CBD Products - Sri Lanka | Statista Market Forecast

In Sri Lanka, revenue in the CBD Products market is forecasted to reach US$6.37m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -3.49%, leading to a market volume of US$5.33m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$2.58bn in 2024).
In terms of per person revenues in 2024, US$24.94 is generated concerning the total population figures.
Sri Lanka's growing interest in CBD products reflects a shift towards wellness and alternative therapies in the country's evolving cannabis market.

Definition:
The CBD Products market encompasses products derived from the cannabis plant that contain Cannabidiol (CBD), a non-psychoactive compound. These products may include oils, tinctures, edibles, topicals, and capsules. They are typically sold in health food stores, pharmacies, online platforms, and specialty CBD stores. These products are consumed for wellness purposes, and depending on the product, can be ingested, applied topically, or inhaled.

Structure:
The CBD Products market includes products used for general wellness, relaxation, and stress relief. The CBD Products market includes various forms of CBD such as oils, edibles, topicals, and capsules.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C).

Cannabidiol (CBD) used for recreational purposes

CBD based medicine holding marketing authorisation
CBD based medicine not holding marketing authorisation

The CBD Products market in Sri Lanka is experiencing a significant growth trajectory driven by changing consumer preferences and evolving regulations in the country.

Customer preferences: Consumers in Sri Lanka are increasingly leaning towards natural and organic products, leading to a growing demand for CBD products. The shift towards holistic wellness and self-care practices is fueling the popularity of CBD-infused items among health-conscious individuals in the country.

Trends in the market: One notable trend in the Sri Lankan CBD market is the rising acceptance and awareness of the potential health benefits associated with CBD products. As more consumers seek alternative remedies for various health conditions, the demand for CBD oils, topicals, and supplements is on the rise. Additionally, the expanding retail presence of CBD products in Sri Lanka is making them more accessible to a wider audience.

Local special circumstances: Sri Lanka's unique cultural and geographical factors play a role in shaping the CBD market in the country. The traditional use of herbal remedies and Ayurvedic practices in Sri Lanka has laid a foundation for the acceptance of CBD products among the population. Moreover, the country's rich biodiversity and favorable climate for plant cultivation present opportunities for local production of high-quality CBD extracts.

Underlying macroeconomic factors: Economic factors such as increasing disposable income levels and a growing middle-class population in Sri Lanka are contributing to the growth of the CBD market. As consumers become more willing to spend on wellness products and prioritize health and wellness, the demand for CBD items is expected to continue its upward trajectory. Furthermore, regulatory developments and government initiatives supporting the cultivation and production of hemp for medicinal purposes are creating a conducive environment for the expansion of the CBD industry in Sri Lanka.

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.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.