CBD Products - Switzerland | Statista Market Forecast

In Switzerland, revenue in the CBD Products market is forecasted to reach US$89.21m by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 0.95%, leading to a market volume of US$93.55m by 2029.
When considering global comparisons, the United States is expected to generate the highest revenue (US$2.58bn in 2024).
In terms of per capita figures, revenues of US$23.12 are generated per person in 2024.
Switzerland's CBD Products market is flourishing due to its reputation for high-quality standards and innovation in the Cannabis industry.

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

Switzerland has seen a remarkable surge in the CBD Products market, reflecting a global trend towards the acceptance and integration of CBD products into mainstream consumer goods.

Customer preferences: Consumers in Switzerland are increasingly drawn to CBD products due to their perceived health and wellness benefits. The shift towards natural and organic remedies has driven demand for CBD-infused products across various categories, including skincare, supplements, and food and beverages.

Trends in the market: One notable trend in the Swiss CBD market is the growing popularity of premium and luxury CBD products. Swiss consumers are willing to invest in high-quality CBD items, leading to an emergence of luxury CBD brands offering exclusive and sophisticated products. Additionally, there is a rising interest in innovative CBD delivery methods, such as nanoencapsulation and water-soluble formulations, catering to the demand for fast-acting and bioavailable products.

Local special circumstances: Switzerland's unique position as a hub for cannabis research and innovation has significantly influenced the development of the CBD market in the country. With a long-standing tradition of hemp cultivation and a progressive regulatory environment, Switzerland has become a key player in the European CBD industry. The country's reputation for quality and precision in CBD production has further bolstered consumer trust and confidence in Swiss CBD products.

Underlying macroeconomic factors: The stable economic conditions in Switzerland have provided a conducive environment for the growth of the CBD market. High disposable incomes and a strong purchasing power among Swiss consumers have supported the premiumization of CBD products in the market. Moreover, the country's well-established infrastructure and efficient logistics network have facilitated the distribution of CBD products both domestically and internationally, contributing to the market's expansion.

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.