The CBD market is thriving at a pace no one could have imagined a decade back, thanks to the holistic treatment benefits it offers to cannabis users. The marketing is booming as we speak, with over-the-counter stores, pharma shops, exclusive chains, and last but not the least online platforms leaving no stone unturned to make it popular among the masses. By some estimates, the overall cannabis market has already breached the $3-4 billion mark in 2021, and by 2027, it is estimated to grow manifold to $75 billion. What makes CBD so popular and what are the latest trends that point towards its bright future? In this article, we shall explain 8 predictions about the CBD market that you as a cannabis enthusiast should not miss.
Let’s get started!
Do you know what CBD is?
If you are a seasoned cannabis user, or, are following the cannabis industry for quite some time, you may not need an introduction to CBD. But, if you are an eager enthusiast who wants to understand how the cannabis market is performing, you must know in detail what CBD is. CBD is an abbreviation of cannabidiol, which is one of the 100s of cannabinoids or chemical compounds found in a cannabis or hemp plant. Besides cannabinoids, a hemp plant contains terpenes and flavonoids. All these three major compounds have different functions and health benefits. CBD is one such cannabinoid.
It’s found in abundance in hemp plants and is extracted via a special method. Once extracted, it’s converted into different products like oil, cream, sprays, vapes, gummies, among others. People like CBD because it’s 100 percent natural or organic. It does not cause any side effects. Cannabis or hemp is usually associated with ‘intoxication’ or ‘high’ but CBD, even though it’s derived from cannabis only, does not cause any such effect.
Regular and well-regulated use of a CBD-based product can bring wonderful results to a host of physical as well as mental ailments such as chronic pain, pain relief, inflammation, indigestion, stress, post-traumatic stress disorder, and endometriosis, among others. CBD gives you a soothing effect, putting you in a very calm state of mind. CBD helps cure physical or mental health issues without risks that are associated with modern medicines. It’s also more cost-effective than contemporary medication and gives faster results.
Predictions about CBD market
The CBD market is predicted to grow at an unprecedented pace as it gains more acceptance across the western world. Asian, European and middle eastern countries may take time in fully adopting it but the west seems to be in awe of this amazing cannabis compound. Here are some predictions about the CBD market you should be looking at very closely.
Revenues will rise 10X
CBD marketing is booming. Every day hundreds of new products are launched and several new companies are registered, and all of these start-ups have only one thing in common i.e. they want to mint more money. CBD products are selling like hotcakes and companies are raking in millions annually. Considering the rapid rise in its popularity, it’s being estimated that the legal CBD market alone will rise to about $20 billion by the year 2024 from 390 million in 2018. This shows there are huge prospects for those planning to enter the CBD market.
More countries will adopt CBD in a big way
This is one of the most popular predictions about the CBD market. More countries will adopt CBD or cannabis as a whole in a big way. As of now, only Canada, Uruguay and Mexico have given a full green signal to processing and usage of cannabis for both medical and recreational purposes. The US is also close to achieving this feat with more than 31 states already approving cannabis usage in some form or the other. If the federal stance changes in the future, it’s likely that the US will also allow the use of marijuana for all kinds of purposes. The UK, Australia, and Germany could also see cannabis adoption in the years to come.
The US will lead the marijuana industry in this decade
The United States will lead the world when it comes to the cannabis industry. Things are moving fast in the country since the passing of the Farm Bill, 2018, under which production of hemp and hemp-based CBD products was made legal. This legislation led to mushrooming of the CBD industry, and the US now has one of the biggest legal cannabis industries in the world. This is despite the fact that only over 30 states have allowed its use for recreational or medicinal use.
Number of stores and dispensaries will go up
This seems like a legitimate prediction to make. Right now, there’s a huge craze among cannabis enthusiasts and to cater to their needs, more stores and pharmacies and online platforms will be required. More stores and pharmacies mean more jobs and more CBD products in the market.
More money will flow into CBD market
Investors are already bullish about the growing CBD market. As more and more countries allow its use for the masses, investors are sensing an opportunity. Every day several new start-ups take birth and they need investors to back their smart ideas. If the idea clicks, more money flows.
Product ranges will rise manifold
The CBD market is only starting out and we can see companies launching products ranging from CBD-based cookies to cakes. Producers are being bold in experimenting with CBD, and many new products are expected to hit the market in years to come.
The FDA will soften its stance around cannabis
The US Food and Drug Administration has listed CBD under the Schedule 1 category, which means its distribution to the public without its approval is illegal. It has already approved two CBD-based drugs, Epidiolex and Sativex, and it’s likely that the FDA will reassess the law soon.
More awareness among the masses
People are becoming more aware of CBD and cannabis at large. The social stigma around cannabis is not as effective as it was before. People are looking at health benefits the regulated use of CBD can offer to them and more of them will accept it in future.
