Do you feel like you are seeing CBD products everywhere these days? If you are, then that is the case because the market for it is booming. The 2018 Farm Bill in the U.S has legalized industrial hemp and recreational and medical cannabis at the state level.
Because of this, the popularity and availability of CBD products have exploded for the past two years. Here is what you need to know about it.
The U.S CBD Market
According to estimates by the Brightfield Group, the U.S CBD market is forecasted to reach almost $16.8 billion. Even after the challenges, the market has faced because of the pandemic, the market is still growing strongly. Last year, more than 47% of consumers shifted to purchasing CBD products online.
Here are the top reasons why the popularity of CBD products will continue to grow in the future:
1. Pain Relief
Many studies have shown the importance of pain relief after using CBD products. People suffering from chronic illnesses use these products the most as it relieves them of their pain. Doctors are also now prescribing these products to help people with their chronic pain and diseases.
More than fifty million Americans suffer from some chronic pain, and this figure will keep increasing with time. That is why the growth of the CBD market will not stop anytime soon as people will keep seeking relief.
2. Healing Properties
CBD has many healing properties, including relieving inflammation, depression, anxiety, heart diseases, and much more. Patients suffering from illnesses related to these problems actively seek CBD products for their healing properties. It allows them to feel better and improve their symptoms.
Because of these healing properties, the CBD market will keep on growing in the future. Of course, as more research and studies come in, we will also find out more about the healing properties of CBD.
3. Recreational Use
Of course, recreational use will not be going anywhere anytime soon as people love to use CBD products for recreational use. Keep in mind that the recreational use of CBD is not legal in all states. Only seventeen states have legalized this, but of course, there is a promising future in the market for this use.
As time progresses, the laws will be more relaxed, and recreational use will be legalized in many other states too. That is why the CBD market will only keep on growing with time. The potential hasn’t been tapped yet as the journey has just begun.
That was everything you need to know about the U.S CBD market and why it will keep growing in the near future. The market has lots of potential, and the sellers have just begun tapping into it. In the future, we will see a growth in the recreational and medical use of CBD products.
Edibles still have stringent laws, but they are also expected to relax. Only time will tell how the CBD market progresses.