It’s no exaggeration to say that CBD is revolutionising the health and wellness market around the world.
Not only is this remarkable cannabinoid able to treat and alleviate a wide range of symptoms from anxiety and stress, to chronic pain and seizures, but it does so without any intoxicating effects, boasting a remarkable safety profile to boot.
With an expected compound annual growth rate of 25.6% globally, the CBD consumer market is expected to jump from USD$24.9 billion in 2020 to USD$123.2 billion in just seven years.
CBD in the UK
Although the UK CBD market took a little longer to gain traction than the US, a 2019 report produced by the Centre for Medical Cannabis suggests that CBD is growing steadily. The emerging CBD consumer market in the UK is steady, and with widespread adoption among a variety of age groups and social standings, CBD is here to stay.
CBD is Big Business in the UK
Experts have long been predicting huge growth in the marijuana industry, but the booming popularity of CBD was perhaps a little more unexpected.
One of the key findings by the CMC shows that the UK CBD market is between three and six times bigger than previously thought.
Approximately 1.3 million consumers spend over GBP£300 million per year on CBD products making it larger than the Vitamin C (GBP£119 million) and Vitamin D (GBP£145 million) markets combined!
And It’s Getting Bigger
CBD is estimated to be the fastest growing segment in the health and wellness market in the UK. Its projected market value for 2025 is £1 Billion. This is roughly equal to the value of the entire UK herbal supplement market.
Reasons Why CBD is Growing in Popularity
One of the main reasons CBD is so popular is that it has a large number of evidence-based therapeutic benefits.
CBD interacts with our body’s endocannabinoid system, which plays a vital role in many physiological and cognitive processes.
Listed below are just some of the potential uses for CBD:
- ADD / ADHD
- Alzheimers & Dementia
- Autism & Spectrum Disorder
- Certain types of Cancer
- Digestive & Bowel Disorders
- Endocrine Disorders
- Epilepsy and seizures
- Heart Disease & Stroke
- Huntington’s Disease
- Kidney Disease
- Liver Disease
- Mood Disorders
- Multiple Sclerosis
- Nausea and Motion Sickness
- Neuropathic Pain
- Pain Management
- Parkinson’s Disease
- Skin Conditions
- Sleep Disorders
- Spinal Cord Injury
CBD is commonly used to treat anxiety and help with relaxation and sleep. However, most CBD users actually take it to help relieve pain. Thanks to its effectiveness as an anti-inflammatory, CBD is a fantastic analgesic, especially when it comes to difficult-to-treat neuropathic pain.
22% of CBD users reported that they now use CBD in place of another type of medication, whether it be over-the-counter or prescription based.
However, the versatility of CBD isn’t the only contributing factor to its popularity. CBD appeared on the market at the same time as a number of factors that contributed to its popularity.
More Favourable Government Regulations
When CBD was legalized in both the UK and USA in 2018, consumer products became much easier to get hold of. Stigma surrounding this particular cannabinoid was reduced, prompting more people to try it out.
Cultural Trend Towards Alternative and Complementary Therapies
According to Grand View Research, the global complementary and alternative medicine market is projected to reach USD 296.3 billion by 2027, representing a compound annual growth rate of 19.9%.
As consumers actively search for more natural and healthy treatments, plant-based products and lifestyles are becoming increasingly popular. CBD presents many consumers with an ideal plant-based alternative to traditional painkillers and sleeping aids.
Increasing Consumer Awareness, Interest & Education
CBD has become a buzzword over the last few years and has commanded a lot more consumer awareness and interest. There has been a 500% increase in CBD-related internet searches since 2017. In 2019 it was estimated that over six million people in the UK had already tried CBD.
Increased Availability of Products and Product Options
Generalised legalisation has brought more products and choice for consumers than ever before. You can now find CBD in a range of products from oils, gummies, and vapes, to water, coffee, and shampoo.
There has also been a considerable increase in interest in CBD during the pandemic, with 39% of existing CBD consumers saying they expect to use more CBD during the crisis.
This may be to help alleviate feelings of depression and anxiety during lockdown, while some people may also be taking CBD to benefit the immune system and general feeling of wellbeing.
A 2020 study also found that it is possible to use CBD to help limit the severity and progression of the CoronaVirus.
And Let’s Not Forget That It Actually Works!
According to a study by The Brightfield Group, over 80% of CBD users reported that the products they use were either “very effective” or “extremely effective”.
66% of users find CBD to be “more effective” or “much more effective” at relieving symptoms than other over-the-counter medicines. Over half of CBD users even find CBD to be more effective at relieving medical conditions than prescription medicines!
What CBD Product Is More Popular in the UK?
Although there are now more ways than ever to take CBD, tinctures and oils dominate the market with 70% of consumers choosing this product type. Consumers of CBD are also more focused on quality than before. Manufacturing methods and lab test results are some of the information they now demand from suppliers.
Gummies and topicals are also showing steady growth, while e-liquids are significantly less popular now, compared to one year ago.
CBD User Profile
Many people tend to assume that CBD is most popular with young millennials, but research shows that CBD actually has a much more diverse presence in the UK.
What’s surprising to some is that mature, educated people most commonly use CBD. They are also more likely to be in full-time employment than non-consumers of CBD.
CBD Users – Age
The study produced by the CMC showed that 61% of CBD users are over the age of 35 years old. According to Statista, this age group typically has the most spending power due to higher disposable incomes.
CBD Users – Gender
Although we don’t have any definitive data about gender usage in the UK, according to BDS Analytics, there is a fair balance between male and female consumers of CBD in the US. Although a consumer survey by Cowen & Co found CBD usage to be slightly higher among women.
Interestingly, women are more likely than men to use CBD for anxiety (25% vs 14% respectively), while men are more likely to use CBD to help them sleep (15% vs 8%).
There’s no doubt that consumer interest in CBD is growing rapidly. The global CBD consumer market was worth USD 24.9 billion in 2020 and demand in the UK is much higher than previously estimated.
CBD oils and tinctures continue to dominate the market. A wide range of age groups use CBD but it is most popular among a more mature and educated crowd.
If you’d like more information on CBD, we’ll be happy to provide you with more information