At this point in time, you’d have to be crazy to deny that the CBD industry wasn’t growing at astronomical rates.
Even those who don’t know much about the industry as a whole can see this, with more CBD products cropping up on the market everyday.
With increasing attitude changes across society towards CBD and cannabis as a whole, it’s only reasonable to suggest that this growth isn’t going to be slowing down anytime soon.
In fact, this is a prediction backed up by a number of statistics that we’re going to show you in just a second.
First, however, it’s important that you have an understanding of what CBD is and how it differs from plain old cannabis.
What Is CBD?
To put it simply, cannabidiol, or CBD, is one of many cannabinoids that is found within Cannabis Sativa plants.
This includes cannabis itself, but it’s actually found in much larger quantities in the hemp plant, which comes from the same species.
CBD itself is naturally occurring and can be isolated from other cannabinoids, such as THC, to remove unwanted side effects and provide maximum therapeutic treatment to those who use it.
Without the THC, CBD is not psychoactive, meaning users will not experience the high commonly associated with cannabis.
When it comes to CBD and statistics, perhaps the most exciting to get invested in are those surrounding its market worth.
The main reason for this is because predictions about the market are changing all the time, and will probably continue to if the popularity of CBD continues to rise like it has over the next few years.
To show how much things have changed, at the beginning of the year it was predicted that the CBD industry might be worth around $16 billion by 2025.
For a newly emerging industry, that is a considerable amount of money, but it was just a few months before others argued that this didn’t go far enough.
This started with predictions that the CBD market will be worth $20 billion by 2024.
This is the market prediction most people choose to believe at this moment in time, but some argue that even this isn’t a true representation.
Digital Authority Partners, for example, have identified trends that predict the CBD market is following in the footsteps of the legal marijuana industry.
If this is the case, then the CBD market might actually be worth over $23 in the next half a decade or so.
Growth In Recent Years
When it comes to explaining the reasons behind the growth of the CBD market, there isn’t one clear answer.
One of the large contributing factors, however, has to be the increased publicization of the health benefits associated with CBD.
This is partly due to the increase in studies, which have proved that CBD can help with many things, including reducing the risk of heart disease, treating diabetes, and even helping people to recover from eating disorders.
It is also great for pain due to its anti-inflammatory effects, which is why many baby boomers have turned towards CBD.
In fact, one study suggested that as many as 9% of the baby boomer generation uses CBD regularly in the US, with one of the top reasons why being for pain.
These increasing numbers have soared in recent years, closing the generation divide in those using CBD to the point where it may be completely non-existent in the near future.
The passing of the Farm Bill, which legalized CBD oil derived from hemp that contains less than 0.3% THC, may also be contributing to the growth, though it’s too early for statistics to prove this to be the case.
Industries Impacting CBD Market
Perhaps one of the big reasons behind the growth of the CBD market in recent years can be attributed to the amount of other industries looking to introduce CBD into their products.
One of the most successful so far has been the beauty industry, who have seen a soar in the amount of CBD oil products on their shelves since the passing of the Farm Bill last year.
In fact, CBD infused beauty products have become so popular that online search trends for CBD beauty had increased by 370 percent within the first two months of 2019 alone.
With everything from lipsticks to skincare products and body baths to shampoos, it’s clear to see that the influence of the beauty market on the CBD market could change it for good.
When you find out that the beauty industry was worth $532.43 billion in 2017, with numbers continuing to climb since, you can see that this industry crossover will only be a good thing for CBD.
In fact, this crossover has been so successful that some have even predicted it will be worth $25 billion on its own within the next ten years, and eat up a total of 15 percent of the market.
Another industry that is trying to reach success by infusing CBD oil in their products is the food and drinks industry.
In theory, this should be successful because CBD edibles are one of the most common ways of consuming the cannabinoid, but crackdowns from the FDA are making it difficult.
According to them, CBD is not yet safe to be used in food, though they have launched a public enquiry to see whether their stance on this should change.
In the meantime, some food and drink establishments are finding limited success, but national statistics to suggest just how much of an impact this industry could be having are still extremely limited.
Looking at the numbers, it’s clear to see that the CBD industry is growing at such a rate that it’s difficult to measure just how successful the market will be in the future.
Despite that, the predictions we do have are extremely promising, including those which suggest the market could be worth as much as $23 billion in the next five years.
These numbers also support a positive trend when it comes to the CBD industry crossing over with other industries, with the beauty industry really paving the way.
With specialists predicting that the beauty industry alone could be worth 15 percent of the total market, it’s easy to see why other industries are starting to see how they can use CBD in their products.
Perhaps, then, it’s reasonable for us to suggest that these next few years will see CBD become even more of a commodity on its own, but more importantly as an ingredient across more industries.
One thing we can say for certain is that CBD isn’t going anywhere, and is only going to become more mainstream as time goes on.