CBD (Cannabidiol) is a non-psychoactive component from the cannabis sativa plant. CBD oil is made by extracting cannabidiol. Then the substance is mixed with carrier oil like hemp seed oil or coconut oil. The CBD oils and other CBD products are part of dietary supplements for health benefits. What does the market report say regarding CBD market in Europe?
Global CBD market forecasts
The global CBD oil and CBD consumer health market is anticipated to expand from $39.54 billion in 2022 to $49.72 billion in 2023 at a compound annual growth rate (CAGR) of 25.75%, according to The Business Research Company. At least temporarily, the Russia-Ukraine conflict limited the possibilities of a COVID-19 pandemic-related global economic recovery. Economic sanctions on a number of nations, an increase in commodity prices, and disruptions in the supply chain as a result of the conflict between these two nations have caused inflation in the prices of products and services and had an impact on numerous markets throughout the world. With a CAGR of 25.64%, the market for CBD oil and CBD products for consumer health is anticipated to reach $123.91 billion in 2027.
Key players on CBD market
North America clearly dominated the CBD oil and consumer health market in 2022. However, according to the report, the CBD market in Europe should expand at a compound annual growth rate (CAGR) of 29.8% from 2021 to 2030.
There are several factors which will help fuel the growth of CBD market. These include growing approval of CBD products by consumers and the development of e-commerce channels. Another one can b the increase in demand for products containing CBD in the food and beverage industry. The study also highlights the evolving regulatory environment in Europe for CBD products. Eeuropean market may offer opportunities for both new entries and established companies. Overall, the report argues that the CBD market in Europe stands for tremendous growth in the years to come. The reason are consumers who continue to seek for natural treatments and complementary healthcare options.
According to the report, the key players in the European market for CBD products are Canopy Growth Corporation, Aurora Cannabis, Elixinol Global Limited, Medical Marijuana Inc. and ENDOCA. They also mention Isodiol International Inc., CV Sciences Inc., Cannoid LLC, Aphria Inc. and Folium Biosciences. These companies should continue to play a significant role in the industry in the coming years.
Report on key drivers for CBD market growth in Europe
The report did note that, with a share of more than 30% of the overall market in 2020, Germany will continue to be the largest market in Europe for CBD products. Austria, Switzerland, and the United Kingdom are some additional important European markets. According to the research, these markets should continue to expand in the years to come.
The market for CBD oils and CBD consumer health grows with rising public knowledge of the health advantages of goods infused with CBD. Food and personal care products using CBD as an ingredient are examples of CBD-infused goods. More people are using cannabidiol products as a result of increased public awareness of the health advantages of CBD-infused goods. CBD oil is a treat for a variety of conditions, including insomnia, anxiety, pain, and discomfort. It was tested also for Alzheimer’s disease and skin ulcers.
A major trend in the market for CBD consumer health products and CBD oils is technological improvement. To be competitive in the market, major corporations are releasing technologically novel products.
The report also emphasises how fragmented the CBD market is in Europe. It states that there are many small and medium-sized businesses competing for customers. The analysis, however, predicts that consolidation will probably take place in the upcoming years. Larger businesses try to enhance their market share and smaller businesses deal with heightened competition and regulatory pressures. The report’s overall conclusion is that there is strong rivalry for CBD products on the European market. Wide variety of businesses are active at every stage of the value chain.