The CBD market is exploding and driving innovation in the international Hemp Markets. CBD products are appearing on the shelves of health shops, pharmacists and medical stores, as well as on dedicated online outlets.
CBD and Beverage Market
One of the hottest crossovers this year is the combination of beverages and cannabidiol (CBD). Beverages continue to be a powerful industry, partly due to their creative bursts such as the rise of energy drinks. The cannabis-infused Beverage market is likely to reach 1.4 Billion of growth by 2024, which is fifteen times more increase since 2018.
Beverage industries have launched ‘CBD infused’ drinks made with hemp extracts. Several think cannabis and its derivatives are the next big wellness craze. The beverage industries are cautiously exploring the cannabis market, attempting to seize the ideal opportunity to introduce their own product line.
The inclination of people towards buying legal CBD drinks is turning out to be the next big thing. Even the most renowned names in the beverage industry are transitioning into the cannabis beverage spaces. This indicates that the potential is now, indeed, moving towards the emerging sector.
Sudden Rise of the CBD Market
In many ways, the fame of CBD has caught businesses by surprise. Only a few years ago, it was an obscure chemical compound that is part of cannabis and hemp. Now it’s a newsworthy industry, growing at a mind-blowing rate.
The trend has led to the rise of new companies, including investments from the global network of distributors. It also allows easy entry into the market for smaller producers.
In spite of being highly unpredictable, the rise of CBD is not very difficult to explain. CBD’s legalization took place in the 1990s; after which there were extensive research and development regarding the drug.
One of the findings of the research is a greater understanding of and focus on the range of chemicals present in cannabis, instead of just the high-inducing THC. The moment researchers began finding reporting pieces of evidence regarding CBD being good for health and wellness - a gold rush began.
One key reason for this enormous growth of CBD in the market is: the potential consumers are not shy spenders. These consumers are willing to explore their options. They tend to take risks, even when there is a minimal probability of profit.
Another reason why CBD boomed in the economy is the fact that it can create a strong presence in markets that THC could not reach. Stores that don’t sell cannabis are sometimes willing to stock CBD-infused products, creating a route into that sector with fewer restrictions.
CBD Market and it’s Future Ahead
It’s believed that the Baby Boomers would account for the majority of the market share. In terms of consumption, this inference makes perfect sense. This is because they were the ones who had used marijuana back in the time when it used to be strictly illegal.
Now, since there is widespread legalization that is taking place all over the globe, millennials and Generation Z are expected to join Baby Boomers. Therefore, many suggest that we should look forward to double or even triple the market potential.
By the time 2020 will draw nearer, Mega players in the CBD industry expect, that the FDA will find its programs, and the most parts will be operating an approved industrial CBD program.
A Few Drawbacks
Despite being on a roll, CBD beverages still have a long way to go classify as something usual for daily consumption.
There are certain side effects, after the few initial intakes of CBD based products. The most common of all was tiredness. Some people also reported diarrhea and changes in appetite or weight.
There is still a lack of available long-term safety data and no further confirmation of a conclusion. Moreover, there hasn’t been any use of CBD based products on children up till now.
Anyone planning on consuming CBD should first refer to a qualified healthcare practitioner. Although the Food and Drug Administration (FDA) has approved most of the CBD based products, there are still a number of them still unchecked too.
When drugs do not have FDA endorsement, it can be difficult to figure out whether a product contains a safe and effective amount of CBD.
However, these complications are not unique. Whenever there is an introduction of a new brand, it always faces several fundamental issues when being tested, before making its first breakthrough.