Are you dealing with chronic pain or anxiety and struggling to find relief? Are you looking to find your inner balance and peace?
In recent years, many people have discovered the health benefits of CBD. Many have started to use it as an affordable approach to general wellness.
Its rise in popularity has shown a drastic increase in the CBD market size, and it’s likely to continue.
Keep reading if you’re looking for an alternative treatment for something like pain or anxiety. Or, stick around if you’re interested in the future growth of the CBD market and what to expect.
How CBD Has Grown Over the Years
For a long time, many people were hesitant to try CBD because of its association with marijuana. However, CBD has become much more accepted in recent years.
Research has provided information for people to make informed decisions about whether this is something for them to try.
The United States has begun legalizing cannabis for medical and recreational uses. With this, scientists have had more opportunities to extend their research and help consumers learn even more.
Through this research, scientists have discovered countless benefits of CBD leading to its surge in popularity.
Because of its unique and natural healing properties, CBD products have become highly demanded. Governments are also becoming more accepting of the CBD market, its products, and what it has to offer.
What Makes CBD So Popular?
Some of the most significant benefits of CBD include pain relief and mood-boosting. It has even been shown to provide benefits to cancer patients and their symptoms such as nausea, vomiting, and chronic pain.
One of the biggest reasons why CBD is so popular is because it does not have any psychoactive effects. It does not contain any THC, which is the psychoactive component of cannabis. This allows people to gain the benefits without the ‘high’ feeling that comes with using marijuana containing THC.
CBD is also popular because of its accessibility and affordability. There are many different ways to consume and use CBD, from gummies to capsules and even topical creams, just to name a few.
In a state like California or Colorado, cannabis is legal for medical and recreational use. Here, you may even find some restaurant menu items containing CBD.
Many people have also started using CBD as an alternative treatment to traditional medications. Luckily, you can easily find these and purchase them online or even in stores near you.
People seek this product as an alternative treatment because it can be a more natural alternative. It comes from the hemp plant and works with our body’s endocannabinoid system. This system is responsible for managing things like sleep and mood regulation.
CBD Market Size: What to Expect
The health and wellness market has the potential to become a multibillion-dollar trend and industry in the future. The market is projected to be a $22 billion industry by the year 2022!
In 2020, research showed a projected drastic increase in growth of the market until 2028. Although the pandemic has had a large impact on the market since 2020, we can expect continued growth as the pandemic ends and the economy returns to normal.
The pandemic also caused a shortage in products worldwide, so these post-pandemic years are likely to see an increase in demand for these products, especially in pharmaceutical companies.
Another reason for the high demand that we see and will continue to see is the wide variety of CBD products that companies are offering. Not only are they seen in ingestible oils/tinctures and capsules, but we are now seeing CBD-infused smoothies, coffees, and even skincare products.
There is endless opportunity for this industry because of the versatility that CBD offers.
Although we are seeing rapid growth in this industry, some pending government approvals are still limiting the growth. The 2018 Farm Bill was a big step in the right direction, but we aren’t done yet.
This bill legalized the selling and production of industrial hemp products in all 50 states, but only if there is less than 0.3% THC.
Epidiolex is the first cannabinoid approved drug. Beside Epidiolex, no CBD products have been approved by the FDA yet, so companies are unable to treat the products as an alternative treatment for consumers like they would an over-the-counter medication.
The BDSA predicts that this approval will come sooner than later, though. With more state legalizations of cannabis throughout the United States and more widespread consumption, many more people accept or use cannabis compared to those who don’t.
Innovation From the CBD Industry
CBD is making its way into nearly every other industry on the market. From the food industry to the beauty industry and just about everything in between, we can expect to see these products everywhere!
In the food industry, we have seen things such as CBD edibles or even coffee shops and bars incorporating CBD in some menu items. In the future, we can expect to see entire restaurants based on CBD items.
Who wouldn’t love to have a professional chef-prepared meal infused with natural, calming goodness?
Another place we’re seeing lots of innovation is in pet care. You can find CBD dog treats for your favorite furry friend at nearly any CBD shop. Similar to humans, these products have wellness benefits for them, too, such as pain and anxiety relief.
If you’re amazed now by how this industry is growing and bringing innovation to the world today, stay tuned for what’s to come in the next few years.
Starting Your Wellness Journey
The CBD market size is increasing every day, and we can expect this growth to continue in our economy. With its healing benefits and affordability and accessibility, there is something for everyone.
Whether you’ve been a long-time CBD consumer or are looking to start your journey with this product, this is only the beginning.
If you’re looking for somewhere to start or are looking for new products, contact us today to see what we have to offer.
