CBD Products - South Korea

South Korea

South Korea is expected to see a projected revenue of US$159.10m in CBD Products by 2024.
The market is forecasted to show an annual growth rate (CAGR 2024-2029) of -1.26%, leading to a market volume of US$149.30m by 2029.
When compared globally, the United States will generate the most revenue, reaching US$2,575.00m in 2024.
In terms of per person revenues in 2024, in South Korea records US$24.68.
South Korea's growing interest in CBD products is driving a surge in demand for innovative cannabis-based wellness offerings in the market.

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

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Analyst Opinion

Amidst the rising popularity of CBD products globally, South Korea has seen a notable surge in the market demand for these products.

Customer preferences: South Korean consumers are increasingly leaning towards natural and holistic approaches to health and wellness, which has significantly driven the demand for CBD products. The shift towards a more health-conscious lifestyle and a growing awareness of the potential benefits of CBD has fueled this trend.

Trends in the market: One notable trend in the South Korean CBD market is the emphasis on beauty and skincare products infused with CBD. The beauty industry in South Korea is renowned for its innovation and emphasis on skincare, making CBD-infused beauty products a natural fit for the market. Additionally, there is a growing interest in CBD supplements and edibles among health-conscious individuals in the country.

Local special circumstances: South Korea has strict regulations surrounding CBD products, with specific requirements for THC content and product labeling. This regulatory environment has led to a market where consumers prioritize quality and safety when purchasing CBD products. As a result, reputable brands that adhere to these regulations tend to perform well in the South Korean market.

Underlying macroeconomic factors: The growing acceptance of CBD products in South Korea can also be attributed to the overall economic stability and increasing disposable income levels in the country. As consumers have more purchasing power, they are willing to invest in premium CBD products for both health and beauty purposes. Additionally, the presence of a well-established e-commerce infrastructure in South Korea has made it easier for consumers to access a wide range of CBD products, further driving 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.