The past few years have seen significant developments for cannabis, both medical and recreational. At the forefront is cannabidiol, a chemical produced by hemp. It is one of over 100 cannabinoids said to be flush with medicinal properties, and it has become increasingly popular, with experts estimating the CBD market may be worth $20 billion by 2024.
Cannabidiol’s medical abilities are said to be wide-ranging. Users claim the hemp extract offers relief from a variety of ailments, including chronic pain, high blood pressure, and anxiety. Despite there being little scientific research backing these claims, users still swear by CBD.
Lack of sufficient and accurate data is one of the most significant issues facing the global CBD industry. Not only has this made it difficult for governments to regulate it, but it has also left CBD brands with no way to understand their consumers. In the last quarter of 2019, New Frontier Data, in collaboration with DeepNature Project and Mile High Labs, ran a survey to gather much-needed information from consumers.
The researchers surveyed over 3,100 Europeans to assess the attitudes, perceptions, and uses of CBD across the European Union, and the results were published in New Frontier Data’s EU CBD Consumer Report series.
The data revealed that the European CBD market lags behind America’s. Although 56% of adult Europeans have heard of CBD, only 16% have used a cannabinoid product. A large majority of users were fairly new, with more than half having first tried CBD in the previous six months, and one in three having first used it in the last three months.
However, feedback from those who previously had used CBD was strong, with 76% reporting that cannabidiol had a positive effect on their lives. 40% of the Europeans who used CBD did so for pain management, 34% for relaxation, 31% for stress relief, 26% to reduce anxiety, and 21% to increase overall wellness.
Two in five consumers (41%) said they expected their CBD consumption to increase in the next six months, while 1 in 10 (11%) expected it to reduce.
For most consumers (81%), price was a significant factor when making purchasing decisions, followed by the amount of CBD per serving (75%), and the total amount of CBD in the product (74%).
Although the European CBD market doesn’t have a number one brand, consumers cited brands like Cannabigold, Nordic Oil, Vital CBD, and Cannapower as the more popular ones.
These CBD firms and others have been granted a never before seen glimpse into the consumers’ minds, and the data will help them shape their campaigns for the coming years.
It would be great to hear what North American CBD companies like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) have to say about the hardships they faced before consumer data was widely available in the markets in which they operate.
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