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CBD Oil products, business in Asia markets: China, Japan, Korea, Thailand, India and more

Those Weterners not in-th-know about Asian countries will be surprised to learn that some of the world’s most viable markets for CBD products are located in the Far East. In South Korea, Japan, Thailand and China, over-the-counter CBD products have been legal for years – well longer than in much of the USA. And while Korea and Japan may be driving the hipness quotient of CBD oil-infused beauty products, it’s the overall demand and production of China that will be key in the 2020s.

In Western business circles, the Asian CBD oil product market is habitually called “untapped,” but this contention simply isn’t true. “Untapped” the large markets of Asia may be by European Union- and US-based companies, but China is already dominating the market in most niche areas and is by far the world’s no. 1 producer of CBD oil itself and the no. 1 exporter of CBD product.

Overall, the global CBD market was forecast to hit $1.735 billion, expected to grow from $1.454 billion in 2018, a CAGR of a whopping 36.3%, according to an industry report of July 2019. The same report notes that the Asia Pacific region is experiencing the highest growth rate, and that an “increasing number of agreements and partnerships between the companies operating in the market” are strengthening prospects in Asia for the CBD industry.

Estimates from the US in 2019 reckoned that CBD products could account for as much as 15% of the , $167 billion (or $25.05 billion) global skincare market alone by 2029 – but China’s market in this area is already valued at $15 billion, and this country will likely be buying all its CBD oil products from within China. The US estimates are also counting on limited expansion of Chinese exports, while the opposite is the most likely outcome.

And check this out: A report of 2018 specifically devoted to the Asia Pacific Cannabis testing market shows that this sub-niche will be worth nearly $423 million by 2025, a rise of some 15.8% CAGR.

The point here is that the CBD product market in a dozen Asian nations in healthy and ready to expand over the coming decade. Exciting times for CBD adherents…