The CBD industry has experienced an impressive growth trajectory in recent years, with cannabidiol-infused products and derivatives of industrial hemp becoming increasingly mainstream. 2023 marks a pivotal moment in the industry, where we are witnessing a slowdown in the UK market, which is already saturated with competitors. However, countries such as Germany and Portugal still provide untapped opportunities. This blog post will explore the CBD industry’s evolution and the opportunities that exist in Germany and Portugal through analyzing an example of a successful online store, CBDShop.pt.
The CBD industry began its modern growth trend in 2018, where we saw a boom in products such as CBD oils, balms, capsules, and edibles becoming increasingly popular. In 2023, we are still witnessing unprecedented growth. However, in the UK, the market is starting to become oversaturated, and customers become increasingly demand more quality over quantity. CBD brands are now looking beyond the UK market to explore opportunities in other countries. One such region is Germany, which presents itself as Europe’s largest market for CBD products. The German market offers an exciting opportunity for CBD companies due to its young demographics, progressive legal framework, and growing social acceptance of CBD.
Portugal is another country that provides opportunities for CBD companies. Although it may not have the largest market compared to Germany, the Portuguese market is an exciting one due to its nascent stage and a few operators. A great example of a successful Portuguese CBD online store is CBDShop.pt. This store has built a stellar reputation with its high-quality customer service and reliable product offerings. It’s online, eCommerce platform that reinforces its broad selection of CBD products: from CBD edibles to oils. The website’s design focuses on ease of use, and it includes an intuitive interface to ensure visitors can quickly find what they need.
Another factor that makes Portugal an attractive market for CBD products is that the country has one of the most relaxed legal CBD frameworks globally. Hemp cultivation and processing are mostly decriminalized yet strictly monitored, hence creating a favorable legal environment for this industry to flourish. Despite limited marketing budget and lack of legal clarity, CBDShop.pt managed to grow through word of mouth and excellent customer reviews, helping it build a loyal and substantial client base despite being new in the market.
The CBD industry has undergone a remarkable evolution over the last five years. As the industry matures, new opportunities are emerging. While the UK market remains a dominant factor, there is an increased need to explore new geographical horizons to tap on the growing demand for CBD products. Hence, diversification into markets such as Germany and Portugal make complete sense. For retailers looking to expand their CBD product offerings, Portugal is the best option among the two, considering CBDShop.pt’s success in this market. The Portuguese market is a relatively new and untapped one, making it a perfect fit for new entrants. As we move into 2023, the CBD industry’s evolution is not slowing down, creating even more opportunities to innovate, grow, and establish in new markets.