Trends That Will Dominate the CBD Market in 2021
The CBD Consumer Health and CBD oil market has been one of the fastest-growing markets globally in the last decade. According to a report prepared by GlobeNewswire, the market will grow at a CAGR of 25.6% from 2020 to 2027, where it will be worth USD 123.2 billion.
Market movers, policymakers, and health experts have been having serious discussions on CBD products’ impacts. These discussions and extensive research have brought some important findings and different trends that are changing the way people perceive CBD products. We have prepared some of the following trends that are likely to dominate the CBD market in 2021:
The legalization movement is in full swing
We cannot ignore the fact that CBD legalization has been a topic of discussion for long. Countries like the US are a center of attraction where medical marijuana is legal in 34 states while weed is legal in Washington D.C. and 11 other states. Canada is also among those countries that have legalized CBD products after coming up with various legalizations.
Different states in the US and countries from different parts of the world already have bills that seek to legalize the use of CBD products. Public support for legalization is also in full swing, and we expect more citizens to join the movement.
Public education will improve
Many people are yet to fully understand CBD products despite all the benefits that come with them. In fact, for every one person that fully understands how CBD products work, you are likely to find 9 others who are struggling to consume such information. Content on CBD products is now readily available all over the internet.
Different players have invested in educating the general public on CBD products’ benefits, applications, and limitations. Government agencies from different countries have also invested in creating content on CBD usage and legalization. We expect this is the year that more people will be willing to learn about CBD and make better decisions. There are also high chances that more content will find its way to the mainstream media.
Types of CBD products will increase
There are three types of CBD products that you will find in the market today; full-spectrum, broad-spectrum, and isolates. Full-spectrum has all the cannabinoids that you can find in a cannabis plant (THC) included. Broad-spectrum has multiple cannabinoids that are in a cannabis plant but lacks THC. Lastly, isolates have CBD but lack all the other cannabinoids that make people high.
However, you will find that these types of CBD products occur in different forms, such as gums, vapes, lotions, tinctures, and cigarettes, to mention a few. The last few years have introduced different CBD products, and we expect the trend to continue. We have seen cannabis-infused beverages in the market already, and there are speculations that Coca-Cola might create one in future.
The rise of health centers
As people continue to learn about CBD products’ benefits, their search for experts is also rising. CBD dispensaries have thus become a trend in countries that have legalized medical marijuana. It is thus easy to find a dispensary near me through the internet.
However, such dispensaries have to follow the laid-down protocols to get the licenses. The laws and regulations vary from one country/ state to another, and you must understand what applies to your region. Only ensure that you work with licensed professionals as many quacks are posing as medical experts. The ideal dispensary should state where it sources its hemp, and its operating policy.
Research will be in full swing
Even though the cannabis plant has been with us for centuries, it is not until a few decades ago that researchers have started giving it the attention it deserves. The reason behind the laxity has been the issue around its legalization. For instance, the US has gone through criminalization-decriminalization and legalization phases for years.
Some researchers were thus forced to abandon their projects halfway. The laws in place are not showing any signs of going back. The researchers now have the assurance that they are working on something with a future. The anti-cancer properties of CBD products are one of the areas that are attracting a lot of attention.
Expect more vendors
We expect that there will be new entrants in the market as the demand for CBD products increases and as more countries continue legalizing CBD products. The wave will also be brought about by increased public education. There will be some genuine vendors as well as some who are after money. The ideal pot shop should be transparent about its products and have all the licenses. The modern customers are also woke and they will be checking on the type of products on offer and the vendors’ reviews from past customers before they make their purchase decisions.
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