CBD oil market growth
CBD oil has grown by more than 400% in the last two years
There is no doubt that the CBD market is booming – thanks to its gradual legislation around the globe – and with excellent prospects for further growth as the scientific basis for its benefits increases. Every day there are more and more products in our daily lives that contain hemp oil to enjoy its relaxing and soothing properties, among others. In addition, thanks to recent research into its medicinal uses, legal drugs are already being marketed to alleviate the symptoms of diseases such as multiple sclerosis(Sativex) and epilepsy (Epidolex).
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The global CBD market in numbers
Such are the expectations around what is called “medical marijuana” that globally, publicly traded companies that have to do with the Cannabidiol business (such as Aphria, Aurora, Canopy or Insys) experienced a stock market boom during 2018 when the regulatory frameworks of these substances began to be determined at the medical level. According to Bloomberg, investment funds and managers of the caliber of JP Morgan, BlackRock, UBS or Goldman Sachs participate in the capital of different companies dedicated to this business.
While it is true that, since the beginning of its commercialization, the CBD market has shown us that it can range from $1 million to $1 billion annually in just three years, growth expectations up to 2024 are $40 billion annually, according to a study by Arcview Group one of the most prestigious agencies dedicated to the analysis of the Cannabidiol market. Half of that consumption would be for the United States with a market of $20 billion. All this over the next 4 years, which means almost multiplying by 4 the current figures that are around a consumption of about 5 billion per year.
On the other hand China is currently the largest producer of hemp for industrial use (although THC consumption is strictly prohibited) and the government is beginning to support and open legal frameworks for projects that raise the margin of hemp by-products and are free of psychoactives such as cannabidiol. So China could soon enter the CBD market strongly and become the main exporter and consumer.
In Spain it is estimated that more than 200,000 people use medicinal cannabis and 4 million consume it for recreational use. So the market growth potential is very great as CBD gains popularity and a legal framework is finally defined. According to the Centre for Medicinal Cannabis it is estimated that more than 10 million people consume CBD in the UK where human consumption of the cannabinoid is legal.
What CBD-based products are the most growth expectations?
Brightfield Group’s 2020 analysis suggests that the popularity of everyday CBD use will increase by its health benefits and healthy population trends. A natural alternative to some drugs that will certainly attract a lot of demand. On the other hand, the expansion of distribution channels of CBD products also increases the visibility and curiosity of users. In the United States, products can be purchased from foot parapharmacies like Walgreens since 2019. And by 2020 cosmetics giant Sephora has increased its range of cannabidiol-related products.
Today we can already buy from gels, cosmetics, creams and analgesic sprays of CBD for topical use to capsules and oils to ingest orally and even to be inhaled in e-cigarettes. In Europe, concentrated oils are most demanded and already exceed more than 100 million euros. Oil consumption is undoubtedly one of the safest and most customizable ways to consume the necessary CBD dosage and achieve the desired results.
On the other hand, the Brightfield’s analysis also shows that consumers with more CBD experience explore and diversify in how to enjoy the properties of CBD one of the most growing markets in the United States is CBD edibles as well as gums and candy. 49% of users who have used cannabidiol in the last quarter say they have been consuming it for more than a year, which is a very solid foundation of customers who rely on its benefits.
How is CBD regulated in Spain?
The use of medical and recreational cannabis has been legalized in some U.S. states since 2012. Its medicinal use is only legal in most states of which many of them do not limit the THC content. Cannabis is only totally illegal in 3 states for any type of use.
However, in Spain, cannabis is considered a psychoactive narcotic and is illegal (albeit decriminalized). Each cannabinoid does not have specific legislation.
As for the cultivation of hemp for medicinal use and for research it is the Spanish Agency for Medicines and Healthcare Products that is responsible for providing the licenses of its cultivation. A dozen companies are licensed and are legally cultivated hemp.
When we talk about CBD consumption, the market in Spain is much more advanced than the law. The quick response would be that CBD is only legal for topical use and not for human consumption. However, the absence of legislation (since it is not included in the official list of food supplements) leads to a legal vacuum supplemented by the legislature in other EU countries where its production and consumptionis legal. So by european free trade regulation it is legal to purchase CBD-rich products imported from other European Union countries where their sale is legalized.
The World Health Organization’s Expert Committee on Drug dependence met in Geneva and discussed the therapeutic potential of CBD at the end of 2017. He concluded that there is preliminary evidence that CBD could be a good treatment for some diseases.
In addition, it stated that it is not harmful to health or addictive so human consumption of this cannabinoid is totally suitable for humans.
CBD continues to await a defined legal framework in Spain that could be falling in the coming years.
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