The Size Of The CBD Market
Cannabidiol or CBD is a powerful chemical extracted from the hemp plant. For many years, it has been used mainly for medical purposes. So, what does CBD feel like? Although it’s a go-to option for some people when looking to relieve pain, the experience could be different from one person to another. Nevertheless, the overall benefits of this chemical are similar in one way or another.
Despite being discovered nearly a century ago, CBD’s popularity has only gained momentum in recent years. Its worldwide market was estimated to be worth about $4.6 million back in 2018. From 2021 to 2025, the market is set to increase by 22.2 percent as the demand for CBD within the wellness and medical industries increases. Perhaps the main contributors to this growth are the healing properties it is said to possess. Recent government approvals have also seen an increasing number of products adopting the use or utilization of CBD in order to further drive demand and increase their own business revenue.
CBD Applications
CBD is commonly used within a medical setting because of its ability to provide the desired reactions. Inasmuch as it possess the same benefits as other products of the hemp plant, CBD doesn’t any psychoactive side effects. In fact, this is another reason why medical experts prefer it over other similar chemicals.
Some of the conditions that it is used to control include diabetes, depression, stress, anxiety, pain, and acne. There are also some scientific sources claiming that it can be used to fight against the symptoms of some types of cancer. Because of these and more health benefits, the rate of CBD’s market growth is expected to increase considerably in the coming years. This explains why there are more brands popping up rapidly and entrepreneurs creating their own white label CBD businesses across the globe.
With CBD becoming increasingly legalized in countries throughout the world, it has been adopted for use within the pharmaceutical, cosmetics, personal care, beverage, and food industries. Initially, many people were—especially those who try to avoid any psychoactive side effects—skeptical of the benefits of this chemical. However, with recent reports suggesting the safety of CBD for human consumption, things have steadily changed in favor of cannabidiol suppliers.
Another factor that has influenced what people think about CBD is what’s happening across social media. Influencers have played a huge role in convincing people about the many benefits that CBD offers to its users. This has seen products, such as lubrication, pills, drinks, skincare, haircare, plus many others enter and drive the market for CBD. Because of their popularity, these products are available from large-scale retailers like CVS, Walgreens, Rite Aid, etc.
Business To Consumer (B2C)
There is no surprise then that the area where CBD is expected to grow the most is in the B2C sector. This is made up of online stores, retail pharmacies, and even hospital pharmacies. The fact that CBD products are readily available to its consumers has propelled its growth in the B2C sector. Additionally, as CBD becomes more widely adopted for medical and personal use through the above-mentioned outlets, the sector is expected to grow by even a larger margin than what’s commonly stated in most statistical predictions.
The main purchasing outlets within the B2C sector are hospital pharmacies. This was fueled by the legalization of CBD-based pharmaceuticals that have become available for a number of different health conditions, such as epilepsy, chronic pain, anxiety, and autism. Of course, even as this move takes effect in many countries across the world, some states are yet to pass the necessary laws. Nonetheless, the current trend gives everyone reasons to believe that CBD will be a universally-accepted health solution sooner than later.
Takeaway
Clearly, the CBD market is quite large, and it can only get bigger and better in the next few years. Legal restrictions have been the main hindrance to its growth in many countries, but that’s bound to change. The U.S., for instance, is leading by example in that regard, and it’s only a matter of time before other countries follow suit.
