The UK CBD Market is to grow larger than expected due to new research from the Centre for Medicinal Cannabis (CMC) in June 2019.
Market research commissioned by the CMC predicts that the CBD market is currently one of the fastest growing well-being product categories in the United Kingdom. At the current rate of growth, the market will be worth almost £1 Billion per annum by 2025, which is equivalent in size to the current entire UK herbal supplement market.
The Executive Summary, written by Blair Gibbs, Dr Andrew Yates and Jon Liebling outlines the growing interest, the laws and regulations behind CBD and the industry, market and consumer demand for CBD prothe industry, market and consumer demand for CBD products. The summary also finishes with potential challenges for the future and three "Big Asks" for Government, Regulators, Medical Professions and the Industry to help create a better market for CBD.
Some of the more interesting findings showed that the current interest around CBD is likely to endure and is not a "fad", like many products and remedies in the health and fitness industry. In the past, estimating CBD's popularity has been hard to do but data from this new report has shown that CBD has penetrated the market so much so that it would be hard to dissipate.
This report showed that CBD consumption has been seen "across age groups and classes, not just trendsetting millennials".
With strong revenue growth and product portfolio, the UK has seen a "profitable, competitive and largely unregulated CBD sector". With many new studies now underway across the world including those in the UK, the potential of CBD products is likely to be fully explored. With areas the look promising for CBD treatment relating main to "sleep disorders and insomnia, as well as anxiety, inflammation and pain."
UK CBD Law
Pure CBD is legal in the UK and therefore is not classified as a controlled substance. However, the CBD industry is often engaged with a product that often overlaps into what is permissible under the criminal law, with cannabis still being illegal in the UK.
Consumers still need to be aware of the law with misinformation still an issue in the UK. Any product containing CBD that is used for medicinal purposes in the UK is a medicine and therefore must have a product license. Thus, CBD products must avoid making any medical claim or act as a medicinal product by virtue of its presentation.
Until now, market estimations of CBD products have not been comprehensive or robust in the detail provided. However, this report shows that the size of the UK CBD Market is between 3 to 6 times larger than previous estimates with £300m per year in value or 1.3m users, larger than the total UK Vitamin D (£145m) and Vitamin C (£119m) market combined.
The majority of UK consumers are purchasing CBD products online, despite wide availability in pharmacies, health food stores and supermarkets.
One of the major concerns for the UK CBD market is the accuracy of labelling. The presences of controlled substances and come contaminants are a major factor with one product (retailing at £90 from a High Street Pharmacy) containing ZERO cannaboid content. Out of 29 sampled CBD products, 11 were within 10% of the advertised CBD content and 11 had less than 50% of the advertised CBD content.
Other contaminants were a major cause for concern with 45% of the samples having measurable levels of THC or CBN which would make them illegal in the UK. Dichoromethane was detectable in 7 products and cyclohexane was found in one product (although the levels found were still below permitted daily dose levels in pharmaceutical products).