Key regions: Netherlands, Spain, United States, Europe, Australia
The demand for CBD products in Southeast Asia has been steadily increasing in recent years, driven by changing consumer preferences and evolving regulations in the region.
Customer preferences: Consumers in Southeast Asia are showing a growing interest in natural and alternative health and wellness products, leading to a rise in demand for CBD products. The shift towards holistic wellness and self-care practices is influencing customers to seek out CBD-infused items for their potential therapeutic benefits.
Trends in the market: In countries like Thailand and Malaysia, there has been a noticeable trend towards incorporating traditional herbs and remedies, including CBD, into daily wellness routines. Thailand, for instance, has legalized medical cannabis and is exploring the potential of CBD products in both the medical and wellness sectors. This trend is further supported by an increasing number of beauty and skincare brands in the region incorporating CBD into their products due to its perceived anti-inflammatory and antioxidant properties.
Local special circumstances: In Singapore, where regulations around CBD products are stricter compared to other Southeast Asian countries, there is a growing market for CBD-infused cosmetics and skincare products. These items are gaining popularity among consumers looking for premium beauty products with added wellness benefits. The market in Singapore is also seeing a rise in CBD-infused food and beverages, catering to health-conscious individuals seeking functional ingredients in their consumables.
Underlying macroeconomic factors: The economic growth and rising disposable incomes in Southeast Asia are playing a significant role in the increasing demand for CBD products. As more consumers have the purchasing power to invest in health and wellness products, the market for CBD items is expected to continue its growth trajectory in the region. Additionally, the changing regulatory landscape around cannabis and CBD in countries like Thailand is creating new opportunities for businesses to enter the market and offer a diverse range of CBD products to meet consumer needs.
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.
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