There’s no doubt that cannabidiol or CBD has seen a remarkable increase in popularity across the globe in recent times.
According to a recent article, it’s an industry that is set to explode over the next few years with the market potentially worth some $2.1 billion by the end of the decade.
The rise in popularity of CBD Oil for sale has gone hand in hand with anecdotal accounts and some research evidence that it may well have a beneficial impact on a variety of health conditions. That includes helping to reduce pain, stop seizures for epileptics, and generally improving health and wellbeing. In fact, the potential for CBD to provide therapeutic effects has been around since the 1970s.
While the evidence is less than conclusive on many of these health properties, it hasn’t prevented CBD products capturing the imagination of consumers across the globe.
Growth has also been affected, of course, by the loosening of legal restrictions for using the compound on medical grounds. Many states in the US have moved to legalise what is termed medical marijuana – products containing high concentrations of CBD. In other parts of the world, hemp derived CBD is just as popular.
Most of the current statistics and information relating to the growth of the industry comes from the USA where consumer sales have risen in the last four years from 108 million to 512 million. Europe, the Middle East and Africa have also begun to produce more CBD as has the Asia Pacific region, though the legal stance in many countries has necessarily acted as a break on some markets.
There’s no doubt that the internet has allowed people greater access to CBD oil for sale, now more than ever before, driving quicker growth in the market. Research carried out by Brightfield in 2017 found that over 60% of sales for CBD are now carried out online. The big players on the market like CW Hemp have sales between $9 million and $12 million a year but much of the total revenue is spread between companies that have relatively low-income strains but which make up about three quarters of the market.
There is a difference in the market place between cannabis derived CBD which is largely illegal around the globe and hemp derived CBD which is often considered as a nutritional supplement. While the hemp market is the most viable on the wider world stage, and usually the most legal, evidence shows that, where states in the US have embraced marijuana-derived CBD, consumers have moved to this from hemp derived products.
The large number of small manufacturers and suppliers coming onto the market with new CBD oil for sale has caused some concern. There’s little in the way of regulation, especially where hemp CBD is seen as nutritional supplement, and standards can obviously vary.
With 55% compound growth over the next few years, the CBD industry is expected to grow dramatically towards the end of the next decade. While research indicates that it may have a number of health benefits for those who take it regularly, much more work still needs to be done to discover its full benefits.
That hasn’t stopped the industry continuing to develop, however, and it shows little or no sign of slowing down anytime soon.