March 26, 2019 - Chicago, Illinois - In their recent report, Brightfield Group, a leading consumer insights and market intelligence firm for the legal CBD and cannabis industries, estimates that the European CBD market will boom over the next four years. The market was estimated at $318 million in 2018 and is expected to grow over 400 percent through 2023. This is the first time predictive CBD data has been published for Europe.
"CBD is just starting to take hold in Europe, with both product availability and consumer awareness still quite limited. This is a great opportunity for developed brands to enter and expand through Europe with far less competition than we're seeing in the U.S. With the Novel Foods Act, it is a challenging legal environment to operate in, but impending regulatory changes are likely to smooth the way for significant mid-term growth," Brightfield Managing Director, Bethany Gomez, highlights. CBD has been well received on a greater scale, especially in countries that already have medical or recreational cannabis programs and there are growing efforts in countries with no cannabis or CBD programs to have one or both in the coming years.
More insights from the report:
· The largest CBD markets in Europe today are those of the United Kingdom (UK) and Austria, each of which made up an early $80 million market in 2018. The UK is expected to remain a market leader over the medium-term, though Germany’s growth is expected to outpace that of other EU countries,
· One key growth driver is countries, such as Switzerland and Spain, that are building out and improving regulations surrounding product quality - both in the cannabis and CBD markets - boosting consumer confidence
· Some of the top distribution channels are in smoke shops – CBD is often regulated like tobacco – and grocery stores.
About Brightfield: Brightfield Group is the leading consumer insights and market intelligence firm for the CBD and Cannabis industries. They work with well-known brands, manufacturers, and agencies across the world, providing strategic data, insights, and guidance for these dynamic markets. Leveraging a unique multi-source approach, Brightfield Group delivers a holistic, forward-looking view into the everchanging brand, market, and consumer landscape.