Growth in CBD Business
The CBD industry is growing at an unprecedented pace, and this growth is set to grow even further in the 2020’s, according to financial analysts and anyone who is following industry with many companies booming and becoming nationally known brands and distributed by the largest retailers in the US.
While the market started out offering a small selection of products to consumers and has since transformed into a massive success with a rich array of formulations and delivery methods, providing something for every type of consumer need.
In the years ahead, we anticipate some unique advances in cbd and hemp overall, based on current trends that are booming at the moment. Here are just some of the things that we expect to see in the months moving forward.
Let’s take a look at some of the reasons the CBD Industry is Growing.
#1: Unprecedented Growth
One thing that we can practically count on is unprecedented growth in the hemp market. It had already been predicted back in 2019 that in the year 2021, hemp would be worth billions of dollars globally. But, with the global pandemic of 2020, those predictions actually underestimated demand.
Market analysts noticed that an influx of American adults sought out CBD products in the year 2020 in direct response to an increase in cases in the United States.
There are a few theories why, which are all quite likely:
- 2020 was a year of unprecedented anxiety, and many purchased hemp goods in hope of using the compounds for their calming properties.
- Another factor could be that many were afraid to visit doctors’ offices and chose to take matters into their own hands by attempting to manage their issues with cannabidiol and other hemp-based compounds.
- Many people found themselves bored at home throughout the year, giving them more opportunities to come across information about the growing CBD trend on the internet.
#2: More Diversity in Products
Without a doubt, the 2020’s will see an even more diverse array of product formulations and delivery methods. Just a handful of years ago, it was not that easy to find CBD products outside standard vaping oils, tinctures, and gummy candies. Now, we have capsules, beverages, skincare goods, topicals and personal care products that are all infused with hemp extract. Also, we know that trends will continue to grow toward more product diversity, with emerging trends in hemp-infused coffee, anti-aging serums, high-end edibles and more. Read nore about Delta 8 & Skin Conditions
#3: Terpene-Focused Products
In 2019 and 2020, we saw more of a focus on Terpenes, which are secondary compounds in hemp that are arranged in a way that determine the strain of the particular plant. Terpenes dictate the flavor and aroma profiles of a particular strain, but they also offer loads of properties that can be quite desirable, including ones that may fight against inflammation, stress and more. In 2020, we saw more products popping up that focused on strains, as determined by the terpene profiles, such as CBD cartridges available in a variety of Indica, sativa, and hybrid strains.
However, we think, that as scientists learn more about terpenes, we’ll see terpene-specific formulas, such as ones that combine Cannabinol (CBN) with myrcene, offering two compounds known for their potential blissful properties.
#4: More Funding for Research
Over the years, additional studies have been done to learn a great deal about the unique effects of the hemp plant and its various distinctive compounds. Now, companies can afford to fund more studies moving forward, and the medical industry is also trying to analyze the properties of the hemp plant to understand how it may be used therapeutically. We believe that the 2020’s will give us more research than ever before into the unique nature of cannabinoids and terpenes and allow us to understand how to use this plant properly for the best, most personalized results. In face under the Biden administration there has already been active steps to move research forward.
#5: Advanced Delta 8 Formulations
Delta 8 THC is a minor cannabinoid in hemp which has psychoactive properties but remains federally legal according to the 2018 Farm Bill. It is less intoxicating than delta 9 THC, the main compound in marijuana, and studies are finding that it may offer properties similar to those of cannabidiol. Thanks to highly advanced extraction techniques, companies are coming up with all kinds of efficient ways to produce isolated delta-8 extracts that give us the full potential of this fascinating compound. Delta8 can now deliver its full capabilities in the forms of tinctures, vapes and even topicals, while remaining pure and chemically stable thanks to the use of innovative distillation methods.
#6: A Focus on Concentrates
Concentrates are likely to rise in popularity this year, as we are already seeing consumers seeking out more potent hemp compounds in the forms of shatter, wax, rosin and more. Companies are getting more creative when making their concentrates, ensuring products that maintain a clean taste, user-friendly texture, and compatibility with various dabbing devices. Concentrates are getting more advanced in terms of their chemical compositions, as well, like waxes that are infused with delta 8 extract while boasting uniquely potent levels of desirable terpenes.
#7: A Focus on Flower
Flower was a huge trend in 2020 and is expected to grow in 2021. The raw flowering buds of the hemp plant are appealing to many who desire these compounds in their rawest and most natural form, and many love the fact that flower is available in such a wide array of strains. Delta 8 flower is also coming up on the scene, consisting of raw hemp flower infused with pure delta 8 distillate.
#8: Collaborations with the Beauty Industry
As we’re learning more about the potential properties that CBD has in relation to the skin, it’s not surprising that CBD-infused skincare is getting more advanced with each passing year. We are now seeing expertly formulated serums, creams and masks that combine cannabidiol with other ingredients for synergistic benefits, such as cannabidiol paired with retinol to enhance the natural anti-aging properties of vitamin A.
We won’t be surprised if top beauty companies begin working with CBD companies to create new lines of products in the forms of collaborations.
#9: Blending CBD with Other Active Ingredients
More consumers want to multi-task when they use their hemp, which is why companies are finding ways to blend cannabidiol with other active ingredients. CBD formulas enhanced with melatonin are a huge trend right now, being developed primarily for those looking for an easy yet natural way to fall asleep each night.
We are also seeing people incorporate hemp gummies with superfood extracts and combine the cannabidiol in topical formulas with botanicals known to offer pain relief, such as menthol, lidocaine, and chamomile.
#10: More Minor Cannabinoids
We have begun to slowly shift our attention to minor cannabinoids, which are cannabinoids in the hemp plant that occur in exceptionally low levels. Thanks to unique extraction methods developed in recent years, we can isolate and concentrate these minor cannabinoids to better study their distinctive effects. This has resulted in a deeper understanding of the roles that minor cannabinoids such as:
Each have a role in the properties of the hemp plant. Also, companies are producing formulas that highlight these specific cannabinoids as they may offer properties different from formulas that contain pure CBD.
#11: A Growing Pet Industry
The CBD pet industry is not going anywhere anytime soon, with more pet owners giving their furry friends a daily dose of cannabidiol. Thanks to numerous studies done recently about the effects of cannabidiol on cats, dogs and other mammals, we know that hemp may be quite a useful addition to their daily routines. The CBD pet submarket is offering a wider array of pet-friendly products than ever before, including tasty treats, food additives and topicals that absorb into their skin quickly for maximum effectiveness.
Many Awesome Developments are Still on the Horizon
CBD continues to be a phenomenally successful market that adapts to changing consumer interests and tastes, while also striving to offer as wide a selection of effective, high-quality products as possible. This holds true for both distributors and retailers thanks to all these current and upcoming advancements. In fact, this fast-pace industry growth has created a much-needed receptiveness to technologically informed solutions that might not under ordinary conditions have been expected.
Overall, our industry is well-positioned to reap the rewards from technology, and as we enter the year 2021, we believe that the market will diversify and expand further than ever.