What a year it has been so far for the UK and European CBD industry! Going from strength to strength we take a look at current market trends, global influence and predictions from the experts.
In 2019 we have witnessed a massive surge in the CBD industry, as more variety of products are being enhanced with cannabinoids, creating numerous opportunities for new businesses to join the industry, and for established ones to expand their offering. With so many potential applications, it is no wonder we have seen such rapid growth, and a vast increase in products released to the public.
Recently there has been stand-out growth in the UK and Europe in edibles (both food and drink), skincare and topicals (body oils, balms, creams etc.). Perhaps not so surprising when you consider the US and Canadian market have reflected this trend since 2018. So when we consider then that earlier this year BDS Analytics produced a report predicting the US CBD market alone to be worth $20 billion by 2024, it naturally creates ripples of optimism and excitement for the UK and European market.
So what has been happening closer to home? We have seen UK companies and department stores beginning to offer CBD cosmetic and skincare products. Harvey Nicks, Holland and Barrett, and Boots to name just a few. Larger beauty and cosmetic European companies have also began stocking CBD products with some now offering their own CBD brand. We have also experienced some of the most influential US cannabis companies entering the frame. Ignite CBD have been the first to enter the UK and European markets bringing with them a massive war-chest to be spent on marketing and promotion pushing CBD into the mainstream.
The surge in CBD edibles is easily noticeable as the shelves in our local stores continue to add more types of sweets, chocolates, tea and coffee - all infused or made with CBD. On a global level there has been whispers this year coming from Target, Walmart and Safeway who have all been reportedly meeting with CBD manufacturers. Even Coca-Cola are reportedly keen to get in on the action. Apparently they have been in talks with a Canadian cannabis company, Aurora Cannabis.
CBD e-liquids have however taken a bit of a hit in the last few months. Lots of bad press and new laws to contend with in the US. However much of the reported ill-effects have been sourced and attributed to unregulated and illegal vape liquids which contain ingredients which harm the body. We expect the emergence of this news and the concerns from the vaping community will encourage a speedy response from the authorities and ultimately lead to industry regulations being implemented. Ignite CBD are thorough in testing and checks, and will only produce safe and legal vaping products.
With all this flurry of reported activity our attention turns to the number crunchers and analysts. Speaking to the experts and according to the Brightfield Group (a specialist research company within the cannabis space), the European market is due to experience unprecedented growth in the coming years. The CBD market is predicted to increase by over 400% by 2023, whilst the cannabis market is predicted to rise 2400% in the same time period.
(Source: 2019 Brightfield Report)
It seems the UK and European cannabis market is going from strength to strength!
With so much more to emerge, in such a fast paced environment, we pride ourselves on being kept informed and up-to-date with all matters pertaining to our industry. We follow the legal landscape as well as market trends. We drive new product development and collaborate with innovative companies in order to ensure continued success and growth for ourselves and our business partners.