CBD Products - Turkey

Turkey

Turkey is projected to reach a revenue of US$123.60m in CBD Products by 2024.
The revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.71%, culminating in a market volume of US$148.30m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue in 2024, amounting to US$2,575.00m.
In terms of per person revenues in 2024, US$27.00 are generated concerning the total population figures.
Turkey's growing interest in CBD products reflects a shift towards alternative wellness solutions in the country's evolving cannabis market.

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

Market

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Currency

Analyst Opinion

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

Customer preferences: Customers in Turkey are increasingly turning to CBD products due to a growing awareness of their potential health benefits and therapeutic properties. The shift towards natural and organic products is also driving demand for CBD products in the country.

Trends in the market: One prominent trend in the Turkish CBD market is the diversification of product offerings. Companies are introducing a wide range of CBD products, including oils, topicals, edibles, and cosmetics, to cater to different consumer preferences. Additionally, there is a noticeable trend towards online retail channels, making it more convenient for customers to purchase CBD products.

Local special circumstances: Turkey's unique geographical location at the crossroads of Europe and Asia positions it as a strategic market for CBD products. The country's historical use of natural remedies and traditional medicine has created a favorable environment for the acceptance of CBD products. Moreover, changing regulations and increasing awareness about CBD are shaping the market dynamics in Turkey.

Underlying macroeconomic factors: The growing middle-class population in Turkey with higher disposable incomes is contributing to the expansion of the CBD market. Additionally, the increasing focus on health and wellness among consumers is driving the demand for CBD products. The evolving regulatory landscape and government initiatives to support the hemp industry are also playing a crucial role in shaping the future of the CBD market in Turkey.

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.