It seems that everywhere you go and every website you visit, CBD and CBD oil products are either advertised or sold. With the opioid epidemic and the legalization of recreational marijuana, people are looking for safer alternatives that treat a variety of ailments, from arthritis to insomnia.
While there have been limited studies completed on the effectiveness of CBD, early studies show that it has great potential in a number of applications. In fact, the FDA recently approved the first CBD medication for children with difficult to control forms of epilepsy.
Add to that the fact that CBD is a naturally derived product that has no risk of addiction and you have a solution for many people struggling to control pain, neurological disorders, and mental illness. Can you really blame anyone for trying to treat these chronic conditions naturally?
The CBD Industry Is Growing
In April of 2019, a study found that there were 6.4 million searches for CBD on Google alone. The study, published in October 2019 by the Journal of the American Medical Association or JAMA, also found that these searches are expected to continue to increase in popularity as interest grows.
So the question to ask is, why is interest in CBD growing? There are a lot of factors that are playing a part in the growth of CBD.
One is the legalization of hemp farming. Toward the end of 2018, a new farm bill made industrial hemp farming possible nationwide. That makes it easier and more affordable to obtain CBD for products, experiments, and medical studies.
Another major factor is the legalization of marijuana in many states for recreational use. In fact, the JAMA article notes that searches for CBD in those states increased dramatically when compared with states with legal medical marijuana or states that restricted it completely.
Other factors that can’t be ignored is the growing aged population of the United States and the opioid epidemic. With 72 million Americans born before 1964, there is a growing population of baby boomers looking for alternative and safe medications to help with arthritis, sleep, and other conditions related to aging.
Unlike their younger counterparts, baby boomers are less likely to be interested in THC products and the associated high that comes with it. Instead, they are opting for CBD, which has many of the same benefits without a hallucinogenic high.
CBD Trends for 2020
With the use of CBD oil in capsule, tincture, and topical forms, we can expect the use of CBD to further expand into everyday items.
Right now, CBD beverages are trending, including seltzer water and other “health” beverages. However, despite their popularity among consumers, many companies have put a hold on CBD drinks and foods until FDA approval on CBD as an ingredient, but that might take years. That could slow the growth of the CBD market, but you will see more indie brands as a result.
Smaller startups are more likely to create and market these products than big name brands because if the FDA pulls products, they have less to lose. This means that we could be waiting a while for large brands to expand into the industry.
A Boomer Driven Market
Despite the FDA approval issue, analysts expect to see an increase in CBD interest among baby boomers. This is the age group that has the most to benefit from CBD. Their support of CBD products is driving the market and that means more products will be targeted to their needs.
Supplements containing CBD oil that improve arthritis pain and those used in sleep aids are likely to grow in popularity over the next several years. Other areas where we might see expansion are homeopathic cancer treatment and the use of CBD in the treatment of neurological disorders.
Whereas THC products are being targeted toward millennials, it is the boomer generation that is going to continue driving CBD sales in the coming years. As more states accept CBD and THC products, this will also increase the popularity and interest in CBD based products.
CBD has both anti-inflammatory and analgesic properties which make it a great option for products in the beauty industry. Most skin problems, like acne, eczema, psoriasis, and rosacea have an itchy, painful, and/or inflammation component to them. Therefore, CBD can benefit people with these conditions and there are early studies that support this.
The beauty industry will likely continue to expand its CBD products in the coming years. Expect to see it in lotions, creams, face wash, serums, and beauty masks more frequently.
A Growing Market and Industry
The CBD industry is expected to become a $16 billion dollar industry by 2025. With that kind of rapid growth, it is an important industry to watch. Whether you are a teen with acne or a baby boomer with arthritis pain, there are CBD products out there that could benefit you.
Once FDA approval happens, the market will be flooded by these products. This means that startups founded now have a really good shot at making a name in the industry before larger companies jump on the bandwagon.
Image: Sam Doucette