CBD Products - Worldwide | Statista Market Forecast

Revenue in the CBD Products market worldwide is forecasted to reach US$6.90bn by 2024.
The revenue is anticipated to demonstrate a Compound Annual Growth Rate (CAGR 2024-2029) of 0.06%, leading to a market volume of US$6.92bn by 2029.
When compared globally, the United States is expected to generate the highest revenue, reaching US$2.58bn in 2024.
In terms of per capita figures, US$20.94 in revenue is generated per person in 2024.
The global demand for CBD products is skyrocketing, with the United States leading the way in innovation and market growth.

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 has been experiencing significant growth and development in recent years.

Customer preferences: Consumers worldwide are increasingly turning to CBD products for their perceived health benefits and wellness properties. The shift towards natural and organic products has driven demand for CBD-infused items such as oils, edibles, skincare products, and pet treats.

Trends in the market: In the United States, the legalization of hemp-derived CBD has opened up a massive market for CBD products, leading to a proliferation of brands and product offerings. The market is becoming increasingly competitive, with companies focusing on product innovation, quality, and branding to stand out in a crowded field.

Local special circumstances: In Europe, the CBD market is also expanding rapidly, driven by growing consumer awareness and acceptance of CBD products. However, regulations around CBD vary widely across different countries, creating a complex and fragmented market landscape. Companies operating in Europe need to navigate these regulatory challenges to ensure compliance and market access.

Underlying macroeconomic factors: In Asia, the CBD market is still in its nascent stages due to strict regulations and cultural attitudes towards cannabis. However, changing perceptions around CBD and increasing awareness of its potential benefits are starting to drive market growth in countries like Japan and South Korea. As regulations evolve and consumer acceptance grows, the CBD market in Asia is poised for significant expansion in the coming years.

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.