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8 min read
Lydia Kariuki
The increasing legalisation of CBD plus the discovery of its vast potential in possibly enhancing health and wellness is expected to drive the growth of the CBD market even further. This article examines CBD trends in Europe and the projections that have been made for the CBD industry.
According to MarketWatch, searches for “CBD” and “cannabidiol” hit an estimated 6.4 million in April this year. Of all the health-related searches on Google, CBD ranked number four. This demonstrates the marked interest and enthusiasm surrounding CBD, not only here in the UK, but globally.
The increasing legalisation of CBD plus the discovery of its vast potential in possibly enhancing health and wellness is expected to drive the growth of the CBD market even further. This article examines CBD trends in Europe and the projections that have been made for the CBD industry.
CBD was legalised in the UK in 2018. Beginning on 13th February 2020, CBD oils, supplements, foods, and beverages were classified as novel foods and hence they require a novel food application.
There is a general misconception that the legal limit for THC in CBD products in the UK is 0.2%. The 0.2% applies to hemp cultivation and not CBD products, whose limit for THC is 1 mg of THC per package.
A report by the Centre for Medicinal Cannabis indicated that the UK CBD market was worth £300 million in 2020 and was expected to be worth £1 billion by 2025. Increased funding for CBD research and increased awareness of the potential benefits were mentioned as key drivers of growth. The report also indicated that close to 11% of adults in the UK use CBD products regularly, showing a growing acceptance of the potential benefits of cannabis. As the market in the UK continues to grow, there is likely to be an increased need for high-quality legal CBD products.
According to the European CBD report that was published by cannabis industry analysts Prohibition Partners, CBD products worth close to €1.7 billion were sold in Europe in 2022. The market is expected to expand even further to close to €2.6 billion by 2026. According to the authors of this report, the European Union (CJEU) ruling that indicated that “CBD is not a narcotic drug” has contributed to the growth of the industry. The market is expected to continue to grow as more CBD products get novel food approvals.
The European CBD report shed light on various CBD trends across Europe. One of the most important things to note is that awareness of CBD is high, with over 50% of the adults surveyed reporting that they were knowledgeable about CBD. This was attributed to the inclusion of CBD in fast-moving consumer goods (FMCG) portfolios, as well as the increased prevalence among mainstream retailers.
Of the 5,234 people surveyed across Europe, 11% reported that they had used a CBD product in the last 12 months. Poland had the highest prevalence of CBD use, which was at 15% of the population surveyed. This is in tandem with Poland’s development as the CBD hub in Europe. Italy had the lowest prevalence of CBD use, at 8%.
The report showed that CBD use was more prevalent among those aged 50 and under. It seems like the older generation is more sceptical about CBD and could still be affected by the stigma that is attached to cannabis use, medicinal or not. At the same time, the younger generation is usually more eager to try out new products.
The study by Prohibition Partners surveyed 955 CBD users to determine their CBD purchasing habits. They found that over 56% of consumers have used CBD oils and tinctures, making this the most popular product category in Europe. In comparison, flower has remained the most popular cannabis product in the US, even though other product categories are catching up.
Oils and tinctures are familiar formulations under the health and wellness categories. In addition, they are easy to dose and administer. Unlike flower, oils and tinctures are unlikely to draw attention, and this makes them more appealing in light of the pervasive stigma that is associated with cannabis.
CBD flowers are the second most popular product category in Europe. However, they are regulated quite differently since they are not classified as novel foods. In the UK, CBD flowers cannot be marketed legally. The case is different in Spain, Switzerland, and Italy, where the cannabis laws are more liberal.
A significant proportion of Europeans have never tried a CBD product. The Prohibition Partners report sought to understand why. It emerged that those who have not used CBD are sceptical about the potential benefits of CBD that they may see as having been over-marketed.
Other factors include misinformation about dosing and what to expect from the different CBD doses and formulations. Lastly, the respondents cited price as a barrier to accessing high-quality CBD products. With more participants joining the legal CBD industry, competition is likely to drive prices down and allow more consumers to access CBD at affordable rates.
Laws and regulations on CBD vary across European countries, and in a number of countries CBD is sold under grey market conditions. Despite the lack of regulation, CBD is the most popular CPG product across Europe.
In the last couple of years, different reports have indicated a sharp spike in CBD sales and hence growth in the CBD market. Key drivers of growth have been positive changes in law, increased awareness about the potential benefits of CBD and the availability of diverse product formulations. Currently, oils and tinctures are the most popular CBD products. The value of the CBD market in Europe was close to €1.7 billion in 2022 and is expected to hit €2.6 billion by 2026. Unfortunately, cannabis stigma is still rife and is a deterrent to older consumers who may wish to experiment with CBD.
Shipping CBD products across European borders can be challenging due to the varying laws and regulations in different countries. While some countries have legalised CBD, others still have strict restrictions or classify it as a scheduled drug. This makes it difficult for businesses to navigate international shipping and comply with all the necessary regulations.
And with Brexit, the UK's exit from the European Union, there are even more complexities when it comes to shipping CBD products from the UK to Europe, or vice-versa. Companies now need an Economic Operator Registration and Identification (EORI) number, specific to GB post-Brexit, and must handle more extensive customs documentation.
The main challenges are the lack of standardization and regulatory uncertainty. With no clear guidelines or oversight, and limited industry knowledge due to its recent emergence, defining terms and ensuring product quality can be tough.
To overcome the barriers to growth in the European CBD industry, it is essential to educate consumers about the potential benefits of CBD and debunk any misinformation or misconceptions they may have. This can be achieved through transparent labeling and clear information about dosing and expected effects.
Despite slow regulatory progress, the industry is not passive. Groups like the European Industrial Hemp Association (EIHA) are working to define concentrated CBD products, which should help standardise the market. The implementation of new technology and the requirement for all products to come with a Certificates of Analysis (COAs) allow consumers to verify quality before purchasing, fostering a more informed market.
The European CBD market is set to continue growing at a rapid rate in the coming years. This will open up more opportunities for businesses looking to enter this lucrative sector, and also access for researchers to further investigate the potential benefits of CBD. As the market continues to evolve, so will consumer preferences and demands, meaning that there is a need for businesses to adhere to the stringent legal requirements and get novel food authorisation where required.
A lack of awareness about dosing and its potential benefits is an obstacle for some consumers, and this could be addressed through more education. However, with more countries across Europe legalising the sale of CBD products, it looks like the industry is about to explode, in all the right ways.
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Am I eligible?Lydia Kariuki, a medical nurse and journalist with a diploma in clinical research, specialises in translating complex cannabis research into accessible content, fostering public understanding and awareness.
All of our articles are written by medical cannabis experts, guided by strict sourcing guidelines, and reference peer-reviewed studies and credible academic research. Our expert clinical team and compliance specialists provide valuable insights to ensure accuracy when required. Learn more in our editorial policy.
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