The company New Frontier Data published the results of a survey, which was attended by 3,100 residents of the European Union. Experts have found that 40% of European cannabidiol consumers take cannabinoids to relieve pain.
Australia and Switzerland rank first in terms of CBD consumption
The European cannabidiol market is second only to the United States in terms of sales. CBD is most popular among residents of Switzerland and Austria: 38% of the citizens of these countries take the substance. The smallest number of cannabinoid consumers was recorded in France (7%). 78% of the British are aware of the existence of CBD, while only 36% of the French have heard of cannabidiol.
40% of respondents said they use cannabinoids to relieve pain, 34% take a substance to relax, 31% use CBD to combat stress, 26% use a substance as an anti-anxiety agent. 46% of French people believe that CBD has therapeutic potential, while 51% of Europeans recognize the medicinal properties of the substance. 49% of French people say that CBD should only be taken with a doctor’s prescription.
Prospects for the development of the European CBD market
Analysts from Brightfield Group predict the rapid development of the CBD market in Europe. In 2018, revenue for companies selling cannabidiol products in the EU amounted to $ 318 million. By 2023, this figure should increase to $ 1.3 billion. According to Bethany Gomez, Managing Director of Brightfield Group, the European CBD industry is now in its infancy, because many consumers are not aware of cannabinoid, and the availability of hemp products is extremely limited.
In 2018, the United Kingdom and Austria ranked first among EU members in terms of trade in products with CBD – $ 80 million. However, experts believe that in the near future Germany will seize the palm. The popularity of CBD is expected to increase in Switzerland and Spain due to the improvement of regulatory measures aimed at improving product quality.
In May 2019, the French Senate approved a project to conduct full-scale trials of medical cannabis. Within two years, access to hemp will receive from 300,000 to 1 million patients suffering from various diseases. If testing is successful, then the attitude of the French towards CBD will change for the better, and the country will be able to take a leading position in the cannabidiol market.