CBD, the non-psychoactive compound found in the cannabis plant, is finally having its moment in the spotlight. CBD pills and oils, along with CBD infused foods, drinks, and even skincare products have been popping up everywhere. People use CBD to treat all kinds of ailments from pain and nausea to anxiety and insomnia.
As CBD’s calming and anti-inflammatory properties have brought many people relief, the market for CBD products continues to grow. In the years ahead, rapid growth has been predicted in the CBD space. Here’s what we expect and how we plan to stay ahead of the curve.
Market Growth Predictions
CBD has tremendous potential to grow in the years to come. Forbes predicts that the CBD market will grow to $20 billion by 2024. Another recent study predicted that the market would grow to $15 billion by 2025. Either way, that amounts to tremendous potential for rapid growth.
One thing that sets CBD apart from its psychoactive cousin marijuana is availability. Unlike other cannabis products, you don’t have to visit a dispensary to buy CBD. Many quality CBD products are available at pharmacies, cafes, and even grocery stores. This mainstream availability will only help the CBD market to continue its impressive growth.
Trends in the CBD Market
Because CBD has so many possible applications, an incredible range of products line the shelves at dispensaries and pharmacies alike touting the benefits of CBD. Foods and drinks infused with CBD are particularly trendy this year. According to CNBC, a survey of professional chefs found that CBD and cannabis-infused foods will be the top food trend of 2019. Pet products and beauty treatments containing CBD have also been quite popular this year.
However, because CBD has become so trendy, the market may get very crowded. CBD’s high growth potential and accessibility means that many companies want to get a piece of the pie. Even giant companies like Hershey’s have expressed interest in getting into the CBD game. With so many competitors getting into the field, CBD companies will have to work harder to stand out above the fray.
How to Succeed in the Competitive CBD Market
Although the CBD market may be competitive, success can still be achieved by smart companies that offer high-quality products. Some companies hope to jump on the CBD bandwagon by offering products that have a lower concentration of the compound than advertised. Others haven’t properly isolated the compound, which can lead to psychoactive effects and customers failing drug tests.
Companies like Purility, on the other hand, sell only the finest pure and potent lab-tested CBD. By offering only the best, Purility ensures that their customers will get the results they need. Additionally, Purility offers wholesale CBD, so they can supply retailers as well as individual customers with CBD oils, tablets, edibles, and more.
As more and more consumers discover the healing powers of CBD, the market for this cannabinoid is expected to grow exponentially. Beauty products, beverages, candies, and even pet products containing CBD will likely become increasingly in demand as the CBD market grows. While the market continues to get more competitive, companies like Purility are poised to stand out from the crowd thanks to their focus on quality and their ability to serve individual and business customers.