Reasons why the CBD industry is growing
The CBD industry has improved in recent years and is even expected to grow even more popular in the coming years. CBD oil is probably its most popular product, which is gradually getting into modern society as a natural alternative supplement.
Although some people are still doubtful, there are many ways the CBD industry will keep growing in the future. Here’s why:
Becoming more affordable
When CBD was first introduced to the market, it wasn’t as attractive to buyers because of its high price. Even if they wanted to use CBD to alleviate their conditions, they couldn’t do so because of the lack of finances.
With the expansion of the CBD industry each year, the demand for the substance has also increased, leading to a lower overall cost of oil extraction. It’s expected that the price of CBD products will continue to reduce in the coming years.
While many consumers fear that a decrease in price might mean a reduction in quality, many dispensaries, such as Kanibi, have developed strategies to maintain the quality of their products despite a lower price tag.
Legalized in more countries
Legality is one of the issues that’s usually brought up when it comes to CBD products. But, since 2018, many countries have considered CBD as alternative medicine and have made these products legally available. In the United States, CBD is considered an agricultural product instead of a drug.
However, the CBD industry must still conquer many challenges ahead as law enforcement in various states are still gradually applying these changes. The differences in laws among states have confused people whether they can carry CBD oil with them anywhere they go. But, this confusion should soon be cleared up. Once this is done, people can freely obtain and use CBD products without penalty.
Touted as a natural health supplement
Wellness has been presented as among the top healthcare trends of this year, but it has been flourishing ever since it started. This is beneficial to the CBD industry since the wellness industry has been considering CBD as a health supplement that can help manage some health conditions. Because of this, it’s expected that CBD will soar in the coming years.
Better transparency
Ever since it started, the CBD industry has suffered issues in transparency, most especially because their products were difficult to regulate. Added to this, there were some companies that have been known to misrepresent the contents of their products.
Because of this, medical experts won’t recommend CBD products to patients. This has led to a great demand for CBD companies to be more transparent, leading to a change in the CBD industry.
Today, it’s easier for people to look for reviews of CBD products. Companies that aren’t transparent are usually left out and not recommended by patients and medical professionals. In the coming years, this should change as more companies are showing lab results on their websites to prove their products.
Scientific evidence to prove claims
In the previous years, much of what people know about CBD were based on anecdotal evidence, small studies that are usually done with lab animals. This made many people doubtful about the effects of CBD products.
However, recent researches are gradually supporting the health benefits of using CBD for treating various illnesses including epilepsy in children and chronic pain, such as arthritis and fibromyalgia. Such scientific evidence gives confidence to people and allows them to try and see for themselves the effect of CBD products.
Penetrating other industries
With the developments of the CBD industry comes other industries using CBD products. This includes the cosmetic industry, which infuses CBD oil into its products. This is considered legal by the FDA as long as they’re not promising unfounded health claims.
The food industry has also followed suit and used CBD in several products including coffee, beers, and protein shakes. However, not all states have allowed selling these products that can be directly consumed.
Another industry that has made use of CBD in its products is the pet industry – CBD oil has been used to treat diseases in dogs. The trend has become so popular that there are many companies providing CBD for dogs that can help with managing pain in dogs. There are even options available for dogs who may not willingly take medicine. These cbd dog biscuits, for example, could be a great option to reward good behaviour, as well as getting the medicine into the dog in a way that doesn’t cause any unnecessary stress.
Final thoughts
Many reasons why the CBD market is predicted to continue growing in the coming years is due to the changes of thinking towards CBD. These positive changes happened in the last few years but they didn’t come full circle until it was legalized in many places and people began to rethink its benefits. Many scientific studies are expected to be done to prove CBD’s health benefits. Finally, the availability of CBD in the market has also lowered its price.
