As the cannabis and cannabis-related products’ regulations begin to open and fall under analysis and deep scrutiny within European countries and European regulatory agencies, so do the consumers’ demands. All types of products, ranging from oils and topical creams to food supplements and medicines, are making their way through the European market fast, and regulatory agencies are now forced to consider how to regulate the use of these substances.
In that light, and for the past few years, many European countries have decriminalized the use of cannabinoids for medical purposes (while for recreational purposes it remains punishable by law in many countries), and the European Union is now considering a request to support their admission under the “novel foods” act, so these products can also start legally being considered and commercialized as food supplements and additives.
Cannabidiol (CBD) has been considered one of the most promising cannabinoids in terms of therapeutic action. However, and due to its close relationship with tetrahydrocannabinol (also known as THC), one of the cannabinoids responsible for the psychotropic effects attributed to cannabis consumption, the regulation and commercialization of CBD-containing medical products, such as CBD oil, is sometimes difficult and seen as dangerous, although entities like the World Health Organization have already declared that CBD consumption is not dangerous and may have health benefits. Nonetheless, things seem to be progressing at a fast pace. After entities like the Food and Drug Administration started approving CBD-containing medicines, and with all the scientific evidence available and the changes in international laws and regulations, CBD consumption for therapeutic purposes has grown at an exponentially high rate in Europe. The European CBD market is now highly attractive to a multitude of companies from various market niches.
Following the consumer trends and analysing the market value progressions, the American market research firm Brightfield Group recently released a report regrading the European CBD market tendencies and expansion, adding to other CBD-related market data analysis already previously released.
According to the most recent report presented by the Group, the European CBD market is estimated to grow an astounding 400% in the next four years, reaching nearly $1.7 billion by 2023.
Bethany Gomez, Brightfield Group’s Managing Director highlights: “CBD is just starting to take hold in Europe, with both product availability and consumer awareness still quite limited. This is a great opportunity for developed brands to enter and expand through Europe with far less competition than we’re seeing in the U.S. With the Novel Foods Act, it is a challenging legal environment to operate in, but impending regulatory changes are likely to smooth the way for significant mid-term growth”.
Gomez considers CBD as “the next healthcare phenomenon” and assures that the firm believes in their high positive predictions for CBD’s market growth.
“Our forecasts are amongst the highest and we stand behind them. We have interviewed hundreds of people in the industry, surveyed thousands of consumers, conducted market analysis across literally millions of data points. We are a team of highly conservative analysts and we did not take this lightly – I honestly believe that these are conservative numbers. (…) There are sure to be some problematic regulations and bumps along the way. But there is too much momentum, too much demand and too much potential for this industry not to explode”, she points out in one of the firms’ press releases.