CBD Products - India

India

In India, revenue in the CBD Products market is forecasted to reach €339.80m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.04%, leading to a market volume of €357.90m by 2029.
When compared globally, the United States is expected to generate the highest revenue (€2,388.00m in 2024).
In terms of per person revenues in 2024, €24.95 are generated concerning the total population figures.
India's growing interest in CBD products reflects a shifting attitude towards alternative wellness solutions in the cannabis market.

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

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Analyst Opinion

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

Customer preferences: Customers in India are increasingly seeking natural and organic products, leading to a rise in demand for CBD products. The shift towards wellness and holistic health practices has also contributed to the growing popularity of CBD products among Indian consumers.

Trends in the market: One notable trend in the Indian CBD market is the increasing availability of a wide range of CBD products, including oils, tinctures, edibles, and skincare products. This variety caters to different consumer preferences and lifestyles, driving further market expansion. Additionally, the e-commerce sector has played a crucial role in the distribution of CBD products, making them more accessible to a larger audience across the country.

Local special circumstances: India's rich history of traditional medicine, including Ayurveda, has influenced the market for CBD products. Many consumers in India are familiar with the benefits of plant-based remedies and are therefore more open to incorporating CBD products into their wellness routines. Furthermore, the diverse cultural practices and beliefs in India have created a unique market environment for CBD products, with specific regional preferences and consumption habits.

Underlying macroeconomic factors: The increasing disposable income levels in India have allowed more consumers to prioritize health and wellness, leading to a greater willingness to invest in high-quality CBD products. Moreover, regulatory changes and a growing acceptance of CBD for medicinal and therapeutic purposes have created a more favorable environment for the market to thrive. The evolving regulatory landscape and government initiatives supporting the cultivation of hemp for medical and industrial use are expected to further drive the growth of the CBD market in India.

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.