CBD is an exploding industry thanks to the continued discoveries of its many health benefits and its unique ability to treat several conditions with little to no side effects compared to conventional pharmaceuticals. Massive investment has flowed into CBD production and marketing, building the foundations for the long-term growth of the industry.
Here are some of the most important facts regarding how and why CBD is such a fast-growing field and what to expect as a consumer moving forward in terms of access to and pricing of CBD.
What the Numbers Show
Research firm BDS Analytics recently conducted a study of the CBD Market. They concluded with an estimate that CBD would become a $20 billion dollar industry by 2024, cutting deep into the market monopoly that pharmaceutical companies have enjoyed for years.
Why is the Business Growing?
The boom in CBD sales comes on the heels of the medical revolution that has seen the widespread acceptance of the many health benefits of CBD the more favorable risk-to-reward ration that makes CBD a safe choice for most patients. CBD had been shown to effectively treat depression, anxiety, chronic pain, insomnia, and many other conditions. The compound also exerts powerful physiological activity that includes lowering blood sugar and mitigating the worst side effects of cancer treatment.
The founder of the firm that conducted the research, Roy Bingham, said of the growth in the CBD industry that “we’re witnessing CBD maturing from a cannabis sub-category into a full-blown industry of its own”.
Now that CBD has gone mainstream, investment from big-money firms has propelled the industry to new levels. Big business sees the opportunity for growth as CBD steps out of the shadows into the fully legal marketplace. Analysts point to changes in regulations, like ones that will allow CBD to be sold over the counter in major retailers, as reasons to expect continued massive growth. The future looks bright for CBD financially.
Who Is Buying CBD?
While popular culture might predict that CBD consumers are overwhelmingly young, adults experimenting with substances, the study on the economic growth of CBD also found that the average buyer of CBD oil is 40 years old, more likely than non-CBD users to have an advanced degree, and more likely than non-users to have a full-time job. These statistics defy stereotypes and demonstrate how much variation there is in the type of people who use CBD. As the image of CBD use transforms from the fringes to mainstream Americans using it to improve their health, the stigma will be lifted and many more people will feel comfortable using CBD.
What to Expect in the Future
Although predicting the future is difficult, there is some development we can expect. CBD will likely become available at most retailers in the same way that cigarettes are available at most drug stores and gas stations with a valid driver’s license to prove age. Second, the consistency and quality of the products will improve as more third-party independent testing groups emerge to serve the growing market. Third, we can expect the price to stabilize as more competition enters the marketplace and compete for customers.