CBD and its place in the commercial marketplace
Trends are always changing, and so is our use of CBD. We’ve witnessed recently a massive amount of public and media interest in the commercial potential of cannabis. Among other slang names like pot, ganja, and Mary Jane, cannabis is a genus of fibrous, flowering plants belonging to the Cannabaceae family. Traditionally, cannabis is known for its controversial psychedelic effects, which have contributed significantly to its undesirable reputation throughout the years. However, all of the negative stigmas surrounding cannabis plants may be about to change, with more and more states and countries giving the green light to commercial production and recreational use of cannabis worldwide. Thanks to its primary non-psychoactive cannabinoid, cannabidiol (CBD), consumers can anticipate a much brighter and more promising future ahead of the cannabis industry. Where could the CBD trends go in the future?
The growing awareness concerning the potential well-being benefits and relaxing effects of CBD has heightened its popularity among markets and suppliers. In addition, the ongoing developments in the legislative processes by various local authorities across the globe have also paved the way for numerous opportunities supporting the growth of the CBD market. In fact, the global CBD market size is expected to surpass around 108 billion USD in the next five years. That’s equivalent to a whopping 79 billion GBP industry.
CBD has remarkably managed to create a big name for itself in the health and wellness scene. Many people are opening up to its wide-ranging potential benefits, whether for promoting mindful wellness through relaxation or sustaining homeostasis as a preventive well-being measure. While the CBD market is hitting some relatively huge numbers, it makes more sense to discuss what lies ahead. CBD seems to be almost everywhere at this point, from our fitness regimes to skincare routines, but is it here to stay? Before we go on and examine the increasing commercial trends in various CBD products, let’s first have a quick refresher on the ins and outs of CBD and what it might do to the body.
What is CBD?
CBD is a naturally occurring chemical substance produced by the hemp plant, a cannabis variety famed for its high safety profile. CBD has been a household name for therapeutic reasons due to the absence of intoxicating effects, such as the “high”. Although experts have previously identified more than 100 different types of cannabinoids present within the cannabis plant, CBD remains to be the most widely known alongside its infamous cannabinoid relative THC (tetrahydrocannabinol). Both cannabinoids are thought to work by interacting with the endocannabinoid system (ECS). However, some critical differences between the way they affect the mind and body make CBD more preferable by many.
THC is the main psychotropic cannabinoid of the plant responsible for its euphoric effects on the brain. Unlike THC, CBD has quickly gained nearly worldwide acceptance for offering a sense of peace and comfort without any signs of intoxication. Then again, CBD is not considered a panacea or a treatment for various kinds of disease. But when CBD is consumed, you may find yourself in a relaxing state—which may be useful when it comes to managing feelings of tension and uneasiness.
With many people looking to experiment with CBD, numerous wellness brands are now focusing on providing CBD-infused products to take advantage of its greater profit margin. Hemp-derived CBD has been popping up not just in the wellness space but also in many beauty and skincare products, from day and night creams to body lotions and even bath bombs. Not only that but CBD is also being sold in many coffee shops and farmer’s markets across Europe and even being added to many traditional recipes. Indeed, the “green” rush has just begun and there seem to be no signs of stopping or slowing down in the years to come.
Here are some of the biggest trends influencing the CBD market through 2030 and beyond.
Higher demand for CBD-based pet products
Without a doubt, countless CBD brands focusing on human consumerism have played an influential role in driving the CBD movement. And just recently, pet companies have also embarked on the same path. The CBD pet market is on the rise, with CBD becoming a novel ingredient for various pet products. According to a Grand View Research market analysis report, the market size value for CBD pet care products is forecasted to reach up to 4.79 billion USD (approximately 3.4 billion GBP) by 2028.
Given the sheer size of the global pet care market, the CBD pet industry is expected to be one of the fastest-growing CBD segments by far. Many pet owners are keen to have their furry families experience the potential benefits of CBD for the same reasons why they’re using it themselves. Due to the seemingly never-ending rise in the market, a lot of things can point to the fact that CBD-infused pet products will be among the many champions in the race to CBD sales year after year.
More FDA-approved CBD products to arrive
The Food and Drug Authority (FDA) has recently set a few regulatory measures regarding the sale and consumption of CBD. The agency has stated in its report that all drugs containing CBD fall under the category, Schedule I substances, which requires prior approval from the FDA before being distributed to the market. So far, there are two CBD-infused drugs approved by the FDA. Namely, these are Epidiolex and Sativex, both of which are placed under Schedule V of the Controlled Substances Act of the Drug Enforcement Administration (DEA). While many drugs are yet to be widely accepted, experts believe that the endorsement of the first CBD-based drugs to the market is just the beginning of many foreseeable opportunities for CBD, giving a sense of hope to every CBD manufacturer.
More comprehensive research on CBD’s medicinal benefits
With CBD markets being set to multiply, there is an increasing trend of filling the gaps in CBD research with real-world data. According to the FDA, there is a promising public health potential in using novel ingredients like CBD. Hence, the agency has decided to develop and extend sources of information to help establish a more robust base of scientific evidence supporting the potential therapeutic and medicinal benefits of CBD.
Online CBD distribution to grow exponentially
The online CBD industry is accountable for roughly 46% of the global market in the previous year. This is because of the numerous advantages of digitalised marketplaces, including 24/7 shopping experience, on-time delivery, wide-ranging options and adequate inventory, as against their offline counterparts. By looking at this trend, we can foretell that online CBD platforms won’t likely be going away and that brands may need to reevaluate their online offerings to provide their customers with a satisfactory online shopping experience.
Wider scope of CBD for mental health
The 2020 market value from CBD applications on specific mental health issues has reached 1.5 billion USD (1.08 billion GBP). Globally, more than 300 million individuals are reported to experience symptoms of depression. This is equivalent to roughly 4% of the world’s total population. Because of the escalating rate of global mental health issues, many healthcare providers are inspired to increase investigate the potential effects of CBD on mental health and overall wellness. In the years to come, we may anticipate a more comprehensive explanation of CBD’s efficacy and safety profile, along with new trends that will effect how we use CBD.