North America represents only a portion of what is happening globally in the cannabidiol (CBD) market. An array of countries in Europe, Asia, and the rest of the world are also experiencing significant CBD market growth, a trend that is forecasted to continue.
Currently, the only major obstacle to this expansion in most countries is legislation. However, the overwhelming demand for CBD is proving to be a formidable foe to legislative and regulatory restrictions.
CBD in Europe
Legislative and regulatory issues in Europe are more complicated than in the US and Canada, as each country has its own government to deal with in addition to the governing bodies of the European Union. However, as with North America, the demand for CBD is having an overall positive impact on the course of legislative and regulatory action throughout the continent.
According to a survey conducted in Europe by New Frontiers Data in November 2019, CBD was viewed positively by nearly half of those questioned. Additionally, 58% of the respondents claimed to have used CBD for the first time within the past six months. And 74% of all respondents who tried CBD reported that the cannabinoid positively impacted their quality of their life.
CBD in the Rest of the World
Much of Asia is already growing hemp and extracting, consuming, and/or exporting CBD, including Japan and South Korea. However, in some countries, particularly China, the laws surrounding the production and consumption of CBD are restrictive or are still being ironed out. That being said, global demand has made China take notice. The government currently allows one of its provinces (Yunnan) to extract and export CBD oil to Europe and South America. Many nations in Latin America are also producing, importing, and selling CBD. Brazil, Colombia, and Mexico are a few of the countries making big strides. In this region, price, in addition to legislation, is sometimes proving to be a stumbling block but the demand is there.
The growth of the international CBD market cannot be slowed and will continue to speed ahead. Although legislative, regulatory, and pricing concerns are a few of the obstacles confronting this expansion, it is evident that demand for CBD will continue pushing things forward.