Are you a cannabis investor? If so, you need to know what is happening in the global cannabis industry. Where is the market headed, and is the current trend just hype, or the industry is actually taking off?
The demand for CBD oil has shot up in the past few years due to its healing properties. Many people are now purchasing CBD vape oil in the UK for health and wellness purposes. The increased demand is a significant factor in driving the market growth.
The cannabis industry is valued at about US$2.8 billion by 2020 figures. This seems a lot for an industry riddled with so much controversy. But figures are even more promising as projections show an expected annual growth of 21.2% until around 2030.
CBD Vape Oil Trend Analysis
CBD is Receiving increased Acceptance
CBD is receiving a lot of acceptance, even in areas it was unexpected. For example, while younger people were more receptive to CBD, the older generation remained a bit reserved. But trends show that the old generation is starting to use CBD for pain even more and becoming a considerable part of the market.
Many governments are also approving cannabis products, which also contributes to shifting perception. People are starting to see CBD more as a therapeutic product rather than associate it with marijuana.
Increased Use of CBD for Therapeutic Purposes
While CBD is only approved for treating epileptic seizures, many people are self-medicating with CBD to treat pain, anxiety, stress, depression, inflammation, and even cancer symptoms. This increasing adoption of CBD to treat different ailments is expected to continue and further push the market for the next decade.
Scientific evidence shows that CBD has many therapeutic benefits, but many have not been tested on humans. But there is significant anecdotal evidence that pushes the consumption and demand for CBD products.
CBD Products are More Readily Available
Word-of-mouth is the main driver for CBD’s therapeutic benefits. Consumers influence each other to buy the product when they find it beneficial for specific health conditions. Retailers have also noticed this growing demand and moved in to fill the gap. The number of CBD dispensaries, both online and offline, is ever increasing.
Since many countries do not categorize CBD as a marijuana product because it is non-psychoactive, it is not criminalized. You can now see CBD in food supplements and even skin creams. CBD has expanded from just a single industry to other subsectors. It thrives in the health and wellness industry, the beauty industry, and even the entertainment industry.
CBD Vape Oil market and Trends
There are over 55 million adults who vape, with the US and UK being the leading markets, respectively. Considering that there were just about 7 million vapers in 2011, this exponential growth is expected to maintain its trajectory for some time.
Vaping is increasingly becoming popular, and the hype is spreading fast globally. In 2018 alone, vapers in the US, UK, and France spent $10bn (£8bn) on vaping products. Many people are now vaping CBD oil as the market shifts from nicotine to other products.
CBD oil is gaining popularity in the vaping industry as many people who vape also want to take advantage of its therapeutic benefits. Instead of just vaping for fun, people are choosing to vape for better health and wellness.
Vaping is more popular with younger people who control a considerable market share of the future CBD market. As more people adopt vaping, you can only expect CBD oil vape to become equally popular.
What Limits the Growth of the CBD industry?
While many countries have legalized cannabidiol, it is still strictly regulated in many regions. In the US, for example, many states still ban the use of cannabis products, including CBD, despite hemp being federally legal. This means there is no free movement of cannabidiol products across the country.
Some states only allow CBD use for medical reasons, and one must produce a doctor’s prescription when purchasing the product. Such regulations lock out a lot of consumers who self-medicate with CBD for various health conditions.
Even in Canada, where recreational use of cannabis is legal, there are still many legal restrictions that chock the cannabidiol industry. Growers and distributors must meet so many conditions that limit the growth of the industry. Farmers must comply with the Seed Act while distributors have regulations such as the Cannabis Excise Stamps, which inhibit the distribution of cannabis products like CBD.
The many regulations on cannabis use and distribution ultimately affect products like CBD oil. When you add the cost of processing, the result is high costs to the consumer.
Vaping CBD oil is increasing in popularity, especially among younger people. The CBD market itself is also growing quite rapidly. The two industries combined could propel the use of CBD vape oil.
Many young CBD users prefer vaping because it has high bioavailability, resulting in quick results and less CBD use. As people look for the best and most cost-effective way to consume CBD, they discover that vaping is the way to go.