Global sales of cannabidiol or CBD products have increased rapidly. This is partly because regulations and laws have been relaxed, and partly because of the results, especially in health and beauty. Find out what you need to know about the impact of CBD on the global economy in this article.
The impact of CBD on the global economy
In Europe, the market is estimated to be worth £480 million . UK sales are around £110 million. Other sources such as the Center for Medical Cannabis (CMC) estimate that in the UK alone the market could be worth over £1 billion by 2025. Visit https://www.europeanbusinessreview.com/economic-impact-of-cbd-worldwide/ for more information. The Cannabis Trade Association (CTA), the trade body that works with regulators to improve and make cannabis products more acceptable, believes that the market is made up of : - 50% oil-based and dietary products; - 33% vaping; - 17% edible and cosmetic products. The CTA predicts that the cosmetic side of CBD will see serious growth, with edibles and beverages also seeing an increase in demand. The CBD market is broadly split 60/40 between business-to-business and business-to-consumer.
CBD: digital transformation
The CBD market is ahead of many products in terms of digital transformation adoption. Technology is at the heart of this industry, from growing the plants to extracting the CBD . The latter has always been a time consuming process. Now using the latest innovations and CO2, the extraction process is faster and more accurate. Artificial Intelligence (AI) is at the heart of production on both a scientific and commercial basis. The power of AI is able to gather a wealth of information about buying habits and preferences. AI also helps to develop more effective products. Once the data is in the system, the possibilities of what can be discovered are almost unlimited.
CBD: Legalised in the UK and Europe
In many parts of Europe, CBD has become legal, provided it comes from approved sources and suppliers have been granted permission to import or produce it. This is slightly different in the UK, where lobby groups are lobbying the Food Standards Agency (FSA) for a 'free licence' for CBD products to be sold in the UK.