The world wide market for cannabidiol (CBD) was estimated to be worth some $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, thanks to its healing properties – the main driver in the growth of the substance. Recent government approvals has seen an increasing number of products adopting the use / utilization of CBD in order to further drive demand and increase their own business revenue.
CBD is commonly used within a medical setting thanks to the fact that it possesses all of the benefits that come with using cannabinoids without the psychoactive side effects. Some of the conditions that it is used for include preventing diabetes, depression, stress, anxiety, pain, acne, and is even used to fight against the symptoms of some types of cancer. Because of the many health benefits that CBD has, the market for it is expected to grow fastly over the coming years. This is why there are more brands popping up and entrepreneurs creating their own white label cbd businesses all of the time.
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. The latter sectors are true given the fact that it has now been shown the CBD is safe for human consumption – in the right proportion.
As a result, it has become a popular trend with consumers, including influencers across social media. These influencers have been successful in demonstrating the many benefits that CBD provides to the masses. 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)
It is now surprise then that the area where CBD is expected to grow most is in the B2C sector. This is made up of online stores, retail pharmacies, and even hospital pharmacies. With CBD products being so readily available to consumers, it is this that has propelled the growth of this 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 more than what it has been predicted to.
The main purchasing outlets within the B2C sector are hospital pharmacies. This was fuelled 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.
It is clear to see then that the CBD market is a large one and is only going to get bigger over the next few years as products with it in become more widely used and legal restrictions surrounding its use start to be removed in countries all across the world, including the USA.