionally, there is a rising awareness about the potential health benefits of CBD, driving more people to incorporate these products into their wellness routines.

Trends in the market: In Sweden, there has been a surge in the popularity of CBD skincare products, with consumers looking for natural solutions to enhance their skincare routines. Denmark has seen a trend towards CBD-infused food and beverages, as people are becoming more interested in incorporating CBD into their daily diets. Norway, on the other hand, has witnessed a rise in the demand for CBD oils and tinctures, with consumers using these products for various health and wellness purposes.

Local special circumstances: One of the unique aspects of the CBD Products market in the Nordics is the strict regulations surrounding CBD products. Each country has its own set of rules and restrictions, making it challenging for companies to navigate the market. However, this has also led to a sense of trust among consumers, knowing that the products they are purchasing meet high-quality standards.

Underlying macroeconomic factors: The growing acceptance of CBD products in the Nordics can be attributed to the overall shift towards health and wellness products in the region. With a focus on holistic well-being, consumers are turning to CBD as a natural remedy for a variety of ailments. Additionally, the strong economy in the Nordics has provided consumers with the disposable income to invest in premium CBD products, further driving the market growth.

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.