Top European trends for 2022
In the immediate term, inhalable and topical (cosmetic) product types, and the companies excelling in these segments, are likely to increase their share of the market in the region, with ingestible – primarily tinctures and capsules – making a comeback when Novel Food – authorized products begin to circulate in the market. With market behemoths Germany and the UK, as well as various others such as Austria, Spain, and France, moving to enforce Novel Food regulations, it looks likely that the majority of European nations will follow suit and implement similar regulations in time, posing further challenges for ingestible CBD companies looking to continue operating outside this framework in Europe.
It seems plausible that progressive legislative changes in the aforementioned countries could start an adult-use legalization domino effect across Europe, in a similar way to what we have witnessed with medical cannabis in Europe and adult-use cannabis in the US.
Prohibition Partners is getting in on the prognostication game highlighting its top trends for 2021 and what to watch for in 2022, including:
• Adult-use legalization
• Brand-building and equity
• Increased normalization
• Clarity on the regulations and stability in capital markets
CBD-Intel believes capsules, with their standard dosing, instruction-free use, and inoffensive profile, will overtake cumbersome and potentially unpleasant oils as the most popular product category with CBD consumers in the US and other markets. CBD-Intel also predicts that topicals and cosmetics will continue to forge ahead, reaching $650m and $600m in the US by 2024. Nate Erskine, CBD-Intel head market analyst, said: “Expect the rise of capsules and the continued success of the cosmetics and topicals categories to be the dominant market overview headlines for the next few years. Continued pressure on edibles, coupled with growing interest in sports and beauty applications, will help to fuel the continued rise of topicals as well as cosmetics, while companies will start to embrace capsules more and more as they seek to attract more of the hump of never-use CBD consumers to try products for the first time. “Continued ease of use, combined with attractive pricing, will help convert those first-timers into regular users – though those who take CBD on a daily basis for health and wellness benefits may only move around within the capsule category and not move to try other products types.”
Competitive Landscape and Global Cannabidiol (CBD) Edibles Market
Due to their extraordinary therapeutic effects, cannabidiol (CBD) edibles are beneficial to users in a variety of ways. These CBD sweets, which come in a number of flavors and textures, provide hemp-based chemicals or cannabis to the body for stress and depression alleviation. They are also termed cannabis-infused goods.
The increasing awareness about the health benefits linked with cannabis will drive the CBD edibles market. Furthermore, rising demand from the healthcare industry and surging health awareness among consumers are some macroeconomic factors that are positively impacting the worldwide CBD edibles market. Another significant factor is the legalization of cannabis in various industries will accelerate the growth rate of the CBD edibles market. The rise in disposable income and increasing urbanization will flourish the growth rate of the CBD edibles market. Changing lifestyles and increasing industrialization will further propel the growth rate of the CBD edibles market. The rising population across the globe and technological advancement will also flourish the growth rate of the CBD edibles market. Moreover, the rising number of research and development activities and the launch of new products will boost the beneficial opportunities for the growth of CBD edibles market. Additionally, growing awareness of the antioxidant and anti-aging properties of CBD and hemp and increasing use of CBD edibles as dietary supplements will act as major drivers that will further create new opportunities for market growth in the above-mentioned forecast period.
However, the high cost associated with CBD products will hamper the market growth rate. Additionally, the negative impact of COVID-19 on the production and supply chain will obstruct the CBD edibles market’s overall growth. Also, strict government regulations and less awareness will further challenge the CBD edibles market throughout the forecast period.
This CBD edibles market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market.