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Key factors in promoting CBD products on the market

01/02/2021 | hempmarket
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A study by our European colleagues identified several key factors affecting market sales of CBD products. Particularly for a consumer in Europe, the price and usability of a product that includes drug-free cannabinoids is critical to making a purchasing decision.

The results obtained in the course of the research by our European colleagues should be kept in mind by the Ukrainian hemp retail in order to understand what factors are key for buyers of CBD products in the EU (similar factors affect buyers of CBD products in Ukraine).

The CBD market has huge potential

The market for CBD products in the European Union is not mature enough compared to similar sales systems built in Canada and the United States. Nonetheless, the growing consumer base of drug-free cannabinoid buyers who are positive about the therapeutic properties of cannabinoids is creating a solid foundation for future exponential growth in this market.

Price and convenience over brand loyalty

More than 8 out of 10 (81%) consumers in the course of relevant surveys indicated that price is important or very important in their decision to purchase products containing non-drug cannabinoids. This indicator is considered more important than other considerations, including the dosage of therapeutically active elements in the product (75%), the total amount of therapeutically active elements in the product (74%), laboratory test results (64%) or the presence of other therapeutically active ingredients that are included into the product (64%). Almost half (48%) said they change brands based on price. 

Convenience is perceived as a decisive purchase factor, more important than brand loyalty. Specifically, 70% of consumers reported choosing the CBD products that were most convenient, compared with 54% preferring a particular brand.

The CBD marketplace in Europe is crowded, especially online

None of the European companies that manufacture / sell CBD products have demonstrated that brand awareness among European respondents exceeds 10%. With low barriers to entry and limited regulatory oversight, online cannabidiol sales are growing faster than any other retail sector. Word of mouth / rumor is a key sales driver: About a fifth (18%) of respondents identified friends and family as the main source of information about CBD products, along with social media (21%), newspapers or internet searches (19% each). About a quarter of respondents (23%) reported that someone had recommended CBD products to them; among them, the majority (63%) said that most of the reviews came from friends. A large segment of CBD consumers say they received CBD products from a friend (35%) or a family member (12%).