In the year 2020, the estimated global CBD market was valued at $9.3 billion and that is expected to be $23.6 billion by the year 2025. With such a fantastic rate of growth, the future of the CBD market appears to be incredibly promising as CBD is getting more and more popular.
Presently North America has been leading the market and has about 40% of the CBD market share globally. However, it appears that it may not continue to dominate for very long. Now Europe is very closely following with a global market share of 31% and is forecasted to be going ahead of North America’s market share.
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CBD in Europe
As far as the legality of CBD products is concerned, the position now varies from country to country in Europe. Most of the countries are now permitting only the medical use of cannabis products. Most of the country has however permitted only hemp-derived CBD products to use for recreational purposes.
Although, technically still there are a few grey areas because there are different definitions that have been given for the use of cannabis products and also hemp-based CBD.
Also, many products exist in the market with varying product quality, inconsistencies, and different types of regulation that have resulted in limited market growth, as well as often threatened consumer safety too.
For Europe, the market projection is almost €1.5 billion by 2023, and hence the CBD market base in Europe is very ripe with potential. In November 2020, the European Union Court of Justice took a monumental decision, that CBD cannot be considered as narcotic, and as a result, it was allowed to be sold freely in the European market.
Due to this new ruling, the law has provided a very clear regulatory path to make use of CBD and its products legally and working in favor of those companies who are producing various high-quality CBD products.
If you look beyond the present demand for basic CBD-based cannabis products, a certain company is actively working in wellness product development. We can estimate that CBD products of this category may account for about 0.15% of the complete market of health and wellness products by 2028.
Therefore, this company is tapping this potential, and trying to partner with many other brands to attract various new consumers who may not have used cannabis before. Because of technological advancements as well as product innovation, the potential for CBD integration into this wellness category can be limitless.
Overview of CBD product
Since enough legislation does not exist behind consumer demand, therefore many spurious products are also diluting the market particularly for those businesses that are focusing on excellence. Some consumers are looking for quality CBD products but are not very clear how to select them.
Therefore, those businesses that are investing in high-quality CBD products need to educate their consumer about quality products.