CBD Products - Zimbabwe | Statista Market Forecast

In Zimbabwe, revenue in the CBD Products market is forecasted to reach US$3.04m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -1.00%, leading to a market volume of US$2.89m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$2.58bn in 2024).
In terms of per person revenues, US$22.36 are generated in 2024 concerning the total population figures.
Zimbabwe sees a surge in demand for CBD products, reflecting a growing acceptance of cannabis-related commodities in the market.

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 in Zimbabwe has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Zimbabwe are increasingly turning to CBD products due to the growing awareness of their potential health benefits and therapeutic properties. The shift towards natural remedies and alternative medicine has driven the demand for CBD products among health-conscious consumers in the country.

Trends in the market: One notable trend in the Zimbabwean CBD market is the increasing availability of a wide range of CBD products, including oils, tinctures, edibles, and topicals. This diverse product offering caters to different consumer preferences and needs, contributing to the overall growth of the market. Additionally, there is a rising interest in locally sourced and organic CBD products, reflecting a preference for quality and sustainability among Zimbabwean consumers.

Local special circumstances: Zimbabwe's unique regulatory environment has also played a role in shaping the CBD market in the country. The legalization of medicinal cannabis cultivation in Zimbabwe has opened up opportunities for local farmers and businesses to participate in the CBD industry. This has led to the emergence of a domestic supply chain for CBD products, reducing reliance on imports and supporting the growth of the local industry.

Underlying macroeconomic factors: The economic landscape in Zimbabwe, characterized by inflation and currency instability, has influenced the CBD market in various ways. The affordability of CBD products relative to traditional pharmaceuticals has made them an attractive option for consumers seeking cost-effective healthcare solutions. Additionally, the potential for income generation through CBD cultivation and production has attracted investment in the sector, contributing to its expansion and development in the country.

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.