Europe’s market potential for cannabidiol (CBD) is pegged at around €2 billion as a treatment for chronic diseases, according to a new report by nova-Institute and HempConsult (both of Germany), who probed the market for non-psychotropic CBD, increasingly in demand as a food supplement and pharmaceutical.
A second report released by the two consultancies investigated the fast-growing growing hemp food markets.
The estimate for CBD would put it on a level with over-the-counter medicine such as valerian, the first report said, noting CBD has a minimum market penetration potential of €24 million.“The gap between upper and lower market potentials can be reduced with more consumer information and investment in research to support initial medical claims, and suitable political regulations,” according to the CBD report.
The two reports are based on a survey from August to October 2015 with 171 producers and traders of hemp food from 21 countries mainly spread across Europe and North America. Meanwhile the separate food study notes that the hemp seed market potential linked to a penetration of 5% of the European nut market would signify added market value of €1 billion per year, but noted growth is held back by slow legislative developments and a lack of consumer awareness. Nonetheless, double digit growth is expected in the sector with demand rising for especially in hemp-based foods, which fall into the “super food”, “nutritious food” and “bio food” market subcategories.
Both market studies will be presented for the first time at the 13th International Conference of the European Industrial Hemp Association 1-2 June 2016, in Wesseling, near Cologne (Germany). 250 hemp experts from all over the world are expected.
See EIHA full report