The UK’s CBD industry has experienced a surge, with the Association for the Cannabinoid Industry valuing it at an estimated £700 million – almost triple its worth in 2019. This is yet another sign of this flourishing sector showing no signs of slowing down as people continue to discover and reap benefits from products containing cannabinoids.
These staggering statistics demonstrate how significant of an opportunity CBD represents for companies in Europe and across the world. The businesses that join this market while it’s in its infancy will be the ones defining it and changing its future.
So, what does the future of CBD look like? What kinds of products will see the most user adoption? And how should businesses adapt?
The Benefits of CBD
To answer the question of what the future of CBD looks like, first of all it is important to consider why people want to use it. There are many benefits associated with CBD, which include:
- Pain reduction
- Anti-inflammation
- Reducing anxiety and depression
- Alleviating arthritis-related pain
- Protecting against neurological disease
- Reduction in diabetic complications
- Relieving amyotrophic lateral sclerosis (ALS) Symptoms
- Treating select epilepsy syndromes
- Treating Opioid addiction
- Reducing PTSD symptoms
Understanding these benefits should help a company determine the best path forward for using CBD in future products.
Why the CBD Industry is Primed for Growth
Beneficial Legislation
An increasing number of countries are passing legislation allowing CBD to appear in various consumer products.
The trend, for some time, has been toward opening up the use of CBD in new products, not away from it. There are no signs that suggest this trend will change any time soon.
Public Opinion
We also see a highly favorable public opinion toward CBD and associated products. Researchers say that it’s generally viewed as safe to use by European consumers. This suggests that the public is open to the idea of using the right CBD products.
All-Natural Benefits
Finally, CBD can substitute chemicals many people don’t want to use. It offers all-natural benefits in industries like food and beverage, cosmetics, and more, which should drive further adoption as companies continue innovating with CBD products.
The Future of CBD Products
Now that we’ve looked at the future of the CBD industry let’s focus on some specific product and company changes we might see.
Here are four to consider.
CBD as a Dietary Supplement
One of the most significant growth opportunities may occur when more countries classify CBD as a dietary supplement.
It’s currently used as a dietary supplement by many people. But companies in some countries can’t explicitly market CBD as an active ingredient to support a healthy diet.
When that changes, we could see a wave of new consumer adoption take place across the European continent and beyond.
Sports Recovery
CBD may also have a bright future in the industry of sports recovery. It offers many benefits that athletes need after tough competitions, including anti-inflammation and pain relief.
CBD provides these benefits naturally, whereas athletes may have to consume unwanted chemicals to get this type of support through conventional medications.
More Product Specificity
Researchers have identified over 100 types of cannabinoids. As more research takes place in this industry, we’ll likely see that some cannabinoids offer key benefits in different areas.
Some may be better for pain management. At the same time, others may be better for reducing anxiety. This could usher in a wave of new growth and marketing in the CBD industry around the specific kinds of cannabinoids used in a product.
CBD Company Growth as Financial Conditions Improve
It can be challenging for CBD companies to get loans from financial institutions and accept electronic payments without sky-high fees. This makes it challenging for these companies to grow.
As CBD becomes more widespread and the industry grows, we should see an easing of these financial conditions. That should make it easier for a company specializing in CBD to find favorable economic conditions to propel growth.
How Will Your Company Impact the Future of CBD?
The future of CBD is still evolving. Your company may have a role to play in establishing a new product line, carving out a new niche, or creating something completely unexpected with this ingredient.
What’s clear is that this is a market primed for growth. Those who begin working toward that growth will likely reap the greatest rewards when the future arrives.
What It All Means
This is an exciting time for those looking forward to the future of CBD. For companies embarking on that journey, finding the right supplier becomes more important than ever. One of the leading companies in this respect is Sequoya – end-to-end GMP certified manufacturer, processor & supplier of superior quality CBD products for pharmaceutical or FMCG companies. As the CBD industry grows and develops, it is important to partner with accredited suppliers who can keep up with the pace and match the ever-changing standards, and Sequoya offers just that.
