The CBD industry in the UK has been on the rise in recent years, driven by increasing consumer interest in the potential health benefits of CBD products. CBD, or cannabidiol, is a non-psychoactive compound found in cannabis and hemp plants. Unlike THC, another compound found in cannabis, CBD does not produce a "high" and is legal to sell and purchase in the UK.
According to a report by the Centre for Medical Cannabis, the UK CBD market was valued at £300 million in 2019 and is projected to grow to £1 billion by 2025. The report also found that the number of CBD users in the UK increased from 125,000 in 2018 to 250,000 in 2019, and is expected to reach one million by 2025.
This growth in the CBD industry has been driven by several factors. One major factor is the increasing availability of CBD products in a wide range of forms, including oils, edibles, capsules, and topicals. This has made it more convenient for consumers to incorporate CBD into their daily routines.
Another factor is the growing body of scientific research on the potential health benefits of CBD, which has helped to increase consumer awareness and understanding of the compound. Studies have suggested that CBD may have therapeutic potential for a wide range of conditions, including anxiety, pain, and sleep disorders.
The UK CBD industry is also being driven by a growing number of companies entering the market. Many of these companies are small or medium-sized enterprises (SMEs), which have been able to establish themselves and grow quickly in the rapidly expanding CBD market. This has led to increasing competition among companies and has helped to drive innovation and improve product quality.
However, the industry also faces some challenges. One of the main challenges is the lack of regulation in the UK CBD market. While CBD is legal to sell and purchase, the industry is currently unregulated, which has led to some concerns about product quality and safety. Some companies have been found to sell products containing little or no CBD, and others have been found to contain illegal levels of THC.
The government is now looking to regulate the industry to ensure that products are safe and correctly labelled. The Medicines and Healthcare products Regulatory Agency (MHRA) have updated guidance that CBD products need to be licensed as medicines before they can be legally sold, this process has already started in late 2019 and going on. Furthermore, The Food Standard Agency(FSA) has also released a guidance on how the CBD products can be used in food and beverage without making claims of any medicinal value.
In conclusion, the CBD industry in the UK has grown rapidly in recent years, driven by increasing consumer interest and the availability of a wide range of products. While the industry faces challenges related to regulation and product quality, the potential health benefits of CBD, combined with the growing number of companies entering the market, suggest that the industry will continue to grow in the coming years.
It is worth mentioning that this data is based on a report from 2019 and the latest information from 2021. Given the dynamic nature of this industry the figures might have changed. In case you are planning to use this information for any formal research please validate the data with recent information.