CBD Products - Pakistan | Statista Market Forecast

Pakistan is projected to reach a revenue of US$28.77m in CBD Products by 2024.
The market is expected to show a Compound Annual Growth Rate (CAGR 2024-2029) of -6.01%, leading to a market volume of US$21.10m by 2029.
When compared globally, the United States will generate the highest revenue of US$2.58bn in 2024.
In terms of per person revenues in 2024, US$21.29 are generated relative to the total population.
Pakistan's growing acceptance of CBD products is shaping the country's emerging cannabis market landscape.

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 Pakistan has been steadily growing in recent years, reflecting a global trend towards the acceptance and use of CBD products for various purposes.

Customer preferences: Customers in Pakistan are increasingly turning to CBD products due to their perceived health and wellness benefits. The growing awareness about the potential therapeutic properties of CBD, coupled with an increasing interest in natural remedies, is driving the demand for these products in the country.

Trends in the market: One notable trend in the CBD Products market in Pakistan is the rising popularity of CBD-infused skincare and beauty products. Pakistani consumers are becoming more conscious of their skincare routines and are seeking out products that contain CBD for its anti-inflammatory and antioxidant properties. This trend is in line with the global shift towards natural and organic beauty products.

Local special circumstances: Pakistan has a rich tradition of herbal medicine and natural remedies, which has paved the way for the acceptance of CBD products in the country. The cultural familiarity with plant-based treatments has made it easier for CBD products to gain traction in the market. Additionally, the regulatory environment in Pakistan, which is relatively favorable towards CBD products, has also contributed to the growth of the market.

Underlying macroeconomic factors: The growing middle-class population in Pakistan, with increasing disposable income, has created a larger consumer base for CBD products. As more people are able to afford these products, the market is expanding rapidly. Furthermore, the overall economic stability in the country has provided a conducive environment for businesses to operate and innovate in the CBD industry.

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.