CBD Products - United Kingdom

United Kingdom

Revenue in the CBD Products market in the United Kingdom is forecasted to reach €299.70m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 0.59%, leading to a market volume of €308.60m by 2029.
When compared globally, the United States is expected to generate the highest revenue (€2,388.00m in 2024).
In terms of per capita figures, in 2024, each individual in the United Kingdom generates revenues of €17.05.
The United Kingdom's CBD Products market is experiencing a surge in demand, driven by increasing awareness and acceptance of cannabis-based products.

Key regions: Netherlands, Spain, United States, Europe, Australia

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Analyst Opinion

The UK has seen a significant surge in the popularity of CBD products in recent years, with a diverse range of offerings catering to various consumer preferences.

Customer preferences: Consumers in the UK are increasingly gravitating towards CBD products due to their perceived health and wellness benefits. The growing trend of seeking natural remedies and alternative therapies has driven demand for CBD-infused products across demographics. Additionally, the convenience of purchasing CBD products online has contributed to the market's expansion, making it more accessible to a wider audience.

Trends in the market: One notable trend in the UK CBD market is the proliferation of CBD-infused beauty and skincare products. Beauty-conscious consumers are turning to CBD for its potential anti-inflammatory and antioxidant properties, driving the demand for CBD cosmetics. Moreover, the food and beverage sector has also witnessed a rise in CBD-infused products, reflecting a shift towards incorporating CBD into daily wellness routines.

Local special circumstances: The regulatory landscape surrounding CBD products in the UK has played a crucial role in shaping the market. The Food Standards Agency (FSA) has set forth regulations to ensure the safety and quality of CBD products, providing consumers with confidence in the products they purchase. This regulatory clarity has helped foster a trustworthy environment for both businesses and consumers, contributing to the market's growth.

Underlying macroeconomic factors: The economic stability and disposable income levels in the UK have supported the growth of the CBD market. As consumers prioritize health and wellness, they are willing to allocate a portion of their disposable income towards CBD products. Additionally, the presence of a well-established e-commerce infrastructure has facilitated the online retailing of CBD products, allowing businesses to reach a broader customer base and drive sales growth.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.