The last decade has seen a surge in the consumption of CBD products in the UK and globally. What was once a miniscule niche market is now a billion-dollar market that is expected to hit $22 billion by 2022. The CBD market is robust in the US, but it's also growing at an incredible pace in the UK.
Currently, CBD consumers in the UK stand at 1.3 million, and it's estimated that consumption will continue to increase by double digits. If the current growth pattern is anything to go by, the CBD market will hit £700 million by 2022. For those interested in learning more about CBD oil, check out this review on UK's best CBD oils
Every day people are discovering new benefits of CBD oil, which is increasing the demand as more people seek to tap into these benefits (check AllbestCBDoil for insights and reviews).
Why is the CBD Oil industry booming in the UK?
For centuries, Indians and the Chinese have tapped into the healing benefits of Hemp. It's the basis of current research on CBD oil. There have been a lot of controversies surrounding the use and legality of CBD oil, but thanks to new regulations, consumers can use CBD oil for medical reasons.
Strict regulations have hampered CBD oil research, but major companies are stepping up research to provide scientific evidence to back their claims. Currently, there is a huge gap between research-based evidence and the booming CBD market. Despite this difference, the popularity of CBD oil continues to surge every day.
Researchers are gradually trying to bridge the gap and educate the public on the benefits of CBD oil. In the last four years, the funding for the National Institutes of Health increased its financing for CBD studies by a whopping £12.4 million.
Almost everyone thinks that CBD oil will help with their health problems, which is why scientists are working tirelessly to uncover if any of the benefits hold true. A breakthrough could catapult the CBD oil market in the UK to over £2 billion by 2025.
Global Market performance
Global markets, primarily in the US, are expected to record the highest growth by 2022. It's estimated that the US market will hit the $20 billion mark by 2024. The surge is attributed to the new regulations in different states that are legalizing Marijuana and the sale of CBD products.
This has made it easier for the public to access CBD products such as Love Hemp via pharmaceuticals, licensed dispensaries, online stores, and even general market retail. Analysts predict that CBD products will become more mainstream that they will become a common occurrence in general retail stores.
The UK is hoping to achieve similar results by tapping into markets such as sex lubes. It’s estimated that more than 75% of women have experienced pain during penetration. Using CBD oil will help ease this pain as it has anti-inflammatory properties.
CBD oil can help regenerate and moisturize delicate skin, which is a Godsend, especially for women. Also, it has no irritating chemicals and has a gel-like structure that feels more viscous compared to traditional lube. These are some of the benefits if well harnessed could catapult the UK market since most of the consumers are women.