As more US states legalize cannabis for commercial production and personal use (medical or recreational), a new commercial trend seems to emerge. The market potential for CBD and CBD-based products is huge, both in the US and globally.
If a few years back you might have heard of CBD, now it pops up everywhere. Available in cafes, grocery stores, and pharmacies, the compound takes different forms as it can be added to a wide range of foods and holistic products.
In fact, according to BDS Analytics and Arcview Market Research, the market is expected to reach up to $20 billion in sales by 2024! This is a huge opportunity for anyone interested in a slice from a very profitable niche.
Considering all these, we thought it best to have a look at the current trends and see where the CBD market may end up in the near future.
A Great Opportunity for Entrepreneurs
Referred by some as the “new avocado on toast” trend, it doesn’t take much to see this niche’s potential. Furthermore, CBD may have applications in a wide range of industries from medical to relaxation products. This means that the possibilities may be endless, especially now when the market is getting shaped.
In addition, it doesn’t take much to start a CBD online business. From initial motivation, to target audience & marketing, to brand designing and finding patterns, the steps building a CBD business are similar to the steps needed for any new business.
In addition, there are already lots of examples to follow. Some CBD brands (especially overseas) have grown quite big and now use celebrity endorsements for marketing. In summary, the information is readily available, the market is still wide open, and you can follow in others’ footsteps.
Why All the Hype?
It’s easy to dismiss the CBD craziness as a fleeting trend, especially considering its origins (the five-fingered plant). However, CBD is only one of the 100+ chemicals in the cannabis plant and it doesn’t have any psychoactive effects (it doesn’t get anyone high).
Furthermore, it turns out, it has a lot of amazing properties like:
– It reduces inflammations
– It helps users relax and keeps anxiety levels low
– It improves sleep
– It can even help you be more focused and study better
– It’s great for skin health and can combat acne
All these properties have been established through scientific studies, so it’s not false advertising. In addition, these properties open the door for a lot of cool products such as skin creams and treatments, relaxation products, anti-inflammatory remedies, and more.
Lastly, the target audience is far from the pot-smoking hippie dressed in rags, who smiles uncontrollably without an easy to perceive reason. The CBD market touches a wide range of people from all walks of life. These people are looking for medically approved ways to improve their health state or brain activity without adding unnecessary chemicals to their diet.
Wrap Up
The greatest thing about CBD is its versatility. Because it has so many applications that make modern life better, it’s easy to include it in all sorts of products. As such, anyone with a bit of vision can consider growing a profitable business.
However, this doesn’t mean you can cut corners or expect easy money – the CBD market may be new but it’s also highly competitive and customers only look for quality products.
