CBD Products - Norway | Statista Market Forecast

In Norway, revenue in the CBD Products market is forecasted to reach US$47.75m by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -4.21%, leading to a market volume of US$38.50m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$2.58bn in 2024).
In terms of per capita figures, in 2024, each individual contributes revenues of US$26.13.
In Norway, the increasing demand for CBD products in the cannabis market reflects a growing interest in alternative 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 CBD Products market in Norway has been experiencing significant growth in recent years.

Customer preferences: Consumers in Norway are increasingly seeking natural and organic products, leading to a growing demand for CBD products. The trend towards health and wellness, as well as a preference for alternative remedies, has also contributed to the popularity of CBD products in the country.

Trends in the market: One notable trend in the CBD Products market in Norway is the increasing availability of a wide range of CBD products, including oils, edibles, topicals, and more. This variety caters to different consumer preferences and usage needs. Moreover, the market is seeing a rise in online retailers and specialty stores dedicated to CBD products, providing convenient access to consumers.

Local special circumstances: Norway's strict regulations on the sale and use of CBD products have influenced the market dynamics. The country has specific requirements for THC content in CBD products, which has led to the emergence of a more regulated market. Additionally, the Norwegian consumer base is well-informed and values transparency and quality, prompting companies to focus on product quality and safety to gain consumer trust.

Underlying macroeconomic factors: The overall growing acceptance of CBD products in mainstream markets globally has had a spillover effect on the Norwegian market. As awareness about the potential health benefits of CBD increases, more consumers are willing to try these products. Additionally, the stable economic conditions in Norway have provided consumers with the purchasing power to invest in premium CBD products.

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.