To say that the CBD Market UK is quickly on its way to becoming a world leader in the cannabinoid industry is not an understatement. At present, the CBD industry in UK is still in its infancy and is faced with a number of regulatory challenges. The FSA has address the most important one and has published a list of products that can continue to be sold in the UK in 2023. This list is expected to be shortened throughout 2023 as the FSA complete a final list of products to be sold in the UK.
However, despite the regulatory restrictions and antiquated political ideologies that constrain CBD's reach, we are optimistic about the future. After the CBD Market Analysis in UK, we coud say the CBD market size in UK is projected to reach a market value of £1 billion by 2025. This is £300 million more than the CBD Market Value in UK which is around £700 million. At the moment, the UK CBD market is the second-largest in the World after the US.
The UK CBD Market growth in 2023 is at a steady pace. Currently, sales of CBD at £700 million greatly surpass the £119 million sales of the once-dominant vitamin C market in 2020. 90 percent of users already purchase CBD products online, and an even higher growth rate is projected with increased investment into new CBD products and retail methods.
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CBD Market UK: What is driving the Industry?
Many factors are driving the CBD Market UK forward. Firstly, the demand for CBD products is ever-increasing. People are actively turning to more natural health and wellness solutions. There is also increased awareness about the potential health benefits of CBD thanks to an increasing number of studies on the compound.
Secondly, the community of CBD supporters and users is continuously growing. This is not only due to the potential efficacy of the CBD products, but also the increased promotion of them. Nowadays, a growing number of social media influencers and celebrities are endorsing a variety of CBD products that attract their followers and fans, leading to the creation of new users.
The huge variety of CBD products available in the market, ranging from CBD oil to CBD edibles and CBD vapes, means that there is something to suit everyone. People in all walks of life can use CBD openly or discreetly, depending on their preferences.
Plant-based medicine has been popular throughout the ages. Ever since CBD products became legal and widely available in the UK in 2018, there has been a steady rise in CBD buying trends.
Best products in the CBD Market UK for 2022
The range of CBD products is expected to grow sharply this year. This is all thanks to the increased investment in the CBD Market in the UK, as well as consumers’ demand for more innovative CBD products. Some of the latest CBD trends to look out for in 2022 are:
1. CBD bedding
CBD is acclaimed for its anxiety-reducing benefits. Some studies claim that it helps induce calmness and is beneficial in treating insomnia. With this potential to improve quality of sleep, many bedding companies are considering launching CBD-infused products.
These range from CBD-infused covers to CBD mattresses. While some companies have already started this trend in the US, bedding companies in the UK plan to follow suit this year.
2. CBD transdermal products
CBD products that can be applied to skin are of two types: topical and transdermal. Topical CBD products only work on the upper layers of the skin and are not absorbed into the bloodstream. In contrast, transdermal CBD products penetrate through the skin into deeper muscle tissue. In this way, a significant portion of CBD is absorbed into the bloodstream.
Transdermal products usually come in the form of patches, rather than cream or lotions. With their potential pain relief benefits extending to more than a specific area of the body, transdermal products will continue to be popular in the CBD Market UK in 2022.
3. CBD drinks
The CBD drinks Market in the UK is expected to soar this year. This will no doubt pose a serious threat to the current alcohol and beverage Market.
Health-conscious consumers are always looking for an alternative to alcoholic beverages, and CBD infused drinks are expected to be hugely popular among this group.
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4. CBD mouthwash and CBD toothpaste
Due to its powerful anti-inflammatory properties, many companies are putting CBD into their toothpaste and mouthwash products. This is to prevent typical dental hygiene issues such as gingivitis and plaque.
A recent study published in the Journal of Cannabis Research found that CBD mouthwash has the same effectiveness as chlorhexidine, the primary ingredient in prescription mouthwashes.
5. CBD toothpicks
Many companies are planning to introduce CBD infused toothpicks to their current line of products. Some US companies have introduced these, and UK companies also plan to jump on the bandwagon.
CBD market size in 2022
Prohibition Partners forecasts the UK medical cannabis market to be worth nearly £1 billion by 2025. It also estimates the market to service nearly 340,000 active patients.
Medical cannabis refers to plant-derived cannabis products which are prescribed by a licensed medical practitioner. They are only available by prescription to help with specific conditions, such as:
- Muscle spasms caused by multiple sclerosis
- Nausea caused by chemotherapy.
Few people in England are actually prescribed medical cannabis on the NHS, despite it being legal. While the UK’s legal cannabis market may be on the cusp of a multi-billion-pound boom, the medical cannabis market has grown very slowly over the past few years.
The situation might change in 2022, as a result of Project Twenty21, which is the largest observational study on medical marijuana in Europe. The purpose of this initiative is to create a large body of evidence on cannabis in Europe.
Hopefully, initiatives such as this will persuade the NHS to prescribe medical cannabis more frequently and for a wider variety of conditions. This in turn would lead to an increased demand for medical cannabis, and a flourishing market.
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Will recreational cannabis be legal in 2022?
While many countries around the world have legalised cannabis, the UK has remained resistant to this potential opportunity. The legalisation of recreational marijuana in 2022 under a majority Conservative Government seems unlikely. However, a group of hopeful cross-party MPs are predicting that the UK will eventually fully legalise cannabis use in the next five to ten years.
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UK Government statistics indicate that around 4.7 million adults have used cannabis in the past year, giving cannabis an estimated black-market value of around £6 billion per year.
With increasing numbers of cannabis users in the UK over the past few years, there is a huge opportunity for investors. However, this is only possible if recreational cannabis were to be legalised in the UK, which won’t likely be anytime soon.
The UK Cannabis report by Prohibition Partners predicts the total legal cannabis market to reach a value of £2.31 billion by 2024. The report also notes that the cannabis investment sector that is gaining momentum in Europe is also eyeing the UK market.
Several market research and cannabis-focused finance groups and consultancies have opened their offices in London. The city also hosted the annual Cannabis Europa conference last year, among other CBD events.
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Future of CBD Market in the UK
The future of the CBD Market UK is still undetermined. Two events will undoubtedly shape it; Brexit and the new regulations around the standardisation of the cannabinoid market.
Despite regulatory uncertainty, the CBD Market has flourished over the years. With increased awareness and demand for CBD products, there is a strong possibility that the CBD Market UK will only strengthen with time.
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