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CBD Market Projections

September 05, 2022 5 min read

CBD Market Projections

CBD Market Projections

The CBD market is rapidly expanding. Read this article to know more about why CBD is popular, the future of CBD, and the factors limiting the growth of the CBD market. You will also know how governments can promote the CBD market.

The 2018 US Farm Bill, which pronounced the legalization of hemp, from which CBD is derived, revolutionized the CBD market. The law was the hallmark of CBD use in most countries that had shunned CBD as if it was marijuana. As the popularity of CBD spiked globally, the CBD industry expanded as companies produced CBD products in many forms to meet the users' needs. When walking into a CBD store or checking online, CBD versions of almost every product are present. For instance, there are CBD skin care products, CBD gummies, CBD vapes, etc. Read on for more information about CBD and its market projections;

What is CBD?

CBD (cannabidiol) is a chemical component in hemp and marijuana. Hemp has been shunned for a long time because it was mistaken for marijuana. Marijuana and hemp are not the same, even though they are both cannabis. Unlike marijuana, CBD cannot make the user "feel high." It is worth noting that hundreds of chemical components are present in marijuana and hemp. THC (tetrahydrocannabinol) is present alongside marijuana and is the component that is responsible for the psychoactive properties of cannabis. Marijuana is illegal in many countries because it has plenty of THC. Most jurisdictions allow hemp use because it has a negligible amount of THC, at only 0.3%. Therefore CBD from hemp is more available in the CBD market than CBD from marijuana, depending on whether the country's laws allow marijuana use or not.

What Makes CBD so Popular?

CBD offers the user an alternative to using marijuana which may be illegal. Others use CBD because it does not have the psychoactive properties associated with marijuana. The fact that CBD is available as an infused substance in many products makes it appealing to users who want to use it for recreational and therapeutic reasons. CBD has been used as an ingredient in skin and hair care products because it has moisturizing, antiseptic, and sebum moderation properties. Wilson et al. (2021) stated that CBD strengthens hair.

Curious users of CBD continue to discover more uses. The user benefits from CBD's anti-inflammatory, pain relieving, relaxation agent, and a substance that can be used to treat insomnia. While most of the benefits of CBD are not scientifically proven, they have anecdotally been tested, which has contributed to the increased use of CBD hence attracting the curiosity of researchers. Epidiolex, a CBD-infused drug, has been approved by the Food and Drug Administration (FDA) for the conventional treatment of epilepsy.

What is the Future of CBD?

As more governments approve CBD use, the market will continue to expand. Khaleghi (2020) observed that over 50 million Americans use CBD, an average of 5% of the North American population. You do not need a doctor's prescription, and you can purchase it online and have it delivered to you at our doorstep or buy it at the store around the corner makes CBD more appealing among the users. CBD use is also not as stigmatized as marijuana use. It is a friendly drug whose side effects are caused by impurities and improper use. Legal (2022) stated that overdosing on CBD is dangerous and can cause side effects. However, the user should seek a doctor's opinion before using CBD to treat an ailment.

The main factor that has limited the growth of the CBD market is that its production and distribution are unregulated, giving the sellers a chance to sell defective products that can harm the users. Kolen (2020) argued about an incident where a fake CBD vape user developed irregular heartbeats.

Genuine CBD products are harmless, although pricier than contraband products which appeal to more users because of the cost. However, as the price does not guarantee the CBD quality, users are duped into buying fake expensive products. Some of the CBD products' additives have caused deaths and injuries to users.

Factors Limiting the Growth of the CBD Market

The CBD market thrives on its own with no regulation at all. While many people may know where to buy CBD and how to use it, the challenge is felt by the users who want to experiment with using CBD for the first time. The other group of people confused by the CBD market is the users who want to buy good quality CBD. Below are the factors that limit the growth of CBD;

Unregulated CBD Market

The CBD market is growing as rapidly as the production of substandard and fake products trying to pass off as genuine CBD products. The CBD user is faced with the arduous task of separating authentic CBD products from fake CBD, which may harm the user. The governments have allowed the use of CBD but left the user stranded in pursuing the best CBD products. New users do not know what to look for, and veteran users have learned how to buy the best CBD through trial and error.

Lack of Consumer Awareness

Most users excitedly join the CBD community with no idea about the features of good quality CBD. The consumer awareness that exists is based on hearsay and no formal introduction. Every CBD consumer should understand the importance of the Certificate of Analysis and proof that a third party has tested the CBD product. Although the doctor's approval to buy CBD products is unnecessary, consult them to see if you can use CBD. The doctor is the best person to suggest the best places to buy CBD. Most new users enter the unfamiliar CBD jungle and purchase dangerous products masquerading as CBD.

How Governments Can Promote the CBD Market

Lachenmeier et al. (2020) suggested that mandatory approval of the government of CBD edibles is essential. The future of the CBD market lies on governments because they will flourish or disappear based on government policies. The government should step in to place regulations meant to protect the consumer. CBD is gradually becoming a household commodity. The government can help regulate CBD by setting policies and hosting consumer awareness endeavors to keep them in the know. The more the CBD grows, the more the need for consumer awareness and research.

Conclusion

The CBD market has been increasing since the legalization of hemp by the US Farm Bill (2018). Hemp is usually compared with marijuana because they are both cannabis. However, in the countries where hemp is legal, marijuana may be illegal because marijuana has psychoactive properties while hemp does not. The CBD market continues to grow because users discover that CBD has more benefits than stretch to the skin and hair care industries. Lack of regulation impedes the growth of the CBD market as users are stranded on the best CBD product to buy. Governments can protect consumers by regulating CBD and promoting consumer awareness programs.

References

Khaleghi, M. (2020). New Arthritis Foundation Guidelines On CBD Use Could Be First Of Many More To Come. Alternative Therapies In Health And Medicine, 26, 8-11.

Lachenmeier, D. W., & Walch, S. G. (2020). Cannabidiol (CBD): A Strong Plea For Mandatory Pre-Marketing Approval Of Food Supplements. Journal Of Consumer Protection And Food Safety, 15(2), 97-98.

Legal, I. C. (2022). CBD Benefits: What CBD Might Help With And Potential Uses For CBD. Sign, 55.

Wilson, D., & Nutbrown, D. L. (2021). Cannabidiol (CBD) In Hair Oil.