By / April 25, 2024

Japan Saw its CBD Market Explode in 2023

Japan Saw its CBD Market Explode in 2023

Following recent regulatory developments, the CBD market in Japan is experiencing unprecedented growth, transitioning from a niche industry to a thriving market segment valued at $173.8 million in 2023. According to a comprehensive report by Euromonitor International, this growth reflects a paradigm shift in societal attitudes toward cannabis-related products, particularly those infused with CBD.

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Evolution of the Legal Landscape in Japan

Japan has a conservative stance on cannabis and has always deterred large corporations from investing in the sector due to legal ambiguities and negative public perception. However, recent amendments to the Japanese Cannabis Control Law marked a decisive turning point. The revised legislation, enacted in 2024, paves the way for the use of CBD in multiple sectors, including medicine, health, beauty, beverages, and edibles.

The amendments introduced crucial changes, notably the authorization of Epidiolex and the permission for hemp cultivation. This change aligns with global trends, with Euromonitor International noting that regulatory changes in other countries have prompted the Japanese Ministry of Health, Labor, and Welfare to reevaluate cannabis regulations.

Japan and CBD

The rapid expansion of the CBD market in Japan is driven by shifting consumer preferences in health and wellness products. However, Euromonitor International has noted some lingering consumer hesitation, fueled by safety concerns and incidents related to CBD-infused products.

The report clarifies: “Concerns about product safety and regulatory compliance continue, highlighted by incidents such as disorders related to CBD-infused candies containing HHCH, widely reported in the country in 2023, prompting stricter regulations.”

Evolving CBD Markets

Euromonitor International anticipates a rapid evolution of the market, driven by health-conscious consumers seeking alternatives to traditional products like cigarettes and alcohol.

The report envisions a future where CBD sales will surpass the illicit market in Japan and other cou by 2026, thanks to increased awareness and innovative product offerings. However, success depends on robust quality assurance, compliance with regulations, and comprehensive consumer education.

Despite severe penalties for the illicit use of cannabis, Japan is witnessing a significant increase in cannabis consumption, particularly among young people. The illicit market is estimated to be 2.5 times the size of the legal CBD market in 2023.

(Featured image by Jezael Melgoza via Unsplash)

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