CBD is tried by 15% of European consumers, but the industry is held back by ‘high turnover rates’
Cannabidiol, or CBD, is a non-psychoactive compound found in the cannabis plant that has gained popularity in recent years for its potential health benefits. CBD has been touted as a natural remedy for a wide range of conditions, including anxiety, pain, inflammation, and epilepsy. However, the CBD industry in Europe has been held back by a high turnover rate of users, according to a new study by the European Industrial Hemp Association (EIHA).
The study found that 15% of European consumers have tried CBD products at least once, but only 8% are regular users. The primary reason for this low retention rate is a lack of consistent and reliable supply of quality CBD products. Many users reported difficulty in finding the right dosage and product for their specific needs, and some expressed concerns about the safety and efficacy of CBD products.
The high turnover rate of CBD users is a significant challenge for the industry, as it hinders the growth and development of a loyal customer base. This, in turn, affects investment, research, and innovation in the CBD industry. To address this challenge, the EIHA has called for more research and development into the efficacy and safety of CBD products, as well as better regulation and standardization of the industry.
One of the main issues with the CBD industry is the lack of clear regulations and standards. While some countries, such as Switzerland and the Netherlands, have established clear rules for the production and sale of CBD products, others, such as the UK and France, have ambiguous or conflicting regulations. This has led to a proliferation of low-quality or even fraudulent CBD products on the market, which not only jeopardizes the health and safety of consumers but also undermines the credibility and reputation of the industry as a whole.
To address this issue, the EIHA has called on national and European authorities to establish clear and harmonized regulations and standards for the production, processing, and marketing of CBD products. The EIHA has also urged companies to focus on quality and transparency in their production processes, and to prioritize the needs and preferences of their customers.
Another challenge facing the CBD industry is the lack of research and evidence on the efficacy and safety of CBD products. While there is growing anecdotal and clinical evidence that CBD can be beneficial for certain conditions, such as epilepsy and chronic pain, there is still a lack of rigorous and systematic research on its long-term effects and interactions with other drugs.
To address this issue, the EIHA has called for more funding and support for research on CBD, including randomized controlled trials and observational studies. The EIHA has also urged companies to invest in research and development to improve the quality and effectiveness of their products, and to work with healthcare professionals and regulators to ensure that their products meet the highest standards of safety and efficacy.
In addition to these challenges, the CBD industry also faces competition from other natural remedies and pharmaceuticals, as well as from the illegal cannabis market. To compete effectively, the CBD industry needs to differentiate itself by offering high-quality, safe, and effective products that meet the diverse needs and preferences of consumers.
One way to achieve this is by focusing on innovation and diversification of product offerings. CBD can be used in various forms, such as oils, capsules, creams, and edibles, and can be combined with other natural ingredients, such as herbs, spices, and vitamins, to create customized and targeted products for different conditions and lifestyles. The CBD industry can also explore new and innovative uses of CBD, such as in cosmetics, pet products, and food supplements, to expand its reach and appeal to new markets.
Another way to differentiate the CBD industry is by promoting education and awareness of CBD among consumers, healthcare professionals, and policymakers. CBD is still a relatively new and unfamiliar concept for many people, and there is a lot of misinformation and confusion surrounding it. By providing accurate and evidence-based information on CBD, the industry can build trust and credibility with its stakeholders and create a supportive and informed environment for its growth and development.
In conclusion, the CBD industry in Europe faces significant challenges but also offers significant opportunities for growth and innovation. By addressing the challenges of inconsistent supply, unclear regulations, lack of research and evidence, and competition, the CBD industry can establish itself as a safe, effective, and sustainable option for improving the health and well-being of Europeans. The key to success lies in collaboration, transparency, and innovation, and in putting the needs and preferences of consumers at the center of the industry’s priorities.