A survey of the current European CBD market has found that 16% of Europeans have tried a CBD product. The survey, which was carried out by New Frontier Data, has provided insight into several other areas of the emerging CBD market in 17 European countries.
The data in ‘The EU CBD Consumer Report: 2019 Overview‘ was provided by 3,100 participants across Europe. If accurate, the figures show that Europe is emerging as a significant market for CBD businesses, with 58% of consumers having first tried CBD in the last six months.
Of the 16% of consumers, almost three quarters reported that CBD had had a positive impact on their lives. This data offers useful insights into the customer opinion of the cannabinoid. However, the data does not provide insight into why consumers tended to use CBD.
It will also likely encourage global CBD brands hoping to expand into the European market. However, it is important for these brands to appreciate the already crowded CBD landscape in Europe. New Frontier Data’s figures show that European customers value product price and convenience over brand loyalty.
In fact, 70% of respondents said that they selected whatever CBD product was most convenient. This figure compares to just 54% who prefer a specific brand.
New Frontier Data concludes:
“Yet, as more Europeans embrace CBD there will be significant opportunity to build a continent-wide brand.”
What’s more, the survey reveals that consumers are increasingly spending more money on their chosen CBD products. The report finds that 44% of European consumers also expect the amount they spend on CBD products to increase further in the next six months. One third of consumers currently spends over €100 per month on CBD products.
Surprisingly, around 60% of respondents were unsure whether CBD was legal in their country. This high proportion signifies a lack of awareness in some European countries which, if corrected, could see Europe become a significant market for the sector in the future.