The last decade has seen an increase in consumer interest in products such as CBD oil. The increase is attributed to a change in societal trends in the UK.
However, some believe that the CBD hype is nothing more than a fad, but the consistent growth proves otherwise.
According to the comprehensive report by the Centre for Medicinal Cannabis, CBD consumption in the UK cuts across all age groups and classes. It’s estimated that the market will hit £1 billion in 2025. According to the report, the size of the CBD market in the UK is about 1.3 million users. The market value currently stands at £300 M, and it’s growing at double digits. Also, UK consumers prefer shopping online as opposed to pharmacies and other High Street stores.
At the beginning of 2019, Sativa Group announced plans to open over 100 CBD stores in 2 years. Last year, it became the medical cannabis company to be listed in the UK The company shifting its focus to the booming CBD oil market together with other companies that are hoping to capture the market and provide thousands of jobs.
With the increased interest in CBD oils due to its benefits, it’s expected that the number of consumers will continue increasing. CBD oil for anxiety is expected to experience a faster growth rate.
A recent survey on the age of CBD products consumers showed that the bulk of the market comprises millennials and folks in their 30s. Consumption drops off among Generation X but increases among baby boomers as they tend to experience all kinds of back and joint pain.
According to the survey, women seem to consume CBD oil more than men. The difference is attributed to the insatiable need by women to self-educate and take care of their health.
CBD Sales prediction
It’s estimated that the CBD market will experience a 700% increase from 2016 to 2020. Currently, the number of consumers has increased from the measly ten thousand to more than 1 million consumers. The steady rise has attracted top brands such as Coca Cola which have expressed interest in CBD products.
The hope is that as CBD oil becomes more mainstream, early investors will cash in before the rest jump in. However, the uptake is still low since the general population equates CBD products such as Love Hemp to Cannabis. A big percentage of the population still thinks that CBD oil has the same effect as Marijuana.
Due to this disconnect, companies are attempting to educate the general public on the benefits of CBD products and the difference between CBD and Cannabis Sativa.
While the market in the UK is big, the American market is even bigger. It’s estimated that the CBD market in America will hit £16.8 billion by 2022. The UK is hoping to follow the same route, but there is a lot of wait-and-see approach from the key market players. This is partly due to the change in regulations in 2019. Despite the slight slowdown, big brand retailers such as Holland & Barrett continue to offer these CBD products.