European CBD stakeholders say customers have difficulty understanding how to evaluate CBD, but are nonetheless highly inclined to buy it — even if it would be “illegal.”
Surveyed for “The European CBD Market Report 2019-2020” from the European Industrial Hemp Association (EHIA), 92% of stakeholders “agreed” or “strongly agreed” consumers are confused about how to evaluate CBD products; and 66% “agreed” or “strongly agreed” customers are willing to buy CBD whether it’s legal or not.
SMEs dominate sector
Some 84 CBD stakeholders from 24 European countries responded to the CBD survey, the first-ever study by EIHA, led by Germany (16), The Netherlands (9), United Kingdom (9); and Lithuania (8).
The report also revealed that the CBD sector comprises primarily small and medium enterprises (SMEs), with 69% of those surveyed reporting they employ 9 or fewer workers.
“SMEs are the backbone of the EU economy, and the companies working in industrial hemp are showing what hemp can contribute in innovation and entrepreneurship,” said Lorenza Romanese, EIHA’s Managing Director.
Need for reform
EIHA has said that Europe has vast potential in the CBD sector, but there’s an urgent need for legislative and regulatory reform that will unlock the market to serve the health and well-being of EU citizens.
The research is free to EIHA members, and is available to non-members for the discounted price of $399 if pre-ordered before March 9. After that date, the price of the report rises to $499 for non-EIHA members.
Placing Europe in a global context, the report spotlights European market trends and provides analysis on all key issues and challenges facing European CBD stakeholders.
Insight into sector
The report offers commentary on market indicators, key trends and developments, and the effect of foreign competition on the EU market, among other analysis.
Stakeholders responded to questions about economics and income, sourcing, purchasing and sales along with operator perceptions of the market, business forecasts and interpretations of consumer attitudes impacting the industry.
The report aims to provide insight into the inner workings of the European CBD sector, and is intended to serve as an analytical and business planning tool for operators while giving potential investors an advanced overview of the European market, EIHA said.