CBD Market Predictions – Capsules Set to Replace Oils
Oils will soon cease to be the dominant CBD product, with capsules picking up much of the slack, according to new market predictions by CBD-Intel.
CBD-Intel’s head market analyst Nate Erskine sees the ease of dosing, coupled with CBD’s continued trend towards an everyday health and wellness product – akin to vitamins – as the primary drivers of the change.
CBD Oil vs CBD Capsules
Oils are a cumbersome product that the industry has widely acknowledged falls short as a method of delivery. They offer inexact dosing, are difficult to use correctly, and many people find them unpleasant to use.
“If you look at other products, how many come in an oil dropper format? Beyond one-offs like Rescue Remedy the only sublingual oil products on the market are CBD oils,” said Erskine.
“Capsules represent clearer dosing, easier usage and a more inoffensive profile, making them a better choice for a wider consumer audience. The potential drop-off in digestive absorption versus sublingual is minimal and would in any case be a fair trade-off for the ability to continually deliver a set amount with no variation.”
Canada to Set New CBD Trend
CBD-Intel predicts that this trend will first be seen in Canada before spreading to Europe.
Using CBD-Intel’s in-house survey, pricing, and other market data, Erskine forecasts that the market size for oils will peak at $23m for Canada in 2022 and then drop by $3m the next year. European markets will start to follow suit in 2023 with countries such as the UK peaking at $235m before falling off dramatically in 2024 when it reduces to $187m.
European markets will soon follow with the UK peaking at in 2023 and Ireland hitting a high of $4m that year. Similar large drops will be seen in markets such as France, Germany, Italy, the Netherlands, Switzerland and Spain over the same period.
CBD Market Value
The USA will also follow suit, seeing a $80m fall-off as the $780m 2023 market value drops to $700m in 2024.
Meanwhile, capsules are predicted to pick up most of the slack. Their market value is forecast to grow by $80m a year in the UK in both 2023 and in 2024. Other markets will see a more mixed growth rate in the category but many will still see substantial gains, such as France and Germany, with both expected to see increases of $25m from 2023 to 2024 to reach a market values of $75m and $100m that year.
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