CBD Products - Portugal

Portugal

Portugal is expected to see a projected revenue of US$27.06m in the CBD Products market by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 0.74%, leading to a market volume of US$28.07m by 2029.
When compared globally, the United States is set to generate the highest revenue at US$2,575.00m in 2024.
In terms of per person revenues in 2024, US$21.34 is generated concerning the total population figures.
Portugal's growing CBD Products market showcases a shift towards wellness, with a focus on quality and innovation in the Cannabis industry.

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

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Analyst Opinion

Portugal has seen a significant growth in the CBD Products market in recent years, reflecting a global trend towards the acceptance and consumption of CBD-infused products.

Customer preferences: Consumers in Portugal are increasingly seeking natural and holistic alternatives for health and wellness, which has propelled the demand for CBD products. The shift towards more organic and plant-based remedies is driving individuals to explore the benefits of CBD across various product categories.

Trends in the market: One notable trend in the Portuguese CBD market is the diversification of product offerings. From CBD oils and tinctures to edibles, skincare products, and even pet supplements, manufacturers are catering to a wide range of preferences and needs. This diversification is not only expanding the consumer base but also driving innovation and competition among brands.

Local special circumstances: Portugal's unique regulatory environment has played a crucial role in shaping the CBD market. The country has embraced a progressive stance towards cannabis legalization, allowing for the cultivation of industrial hemp with low THC levels. This regulatory framework has created a favorable landscape for the production and sale of CBD products, attracting both domestic and international players to the market.

Underlying macroeconomic factors: The economic landscape in Portugal, characterized by steady growth and increasing disposable income, has contributed to the rising popularity of CBD products. As consumers have more purchasing power, they are willing to invest in premium CBD products that offer quality and efficacy. Additionally, the growing tourism industry in Portugal has exposed a wider audience to CBD products, further fueling 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.