The CBD market has gone from non-existent to booming in just a few years, but we are only in the early stages of that shift. As legalization spreads, big things are coming down the pipeline.
Trends and forecasts in the CBD industry
The CBD niche is a great example of an emerging market that is full of potential and yet faces a handful of hurdles. But once these hurdles are overcome, it will be a high-speed race for riches. Here’s what the CBD industry could look like in the months and years ahead:
Today’s consumers don’t just want an effective CBD product. You also want to know where the product is coming from, what is in it and who is touching it at every stage of the supply chain.
Look for the “seeds for sale” concept to explode in the months ahead. The most successful CBD brands will be the ones that lead the way with education. Companies that post excessively promotional content will see much slower growth.
When the CBD brands first appeared, customers were so happy to get their hands on products that they would devour all the products available. But now with so much competition we are seeing a change in the industry. Good branding with a message that resonates is very important.
Good branding goes beyond content, logos and graphics. It is also about the user experience that is created on websites. Plain Jane Company is a great example of what this should look like. You’ve built one of the most intuitive ecommerce websites in the industry. Check out the page for one of their top products Sour Space Candy CBD hemp flower. Customers can simply add an item to their shopping cart – similar to Amazon or another user-friendly platform – and buy with just a few clicks. It’s the kind of brand experience that engages and converts.
Growth of over 55 years demographic
The boomer market, People aged 55 and over are a lucrative but largely untapped market in the cannabis and CBD niche. While many were reluctant to try CBD or cannabis, marketing has been preparing them for years, and a growing percentage is studying it for medicinal purposes such as pain management. Industry experts expect considerable growth for this demographic development.
With a lot of spin-off products and new ideas constantly coming up in the pipeline, it’s a pretty good sign that the industry is headed in a good direction.
“CBD is an incredibly versatile compound. From gums to tinctures and beyond, it can be added to almost anything. We will likely see an evolution in hemp products over the years. ” NewsAnyway.com reports. “CBD oil is just too versatile and useful to stay on its own or in gums and topicals. Some companies make special hemp oil blends with other herbs such as chamomile for sleep or turmeric for digestive health. “
The challenge with spin-off products is regulation and testing. As companies expand, they have to invest time and effort getting products to market properly.
As this industry grows, consumers expect brands to be more transparent. And an interesting thing will happen when transparency becomes the norm. Those on the fringes – consumers who were previously reluctant to try CBD because of the stigma involved – will lower their guards and reconsider. The industry will take on a sense of normalcy that has escaped it before. Then it moves from a niche with potential to a booming industry.
Great things are coming
According to BDS AnalyticsThe collective market for CBD sales is expected to pass the $ 20 billion mark in the US by 2024.
“We’re seeing CBD mature from a cannabis sub-category into an industry in its own right,” said Roy Bingham, Co-Founder and CEO of BDS Analytics. “Our growth forecast for the CBD market across all sales channels.” forecasts an average annual growth rate of 49% through 2024. “
There is a lot of potential for companies that get in early – and we are still at a very early stage in this industry. The key is to get it right from the start. Build a solid foundation today and the rest will work out.
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