CBD Industry Forecast: Business is Booming!

cbd market

What is one of the hottest items consumers want that is forecasted to become a $22 billion market by 2022? 

You might think of legalized marijuana. If so, you’re only a step off. It’s CBD oil. 

The CBD market is shooting off into galaxies far, far away. But what’s causing the hype? Is it all a passing trend or is CBD oil going to be a staple part of the global economy? 

Let’s look into the crystal ball and see where this lively market is headed. 

What Is CBD Oil?

First, it’s important to understand what CBD oil is—and what it is not. 

Think of CBD oil as marijuana’s cousin.

CBD stands for cannabidiol. Cannabidiol is one of many cannabinoids (extracts from either hemp or marijuana plants) that is reported to provide pain relief and other results of well-being. 

CBD is derives from marijuana or hemp. Hemp is a type of plant that contains very little to no THC. Because CBD from hemp contains less than .3% THC, it is widely accepted, does not cause any high and is legal in all US States without requiring a prescription or medical card.

Unfortunately, stereotypes still surround CBD. Many individuals assume because it is an extract from hemp, which falls into similar categories as the marijuana plant, it contains psychoactive properties.  

Quite the opposite is true. CBD reportedly provides many well-being benefits without the “high.”

People now use CBD oil to treat a variety of medical conditions, including anxiety, epilepsy, and cancer. It is ingested through the mouth, inhaled by smoking or applied topically. 

Why the CBD Market Is Taking Off into Outer Space

The benefits alone are enough to interest anyone in CBD but this is only part of a much larger picture explaining why the CBD market is growing. 

Medicinal Benefits

One of the most obvious allures is the medicinal benefits. Individuals are using CBD oil to treat: 

….and much more! The list is a long one. 

In addition to the high volume of potential medicinal applications is the added bonus that consumers can use a plant that provides the relief sought without fear about harmful toxins and additives found in over-the-counter or prescribed drugs. 

Accessibility

CBD is also accessible. 

Prior to 2018, Hemp CBD fell in a gray zone of legality. Although it contains hardly any THC or none at all and is derived from hemp, it is still related to the marijuana plant. 

By federal standards, that made it an illegal substance. 

Thanks to the 2018 Farm Bill, that all changed. Now, if companies follow the regulations set forth and extract CBD from hemp that results in .3% or less THC, it is a legal substance in all 50 states.  

Individuals don’t even need a prescription to purchase it, making it easy to obtain. 

Business Investments

Consequently, more businesses are willing to invest in CBD because the legal restrictions are now clarified. 

After the Farm Bill, national chains and big-box retailers leaped at the chance to invest in CBD without the worry of legal issues hanging over them. Likewise, pharmaceutical companies and even researchers are jumping on board.  

Product Range

Further spiking CBD’s popularity is the various forms CBD can take. Individuals can purchase their own CBD hemp flower and smoke or chew the substance. 

But the flower itself is only one form CBD takes. 

CBD appears in the form of: 

  • Tinctures
  • Topical ointments
  • Patches
  • Sprays
  • Concentrates
  • Vapes
  • Capsules

And this is only the tip of the iceberg. CBD has now found its way into other sectors and locations, including beauty niches, cafes and even natural food stores. 

Safety and Natural Remedy 

Of course, one of the major selling points adding to the popularity is the lack of THC. For many populations who dislike drugs or do not want to feel mentally inhibited, CBD provides the ideal option. 

It doesn’t affect your behavior or thought processes and it’s completely natural. 

Although safety concerns are ongoing, most researchers agree CBD is almost the perfect answer. It’s not addictive, it doesn’t impair behavior and studies suggest it is safe. Even the World Health Organization admits it is “generally well tolerated with a good safety profile.”

Aging Population

Now that CBD has the stamp of approval, it is becoming a go-to choice for senior citizens

As America’s 74 million Baby Boomers reach 55 to 75, it’s no surprise ailments among them have started to rack up. A likely source of relief for many issues affecting senior citizens is CBD. 

Reportely, it helps the elderly sleep, reduces inflammation, lessens joint pain and minimizes the pain from arthritis. It even promotes bone and heart health. 

But behind the Baby Boomers comes what may one day be an even larger group: the Millenials. Numbered at 71 million in 2016, the eldest of these individuals are also at the cusp of that time in life when things just stop working correctly: about 35 years old. 

Global Acceptance

Legal concerns aren’t the only worries that plague companies. They also must maintain their reputations. 

Before CBD, hemp and marijuana were not considered safe and acceptable, few companies wanted to chance customers turning to other brands because their company was investing in the marijuana business—a perception that stuck even if the business was dabbling in hemp rather than marijuana. 

Now, over a quarter of America’s population has tried CBD, and recreational marijuana is legal in 10 states. In addition, hemp products have become used in numerous sectors. Other nations, including Canada and Mexico, are also legalizing usage. 

As societal acceptance grows, more corporations are willing to step into what has become a mainstream entity.  

Health Potential

Finally, there is the potential CBD holds in the medicinal world. 

CBD affects the Endocannabinoid System (ECS), a system within the human body that creates its own substances similar to cannabis. This system affects health in a wide manner, impacting:

  • Pain
  • Sleep
  • Mood
  • Appetite
  • Motor controls

Because medical findings support assertions that CBD does, indeed, aid human health, companies are conducting further research to unlock other potentials. This is extending to the technology sector, as well. 

Trend or Something More? 

So is it all a hype or is the CBD craze something that will continue into the future? As it appears now, all signs point to CBD becoming a part of mainstream culture. 

The CBD market is blossoming from a seedling to a sprawling redwood. With its many perks and recent legalization, it’s no wonder businesses are eager to invest in the products. 

Curious to learn more about this new form of medicine? Read all about the difference between THC and CBD in our article. 

Become informed so that you can join the new movement.