Europe Cannabidiol (CBD) Market – Industry Trends and Forecast to 2028
MarkNtel Advisors, a prominent market research firm, has recently published a report titled Europe Cannabidiol (CBD) Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028. This study offers an in-depth examination of the industry, encompassing Europe Cannabidiol (CBD) market share, size, trends, and growth predictions. Additionally, the report features an analysis of competitors and Country while spotlighting the most recent developments in the market.
Europe Cannabidiol (CBD) Reports Highlights
What is the size of the Europe Cannabidiol (CBD) Market?
The Europe Cannabidiol (CBD) market is projected to grow at a CAGR of around 24.57% during the forecast period, i.e., 2023-28. This is due to the rising legalization provisions related to various CBD products in various countries of the region, which are further raising the acceptance of CBD by numerous users. In 2020, the European Court of Justice stated that CBD is not to be considered a narcotic substance under the European Union (EU) law. Such supportive rulings are raising the use of CBD products for a varied number of purposes such as recreational, cosmetics, etc., which was earlier restricted majorly to health-related purposes in the form of vitamins & dietary supplements (VDS) & weight management products.
What do the growth prospects and trends look like in the Europe Cannabidiol (CBD) Industry?
Limited Awareness Among the Consumers to Impede the Market Growth – Cannabidiol products are used for various applications such as pain, anxiety, insomnia, etc. However, the awareness about the product is still on the lower side. It has long been considered an illegal product due to its high concentration of sedatives, owing to which a large number of consumers often take a conscious approach before using it. With consumer products being available in the CBD category, market sales have rapidly increased, however, still, a large section of consumers are either not aware of the availability of products or susceptible to their usage due to their possible side effects. Thus, to combat the challenge, a wide-scale marketing & promotional strategy is followed by brands. However, lower awareness is still a major concern that is anticipated to impact the potential growth of the Europe Cannabidiol (CBD) Market.
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What Components are encompassed within Europe Cannabidiol (CBD) Market segmentation?
The report has divided the market into the following segments:
-Beauty & Personal Care
By Product Type
-Oil & Tinctures
-Pills & Capsules
-Others (Vape, Spray, etc.)
By Distribution Channel
-Rest of Europe.
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Who are the Primary Companies or Entities active in the Industry?
The report covers the major market players including:
-CBD One Ltd.
-MH medical hemp GmbH
-Canopy Growth Corporation
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