CBD Products - Southern Asia

Southern Asia

In Southern Asia, revenue in the CBD Products market is forecasted to reach US$401.60m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 0.34%, leading to a market volume of US$408.40m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$2,575.00m in 2024).
In terms of per person revenues in 2024, US$26.37 is generated in relation to the total population figures.
In Southern Asia, the demand for CBD products in the cannabis market is rapidly increasing among health-conscious consumers in *Country*.

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

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Analyst Opinion

The CBD Products market in Southern Asia is experiencing significant growth and development, driven by various factors influencing consumer preferences and market trends in the region.

Customer preferences: Customers in Southern Asia are showing a growing interest in CBD products due to increasing awareness about their potential health benefits and therapeutic properties. The shift towards natural and organic products, coupled with rising disposable incomes, is driving consumers to seek out CBD products as a holistic wellness solution.

Trends in the market: In countries like India and Sri Lanka, there is a rising trend of incorporating traditional medicinal herbs, including CBD, into daily wellness routines. Consumers are increasingly looking for CBD products that are locally sourced and culturally relevant, such as Ayurvedic formulations or herbal blends. This trend is shaping the market landscape in Southern Asia, with a focus on indigenous ingredients and traditional healing practices.

Local special circumstances: Southern Asia has a rich history of herbal medicine and natural remedies, which is influencing the demand for CBD products in the region. Local regulations and cultural attitudes towards cannabis and hemp products also play a significant role in shaping the market dynamics. For example, in countries like Pakistan and Bangladesh, where cannabis regulations are strict, the market for CBD products may face certain limitations compared to more liberal markets like Thailand or Malaysia.

Underlying macroeconomic factors: The economic growth and increasing urbanization in Southern Asia are contributing to the expansion of the CBD Products market. As more consumers move to urban areas and adopt modern lifestyles, there is a growing demand for wellness products that offer stress relief, relaxation, and overall well-being. This shift in consumer behavior, combined with the influence of traditional medicine practices, is driving the growth of the CBD market in Southern Asia.

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.