The global CBD industry is projected to reach record highs by 2028. But just how much is the industry expected to bring in?
Over 13.4 billion USD.
From 2021 to 2028, the CBD market is anticipated to grow at an annual rate of 21.2%.
That’s a big change, fast. For CBD producers and consumers alike, these projections are great news. And, even better, the reason for this anticipated growth comes from a variety of different sources. Keep reading to discover more exciting news about the future of the CBD industry.
Range of CBD Products
CBD is no longer limited to a few selections of products; now, there are countless different items consumers can purchase in order to introduce CBD into their daily lives, with even more potential for other products to be developed in the future. CBD oil can be infused into food and beverages, used to make CBD cosmetics, CBD for sports recovery, and plenty of others. This comprehensive range ensures that CBD products can be used by all different types of customers in all different types of situations.
Increasing Awareness About CBD
CBD is gaining traction—and getting coverage—by global news, which increases awareness in everyday households. More and more people are hearing about CBD products and becoming interesting in using those products for themselves. Additionally, old misconceptions surrounding CBD use are being updated as time goes on and more information is made available. As CBD products continue to become even more mainstream, the CBD industry is expected to grow in order to meet that demand.
Hand in Hand with Hemp
CBD is derived from the hemp plant, a hardy, sustainable crop that can be used throughout a variety of industries. Independently, the hemp industry is also experiencing a boom as public opinion on hemp shifts and more benefits of growing the plant are revealed. Hemp can be used in textiles, fabrics, food, and has other commercial uses aside from producing CBD. As growing hemp becomes legalized in more countries, the opportunity for more growth in the CBD industry arises as well. After all, CBD products wouldn’t be possible without the power of the hemp plant.
Increased B2B Demand
B2B sales made the biggest contribution to CBD revenue in 2020—it’s only natural to expect fast growth to incur in that sector in the future as well. When it comes to CBD, it’s not just local consumers purchasing premium CBD oil to use on their own; it’s also various businesses in the health and wellness, pharmaceutical, food, and cosmetic sectors driving demand for CBD. Large businesses can make bulk CBD orders that significantly increase the total revenue of the CBD market with each purchase.
Looking Towards the Future
Growth in the CBD market is exciting and can potentially be an important catalyst for revolutionizing CBD products and the industry as a whole. Industry growth and revenue drives innovation, which in turn can create a diverse range of high-quality CBD products for both consumers and businesses to purchase. Additionally, more markets are expected to open in different countries, and laws and restrictions surrounding CBD use change.
For the moment, if you’re looking to experience premium CBD products from an easy-to-navigate online CBD store with free delivery and countless different selections, head to Qanoid’s online marketplace. Whether you’re searching for premium CBD oil, CBD cosmetics, or CBD bundle deals, there’s something available for everyone.