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U.K. CBD Market Projected To Top $5 Billion In Value By 2030

The United Kingdom’s emerging cannabidiol (CBD) industry is projected to top $5 billion in value by 2030 according to a new market analysis by Vantage Market Research. Hemp-derived CBD products have grown in popularity at an exponential rate in recent years, including in the United Kingdom.

“The U.K. Cannabidiol Market was valued at USD 1355.6 Million in 2023, and it is expected to reach USD 5066.7 Million by 2030, growing at a CAGR of 24.58% during the forecast period (2023-2030).” the researchers stated in a press release.

“One of the top trends in the U.K. Cannabidiol Market is the increasing popularity of CBD-infused wellness products, such as skincare and beauty items, driven by consumer demand for holistic health solutions.” the researchers also stated. Below are other findings from the market analysis:

• The U.K. CBD market is rapidly expanding, driven by consumer demand for natural health solutions
• Regulatory advancements by the FSA have provided a structured framework for market growth
• CBD-infused wellness products and beverages are gaining significant popularity
• The market is characterized by a mix of established players and emerging startups
• Mergers, acquisitions, and product innovations are key strategies among competitors
• Transparency and quality assurance are becoming crucial for consumer trust
• There is an increasing integration of CBD into traditional pharmaceuticals
• The therapeutic potential of CBD continues to drive market interest and research investments

The United Kingdom first adopted its current limited medical cannabis policies in November 2018. Since that time, tens of thousands of suffering patients have been prescribed medical cannabis products.

“Medical cannabis has been legal on prescription in the UK since November 2018, and an estimated 30,000 people use it,” the Byline Times stated in its recent coverage.

The United Kingdom is home to roughly 67 million people. For contextual purposes, the State of Florida in the United States is home to nearly 900,000 medical cannabis patients out of a total state population of roughly 22 million people.

Cannabis remains the most commonly used controlled substance in the United Kingdom, with 7.4% of adults between 16 and 59 years old in the UK reporting having used cannabis within the past year according to a 2022 report by the Office for National Statistics.

A poll of United Kingdom citizens was recently conducted by the National Centre for Social Research in which members of UK society were asked about their opinions regarding cannabis policy modernization efforts in the UK. The poll found a strong majority of support for legalizing cannabis sales in nearly every age group.

According to the United Kingdom government, the number of hemp licenses in the UK has increased from six licenses in 2013 to 136 in 2023. A first-time hemp license in the United Kingdom costs £580, and the license is valid for three hemp cultivation seasons. Hemp producers who apply for subsequent licenses pay £326, or less than £109 per year.

“Under the planned changes, licence holders will be able to grow hemp anywhere on a licensed farm and the maximum period for a licence will be extended from three to six years, subject to compliance with the terms of the licence.” the United Kingdom’s government stated on its website announcing upcoming changes.

Germany and the United Kingdom are projected to control an estimated 77% of Europe’s emerging legal medical cannabis market by 2028 according to a new analysis by The Dales Report.

“This growth is driven by both expanding legal frameworks and an increasing acknowledgment of the therapeutic benefits of cannabis. As both nations continue to refine their policies and commercial strategies, the focus remains on balancing patient needs with scientific and public health priorities.” The Dales Report stated about both national markets.