CBD Products - Zambia

Zambia

In Zambia, revenue in the CBD Products market is forecasted to reach US$2.69m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -2.17%, leading to a market volume of US$2.41m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$2,575.00m in 2024).
Calculated in relation to the total population, per person revenues of US$29.20 are generated in 2024.
In Zambia, the demand for CBD products in the cannabis market is steadily rising, reflecting a growing acceptance of alternative wellness solutions.

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

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Analyst Opinion

The CBD Products market in Zambia is experiencing a surge in demand and growth, reflecting a global trend towards the acceptance and legalization of CBD products.

Customer preferences: Customers in Zambia are increasingly seeking natural and holistic remedies, driving the demand for CBD products. The shift towards wellness and self-care has led to a preference for CBD products known for their potential health benefits.

Trends in the market: One notable trend in the Zambian CBD market is the diversification of product offerings to cater to a wider consumer base. From CBD oils and tinctures to skincare products and edibles, companies are expanding their product lines to meet the evolving needs of customers in Zambia.

Local special circumstances: Zambia's unique regulatory environment plays a significant role in shaping the CBD market. As regulations around CBD products continue to evolve, local companies are navigating the legal landscape to ensure compliance while meeting consumer demand. Additionally, cultural attitudes towards natural remedies and traditional medicine influence the acceptance and adoption of CBD products in Zambia.

Underlying macroeconomic factors: The economic landscape in Zambia, characterized by a growing middle class and increasing disposable income, contributes to the expansion of the CBD market. As more consumers have the purchasing power to invest in wellness products, the demand for CBD products is expected to continue rising. Moreover, the global trend towards the legalization of CBD products creates opportunities for Zambian businesses to tap into international markets and drive growth locally.

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.