CBD Report Sees Bright Future for CBD Sales in Europe
As the state and federal legislators and consumer agencies in the U.S. struggle to find common ground concerning the legality and effectiveness of CBD, Europeans are finding CBD is a good product choice for promoting wellness. The European CBD Report, published by Prohibition Partners, surveyed consumers about their CBD knowledge and usage and future plans for continued use. Based on the results, the estimate is that 1.7 billion euros ($1.82 billion) of CBD was sold in 2022, and that figure will increase to almost 2.6 euros ($2.78 billion) by 2026.
The European CBD Report was packed with statistics showing that CBD is popular, but there remains plenty of room for continued market growth and additional consumer education. The following are some of the results of a survey of 5,234 people.
- 11 percent have used a CBD product in the prior 12 months
- 4 percent used a CBD product in the years before the past 12 months
- Poland had the highest CBD usage in the prior 12 months at 14 percent, followed by the UK (13%), Germany (10%) and Italy (8%)
- 33.2 percent said they used CBD occasionally or infrequently in the past 12 months
- 39 percent of current CBD users indicate usage is once or twice a week
- People aged 18-30 are the most common CBD users
Prohibition Partners also surveyed 955 CBD users on their purchasing habits.
- CBD oils and tinctures are the most popular product format
- Hemp flowers are the second most used product
Surveyors asked people who had heard of CBD but had not used it in the past 12 months about their reasons for not consuming it. They said that an uncertainty about CBD’s ability to promote wellness was the main reason for not consuming CBD. 8% of people said they intend to consume CBD in the next 12 months
There are many more statistics. One of particular interest to CBD brands is the 51 percent of CBD consumers who plan on consuming the same amount and the 13 percent who plan on using more.
Europe has some of the same issues as the United States. There are too many gray legal areas that may be suppressing CBD usage. The European CBD Report writers say,
“This situation is evolving fast, with new laws, regulations and enforcement practices changing at the European and national level on a quarterly basis.”
The report found that CBD was one of Europe’s most popular wellness products despite the grey areas. This would indicate that CBD users are enjoying wellness benefits. The CBD markets in the U.S. and Europe are still considered in the nascent stage. There is a good chance that future regulations and research will lead to a booming CBD market because people will feel more comfortable buying safe products.