CBD affects the food, cosmetics, and pharmaceutical companies. Over the past few years, CBD has generated numerous headlines, and we can’t help but wonder what the future of CBD looks like. Cannabis researchers and market researchers have done some work and found out that the collective market for CBD sales in the U.S. will surpass $20 billion by 2024. However, a forecast done by New York-based investment bank Cowen & Co estimated that the market could pull in $15 billion by 2025. These forecasts are based on different factors and they may or may not be accurate.
When predicting the future of CBD, a few things are taken into consideration i.e.
- CBD products that are sold through licensed dispensaries, pharmaceuticals, and general market retail such as cafes, smoke shops, grocery stores, and pharmacies.
- How much cannabis has been integrated into mainstream society?
- The number of CBD functions expected to come up.
- The history of CBD markets.
- Who are the consumers of CBD products?
According to the vice president of consumer insights at BDS Analytics, Jessica Lukas, after assessing and predicting the future of the cannabidiol markets, they had to take into consideration the interaction between the general market channel and the dispensaries channel. This is because they have to assess whether or not the availability of CBD products in the general market is going to increase purchases in dispensaries, replace purchases in dispensaries, or promote the acceptance and penetration of cannabis-based products.
The general market provides CBD products that are untracked and sometimes, not the safest. However, the general market channel increases the volume of distribution. Although most CBD products are currently sold online and through dispensaries, this might shift in the next five years. Since 2014, CBD product sales have grown at a faster rate, especially in dispensaries. The diversity of CBD infused products (candies, pastries skincare products etc.) has seen the general market channel gaining popularity, and more people continue to accept CBD products. 66% of CBD consumers in the U.S. who use hemp derived CBD agree with the full federal legalization of cannabis, with 90% believing that CBD has medical benefits. This is attributed to the fact that CBD derived from hemp is premium CBD and it does not have any psychoactive effects. There have also been numerous studies that show the benefits of CBD. (Insert hyperlink to The Medical Benefits of CBD) CBD consumers have an average age of 40, they have higher education, and they are more likely to have full-time jobs than non-consumers. As time goes by, more and more people will embrace CBD instead of looking down upon cannabis-based products as products popular among the uneducated, unemployed, drug addicts. Before hemp was legalized, it was often confused for marijuana but it has been proven that hemp contains 10% to 20% CBD and 0.3% or less of THC. This means that unlike marijuana, hemp cannot make you high and so CBD products derived from hemp do not have any psychoactive effects. This will continue to p
