The current CBD market is actually larger than the vitamin C and D market. That’s truly staggering!
By now, most people will have heard about cannabidiol (CBD) products if they’re living in the UK. I wanted to delve into this upcoming market and see what the future might hold from a business perspective. I talked with Reactive Plus to learn more about the current state of the industry. Our findings were quite staggering regarding actual market size and potential.
The Current Worth of The Market
According to Reactive Plus, it’s estimated that the market is currently worth around £300,000,000 annually. This figure is around 6 times more than CMC‘s orginal estimate. Their research shows that around 1.3 million people are using CBD products in the UK. Moreover, the market is barely a few years old.
That’s a large number of people sold on these products! The current CBD market is actually larger than the vitamin C and D market. That’s truly staggering!
Presently, around 10% of the UK’s population have tried CBD products at some time. There’s slightly more female CBD users than males, 13% versus 9%. This shows there’s much room for growth within the populations of both sexes as the market increases its upward surge.
The Net Worth of the CBD Oil UK Marketplace
Absolute precision is difficult. However, Reactive Plus and other industry leaders believe the market could be worth over 1 billion annually in the very near future.
The industry can create thousands of jobs that stretches from agriculture (e.g. hemp) to manufacturing (e.g. the creation of CBD products) to sales and administration. It looks like exciting times and a real benefit for UK PLC and governments looking to find sustainable eco-friendly companies to lead Britain’s economy into a green future.
Trade associations are also beginning to get a grip of poor selling practices and illegal promotion strategies that have blighted the industry. As the market grows, government compliance will be stricter and many rogue traders will have no way of selling into the market. Trading standards are likely to play a major role.
When the slightly more established US market is heading to be worth an amazing $20 billion within 5 years, you can see why there’s a lot of investment excitement about the CBD Oil market in the UK.
CBD Oil Is Legal, Right?
Yes! As long as the THC (the psychoactive cannabinoid that results in “getting high”) content is below 0.2% and the product has the CBD content that it claims, it’s legal. It’s sold as a food supplement and regulated by the FSA. It isn’t legal for it to be sold as a cure or substitute for medicine.
Most social media and search engine platforms don’t allow advertising directly of CBD products. This could change as the market advances and becomes irresistible to tech giants wanting a share of the potential advertising available in the UK.
According to the Reactive Plus team, the isolated cannabinoid is only legal with certification that as of yet no one has in the UK for oral consumption. Although, it’s cheap and incredibly popular in the USA; it isn’t okay for it to be used in any oral CBD products in the UK. They have published more information on the legalities of CBD and its place in the UK market.
So, What Now For The UK’s CBD Market?
It’ll continue to grow as more people see its value as a supplement. Word of mouth and personal testimonies have seen it take off and will likely continue to help the market gain and its needed publicity. More product education will allow for consumer awareness to work with trade associations to manage the market’s rogue element, according to the Reactive Plus team.
As more studies and exposure for these products are released into the public zeitgeist, we can see a bright future for legitimate companies who are trading in this exciting marketplace.