CBD Products - Thailand

Thailand

Thailand is expected to see a revenue projection of US$48.12m in the CBD Products market by 2024.
The market is anticipated to display an annual growth rate (CAGR 2024-2029) of -0.88%, leading to a market volume of US$46.05m by 2029.
When compared globally, the United States is forecasted to generate the highest revenue in 2024, amounting to US$2,575.00m.
In terms of per capita figures, in 2024, revenues of US$26.67 are generated per person.
Thailand's CBD products market is rapidly expanding, driven by changing regulations and growing consumer interest in alternative wellness solutions.

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

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Analyst Opinion

The CBD Products market in Thailand has been experiencing significant growth and development in recent years.

Customer preferences: Consumers in Thailand are increasingly turning to CBD products due to a growing awareness of their potential health benefits and therapeutic properties. The demand for natural and alternative remedies is on the rise, driving the popularity of CBD products among health-conscious individuals. Additionally, the trend towards wellness and self-care has further fueled the interest in CBD products in the country.

Trends in the market: One of the key trends in the CBD Products market in Thailand is the diversification of product offerings. From CBD oils and tinctures to skincare products and edibles, manufacturers are expanding their product lines to cater to a wider range of consumer preferences. This trend is driven by the desire to differentiate offerings in a competitive market and to appeal to different consumer segments with varying needs and preferences.

Local special circumstances: Thailand has a unique regulatory environment that has played a significant role in shaping the CBD Products market in the country. The government has made efforts to legalize and regulate the use of medical cannabis and CBD products, creating new opportunities for businesses in the market. This regulatory framework has provided a level of legitimacy to the industry and has helped to build consumer trust in CBD products.

Underlying macroeconomic factors: The overall economic stability and growth in Thailand have also contributed to the development of the CBD Products market. As disposable incomes rise and consumer spending power increases, more people are willing to invest in health and wellness products, including CBD. The growing middle class in Thailand is particularly interested in products that offer both health benefits and a sense of luxury, driving the demand for premium CBD products in the market.

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.