Over the past few years the global market for cannabidiol (CBD) has expanded rapidly with growing demand for CBD products expected to continue through 2022 transforming this market into a mega industry of its own.
According to the latest research by the Global Wellness Institute (GWI), the worldwide wellness market grew 12.9% from a $3.72 trillion in 2017 to a $4.2 trillion (€3.5 trillion) in 2018.
Today the European market for CBD is approximately €450 million accounting for approximately 31% of global CBD oil market share, second only to North America. However, momentum is gathering quickly as more people recognise the potential of cannabinoid enriched products. As a result, EU projections are estimating the market to grow to at least €1.5 billion by 2023.