CBD Products - Southern Africa

Southern Africa

Revenue in the CBD Products market in Southern Africa is forecasted to reach US$33.37m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -4.37%, leading to a market volume of US$26.69m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$2,575.00m in 2024).
Calculated based on the total population figures, per person revenues of US$21.85 are generated in 2024.
Amidst regulatory changes, South Africa's CBD market is seeing a surge in innovative product offerings and increased consumer interest.

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

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Analyst Opinion

The demand for CBD products in Southern Africa has been steadily increasing in recent years, driven by various factors that are shaping the market in the region.

Customer preferences: Customers in Southern Africa are increasingly seeking natural and holistic remedies for health and wellness, leading to a growing interest in CBD products. The shift towards organic and plant-based products is influencing consumer preferences in the region, with many individuals opting for CBD products as a natural alternative to traditional pharmaceuticals.

Trends in the market: In South Africa, the legalization of CBD products for personal and medicinal use has significantly boosted the market. The country has seen a rise in CBD-infused products across various industries, including cosmetics, food and beverages, and pharmaceuticals. This trend is driven by changing regulations and increasing awareness of the potential health benefits of CBD.

Local special circumstances: In countries like Zimbabwe and Zambia, where traditional medicine plays a significant role in healthcare, there is a growing acceptance of CBD products as a complementary treatment option. The cultural familiarity with herbal remedies in these regions has contributed to the adoption of CBD products among consumers.

Underlying macroeconomic factors: Economic growth and increasing disposable income in Southern Africa are also fueling the demand for CBD products. As more consumers have the financial means to prioritize health and wellness, the market for CBD products is expected to continue expanding in the region. Additionally, the growing trend of wellness tourism in countries like South Africa is driving the demand for CBD-infused spa treatments and wellness products.

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.