Five years ago, CBD barely registered in the public consciousness, and now you can’t look at a gift guide without seeing at least one CBD product. The market for cannabidiol and products containing it has exploded over the past few years, and, as with any trend, businesses are rushing to cash in on the hype. While CBD doesn’t get you high as smoking weed does, customers rave about its potential benefits when combined with other products, including easing discomfort and relaxing the occasionally overactive mind. With the use of CBD skyrocketing, many business leaders are wondering why it’s such a distinct and massive trend. Read on to find out a little more about what CBD is and why people can’t get enough of it, whether they’re using CBD oil, tinctures, or gel capsules.
What is CBD?
If you’re unfamiliar, you might be wondering what CBD even is. CBD is short for cannabidiol, which is one of the cannabinoids found in the cannabis plant. Unlike weed, CBD doesn’t contain significant amounts of THC, so using it doesn’t produce an intoxicating “high”. Instead, users enjoy products focused more on general wellness, and that may support quality recreation and relaxation. While CBD started out with just a few common products, the types of products available now are ever-expanding. While CBD joints remain popular, you can find everything from CBD candies to CBD topical lotions to CBD capsules these days. The growth of smokeless products is a significant development, as many customers who are interested in CBD products may not be interested in smoking. For those who decide to try CBD products, it’s important to make sure you aren’t allergic to any ingredients in products designed for external use or consumption.
Why is CBD so popular right now?
The obvious reason why CBD products are so popular is because they’re selling. Consumers have responded enthusiastically to the increase in availability on the market, and companies are trying to respond adequately to that demand. Like any trend, many in the industry wonder about CBD’s future, but for now, the market shows no signs of slowing down. Industry experts predict CBD could be a $20 billion dollar industry by 2024, most of that revenue being generated by the cosmetic and food-based sectors of the industry. As more products increase, cannabidiol’s presence in the perpetually profitable spaces like beauty, their market share will only increase.
How does marketing affect the CBD extract market?
CBD’s trendiness is also driven by effective marketing. No matter where you look, CBD products are being covered in the media, which is the result of aggressive work by some of the biggest brands in the industry. When your goal is to educate and engage users in a new product, it can be difficult to attract attention, but you can see the success of the CBD industry in their visibility, especially in the press. Ever since the passage of the 2018 Farm Bill clarified the legal landscape with regard to selling hemp, CBD has been on the rise and the hemp product’s growth shows no signs of stopping.
CBD’s popularity might be sudden and surprising, but there’s nothing about it that suggests it’ll be a passing craze. Health and wellness are more a part of the public consciousness than they’ve ever been, and consumer experiences with CBD products have made them a significant part of that conversation. With the Food and Drug Administration (FDA) paving the way for hemp to be commercially viable, there’s no ceiling on the burgeoning CBD industry’s ability to continue growing. If you’re a business owner who has been on the fence about getting involved in CBD, there’s no better time than now to get into the business and capitalize on a trend that doesn’t seem likely to fade anytime soon.