Despite the fact that the European Union brands CBD as novel food, the future looks bright for the European CBD market. This is shown by a poll by the US market research firm Brightfield Group. The agency predicts growth of as much as 400 over the next 4 years. A positive observation in a time uncertain for many companies.
Explosive growth in CBD and cannabis market in Europe
Not only is the future of (medicinal) cannabis, according to all connoisseurs, lucrative business, the CBD market will also grow as the proverbial cabbage in the coming years.
This CBD market is expected to be worth 370 million euros by the end of this year, but in four years in 2023, cannabidiol products will be converted for one and a half billion euros!
Moreover, similar optimism also applies to the cannabis market as a whole (CBD is mainly extracted from hemp), including recreational and medicinal. This market is also growing rapidly, from EUR 282 million now to almost 8 billion euros by 2023.