UK CBD Market on a High with Vape Use Rising
The past few years have seen unprecedented growth in the UK’s CBD Vape market. Thanks to vague regulatory standards, low entry barriers and increasing consumer interest, this industry has been a profit haven for SMEs in the country. Today, the UK has the largest CBD consumer market in Europe –worth over £400M and expected to hit the £1bn mark by 2025.
Also known as cannabidiol, CBD is a major compound found in the Cannabis sativa plant –mainly the hemp plant. CBD’s non-psychoactive and therapeutic effects drive the current consumer curiosity. More so, with COVID-19 leading to loss of jobs and people struggling to cope with lockdown measures and self-quarantines, more Brits turn to CBD for these, much needed, therapeutic effects.
A recent 2020 survey found that over 8 million Brits are spending on CBD products this year for its various benefits. By the end of the year, this sharp spike in CBD demand will see the industry’s revenue grow by 50% compared to 2019.
Why have people turned to vaping CBD E-Liquid in Lockdown?
CBD vaping has become one of the most popular smoking cessations in these unprecedented times, as it can provide people with mental as well as physical relief. There are many reports suggesting people of all ages and backgrounds are suffering from mental health issues and CBD E-Liquids can provide a natural remedy to tackle this.
British CBD has seen sales increase by 228% over the last 12 months due to this. Another major reason for people in the UK are turning to vaping CBD, is that vaping is far safer than smoking tobacco, and does not involve having to experience nicotine withdrawal. Nicotine can be added to CBD e-liquid, so users can still get the ‘nicotine hit’. In a recent survey carried out by British CBD 68% of their e-liquid customers were previously cigarette smokers that have opted to vape CBD e-liquid instead. The most common reason for the switch was for ‘it is healthier than smoking cigarettes’. Although this includes other reasons such as ‘a variety of amazing flavours’ and ‘Not smelling like tobacco’.
The Future of UK CBD Market
The UK’s CBD market hasn’t been well regulated for some years now –leading to an increasingly crowded marketplace. The industry is already diverging from the popular CBD oil to other product types such as capsules, topicals and even CBD-infused gummies. This trend is likely to triple the markets value to over £1bn by 2025.
Market statistics show high street chains are driving this market trend. Unfortunately, most of the high street CBD products don’t comply with set regulations, as shown by the 2019 Centre of Medicinal Cannabis Report. Although we are are now seeing most CBD companies providing 3rd party verification to prove quality and safety and maintain customer trust.
This need for independent verifications and the FSA regulations means few companies will get access to the UK CBD market going forward. On the one hand, this might be bad news for small companies due to the financial outlay required, while on the other, it might help root out bad practices in the CBD sector.
Besides, this will lead to the production of high-value CBD products and increased CBD acceptance by Brits.
What’s more, we might see CBD companies relocate to the UK for its growing market. This might go a long way to convincing UK’s Home Office to loosen the laws around hemp flower cultivation –ultimately levelling the playing field for UK hemp farmers.
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