CBD Products - Western Africa

Western Africa

In Western Africa, revenue in the CBD Products market is forecasted to reach US$7.33m by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -0.14%, leading to a market volume of US$7.28m 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$23.78 are generated relative to the total population figures.
In Western Africa, the demand for CBD products in the cannabis market is rapidly growing due to changing perceptions and increasing health-conscious consumer preferences.

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

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Analyst Opinion

The CBD Products market in Western Africa is experiencing a significant growth trajectory driven by various factors.

Customer preferences: Customers in Western Africa are increasingly turning to CBD products due to the growing awareness of their potential health benefits. The shift towards natural and organic remedies is a key driver of the rising demand for CBD products in the region.

Trends in the market: In Nigeria, for example, there has been a notable increase in the number of CBD retailers and online stores catering to the local market. This trend is fueled by the relaxation of regulations surrounding CBD products and a growing acceptance of their therapeutic properties among consumers.

Local special circumstances: One of the unique aspects of the CBD market in Western Africa is the rich cultural history of using plant-based remedies for various ailments. This cultural acceptance of herbal medicine has paved the way for the widespread adoption of CBD products in the region.

Underlying macroeconomic factors: The economic landscape in Western Africa is also playing a role in the growth of the CBD market. As disposable incomes rise and the middle class expands, more consumers have the purchasing power to invest in premium CBD products. Additionally, the increasing focus on health and wellness is driving demand for natural alternatives like CBD in the region.

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.