2020 has rapidly been dubbed the year of cannabidiol. Also known as CBD, public interest in the chemical compound has exploded in recent years. Now, recent reports by High Yield Insights indicate that 40 percent of American consumers are willing to try CBD products. By 2025, it is estimated that the CBD market will surpass $23.6 billion, a staggering growth rate of 22.2 percent. Manufacturers are also tapping into the CBD trend, with a wide range of industries introducing CBD products ranging from gummy sweets to ice cream and skincare serums. As more companies continue to invest in the CBD trend, consumers can expect to see continued growth of the CBD market.
Skincare And Beauty Companies Continue To Tap Into CBD’s Anti-Aging Properties
Whether it is hemp-infused serums or CBD cleansers, the CBD trend in the skincare market shows no signs of slowing down soon. The global CBD Cosmetics market is predicted to grow by a whopping 31 percent by 2025 as researchers continue to explore the skincare benefits of CBD, including its anti-aging properties.
Publications on the skincare benefits of CBD are now commonplace, with popular skincare brand Paula’s Choice highlighting the use of CBD oil in reducing the visible signs of aging. Thanks to the antioxidant properties of CBD, it is believed that the topical application of CBD oil can reduce cell damage and other free radical damage. As a result, skincare companies like Ovation Science and Avon have announced CBD skincare line launches in the second half of the year.
The Rise Of CBD Edibles Will Continue Throughout 2020 And Beyond
More consumers are choosing CBD consumables to strengthen their immune systems, says CBDClinicals. With an increasing range of broad-spectrum or isolate CBD ingestibles, consumers can now enjoy the benefits of cannabidiol without the mind-altering effects associated with cannabinoid isomers. The anti-inflammatory benefits of CBD can prevent the spread of toxins in the body and slow infections. Its immunosuppressant benefits can help those with an autoimmune disease reduce the likelihood of future autoimmune attacks.
There has also been a rise in consumers taking CBD edibles like gummies for sleep issues. The sleep industry in America is a $70 billion one, with sleep aids and medication making up 65 percent of the market. With over 80 percent of Americans struggling to sleep, the recent research showing benefits of using CBD for short term sleep issues has seemed to be a promising solution to the nation’s sleep concerns. According to Dr. Joesph Maroon M.D. and a publication by the Kaiser- Permanente health insurance company, the use of CBD can alleviate pain and anxiety, two common complaints from those dealing with insomnia.
Pain Relief Studies And Products Predicted As New Entrants To The CBD Market
The benefits of CBD in pain management have been widely studied in recent years. For arthritis patients, CBD can have anti-inflammatory benefits. According to a survey by the Artishtis Foundation, 26 percent of patients with arthritis use CBD to treat their symptoms. However, most studies were performed on animals. Since then, research on the pain-relieving properties of CBD for humans has been launched.
Guidance has also been issued for health professionals on how to counsel their patients on the use of CBD for pain conditions, in anticipation of CBD pain management medications going mainstream in the future. Recent acquisitions like Abacus Health’s acquisition of Harmony Hemp has continued to reinforce the prediction of CBD infused pain management products being the next area of growth. Currently, Harmony Hemp produces topical pain relief products like Flexible. Another contender, Eagle Labs also announced its launch of CBD products, including skin and eye relief patches, in November.
Since the 2018 Farm Bill, the CBD industry has become one of the fastest-growing well-being categories in the world. A key player in the industry’s growth in the coming years will be the healthcare industry as professionals continue to explore the application of CBD in everything from pain management to anxiety and sleep management. What is clear, however, is the infinite possibilities that await players in the CBD industry both now and in the future.