The European CBD market is expected to grow between 2022 and 2028. Data Bridge Market research forecasts a 40% CAGR growth in the period between 2022 and 2028, with the market predicted to reach $ 84,50,923.19 thousand by 2028. What propels this growth? The increasing demand for CBD products in all their forms.
CBD is one of the top 25 best selling ingredients, meaning that it has established itself as an effective and desirable product. Specialists agree that this is only the beginning for cannabinoids, the ideal moment to mature and evolve. CBD is popular as a dietary supplement, but it slowly gains ground in other sectors, including skincare. Cannabinoids have successfully entered the mainstream, but their progress won’t be free of bumps because, as with any other ingredient, some people are sceptical about its benefits. For example, even if it makes headway in the skincare industry with brands like Sephora selling CBD beauty products, it’s still not immune to public scrutiny.
As the CBD sector matures, so will the market’s expectations, consumer preferences, and range of products. The products people used during their college years have been refined and transformed into lab researched and tested ingredients that provide alleviation for several health issues. Technological advancement in the industry also supports evolution, enabling an automated cultivation process.
At the beginning of 2022, it looks like some CBD consumer trends will shape the market in the following months. Let’s discover them together.
Science and research power new CBD products
Since 2010, around 23,000 reports have been published about cannabinoids, and the number is expected to grow in the following months, as the demand for CBD products is growing. Even if it might not seem so, CBD is one of the most studied ingredients globally due to its multitude of benefits. Producers partner with research facilities to study their formulations’ efficacy and track their absorption rate.
CBD brands are aligning their values with those of the public
Today buyers want to spend their money on brands and products that align with their values, so CBD producers ensure they meet their public’s requirements, whether they ask for social justice, sustainability, inclusion, diversity, or LGBTQ rights. Brands like CBD Planet that are authentic and transparent about their values and methods will stand out in the market, attract clients, and increase brand loyalty. Nowadays, people want more than buying CBD products and demand the provider to offer them an experience that matches their interests.
CBD products are widely accepted
When online and offline media outlets like Wall Street Journal and Vogue cover CBD-related subjects, people know it’s no longer a taboo topic. Users from entrepreneurs to busy moms embrace natural ingredients like cannabinoids to improve their health, wellness, and self-care. It’s expected in 2022, using CBD edibles and creams to be as controversial as drinking a glass of wine for dinner. A couple of years ago, the most popular method to take CBD was smoking, but nowadays, people can choose from several ways (vaping, topicals, edibles).
CBD producers no longer rely on guessing what their clients want. They research the market and gather demographic data to refine their products and optimise their promotional strategies accordingly. Different buyer personas have different preferences and needs, and sellers must identify them before bringing products to the market. Businesses need to understand their current and prospective clients to effectively grow their sales and market products.
Target audiences will shift
Before designing products, manufacturers try to picture their ideal client. How do they look? Are they busy individuals who’re struggling to balance work and personal life? Are they active individuals who need a boost to keep up with their hectic life? Are they individuals looking for a way to relax?
If you take a close look at the demographics for the average CBD user, you may be surprised because 31% of the consumers are between 35 and 49, 22% between 22 and 35, and 22% between 50 and 64. People would expect only young people to use it, but it looks like adults and elders are also exploring its benefits. While users’ preferences have changed due to the pandemic, different age groups expect different things from their shopping experience.
For example, Gen Z buyers use social media platforms to research products and services before purchasing, while Millennials are more independent and use other Internet means to search for information before making a decision.
2020 was a challenging year for businesses in all industries, but the CBD providers that overcame the obstacles will see greener pastures in 2022 and beyond. However, the pastures won’t be free of challenges because CBD is one of the most competitive industries. As the ingredient becomes more widely accepted, more popular brands will begin integrating it and selling CBD-based products. Companies like Sephora have already started offering CBD products, and specialists are sure many other brands will follow suit.
This can only prove beneficial for customers who’ll be able to choose from a broader range of products. They’ll no longer struggle to find a product fit for their needs. The competition makes producers put effort into delivering high-quality products and customer service.
The last few years saw a mass of new products come into popularity. They experienced wide adoption among the public, but some faced legal challenges as the authorities weren’t convinced of their effects. But in 2022, states and cities will take another look at cannabinoids and will most likely show a wider acceptance because research proves their health benefits. Koi CBD gummies is a good example of this.
No one can deny that the CBD sector has exploded lately since CBD consumption became legal. With the passage of new regulations, the authorities opened the door for a new industry to spring up. CBD production, manufacturing, and sales are expected to grow over the following months. Still, the green rush is also forecast to settle because users will slowly become loyal to particular brands and no longer show interest in new actors.