We had already mentioned in our articles the potential and impressive growth of the CBD market in the United States. This time, it is a study on the development possibilities of the European market that reinforces the plausible increase in products containing Cannabidiol: 500 million potential European CBD consumers.
This was reported on the Business Wire website following the publication of a report on CBD consumption in Europe by the “New Frontier Data, the global authority on data, analysis and business intelligence for the cannabis industry”.
This report is the result of a survey of 3000 European Union citizens in 17 different countries. It is the first of its kind, carried out on European soil, and reviews all CBD products in Europe: application, use, possibility, consumption, etc…
“There are more than 500 million potential CBD consumers in Europe, yet there is little or no verified information available to better define and understand this new consumer group and its nuanced behavior,” said Giadha Aguirre de Carcer, founder and CEO of New Frontier Data.
“Just last year alone, the potential for CBD applications has expanded considerably in Europe, creating significant opportunities to develop intercontinental brands.
However, the successful development and launch of new CBD products require a much deeper and more granular understanding of CBD consumption, not only among different age and gender groups but also among different countries in what is a highly diversified socio-economic and cultural region. »
The main findings of the report
- Not a single company is associated with a brand awareness rate of more than 10% among European consumers, reflecting the immaturity and fragmentation of the market
- 56% of respondents report that they have already heard about CBD compared to 16% who report using CBD or CBD-based products
- The most common reason given for using CBD is pain management (40%), followed by relaxation (34%) and stress relief (31%)
- 42% of CBD consumers report that they have replaced an over-the-counter drug with CBD
- Almost a third (30%) of European consumers report spending more than €100 per month on CBD-based products
- 35% of CBD consumers report receiving at least some of their CBD from friends