Experts are guessing that the growing CBD industry will keep going up. It’s projected to hit a net worth in the trillions globally over the next six years. Market Research Future, an India-based research firm anticipates the global market will grow to $2.2 trillion by 2026.
The CBD industry is still in its infancy in the United States, where, in 2018, industrial hemp became legal. It’s one segment of the hemp industry. It includes products derived from cannabidiol, a chemical compound harvested from the cannabis plant. CBD goes into a host of products from oils to edibles, and is non-psychoactive.
In Alabama, growers planted more than 2,000 acres of industrial hemp in 2019. They’re one state on the forefront of the industry.
Therapeutic applications drive growth
One factor for growth, cited by Market Research Future, relates to general demand. As consumers become aware of its benefits, they want more CBD products. The CBD industry caters to a wide variety of needs. But, therapeutic applications may dominate over the next few years.
Possible therapeutic uses of CBD expected to drive growth in the market include:
• Drug withdrawal
• Cancer cases
• Mental health disorders
There’s also the popular use of CBD as an anti-inflammatory. It also has potential to possibly prevent Alzheimer’s. Rapidly developing advancements in technology may impact growth. This, along with increased investment, research, and development will affect the industry. The therapeutic potential of CBD may become more widespread.
Pain relief, mood disorders applications show promise
These projections are in line with a recent study published by Ireland-based Research and Markets. They attribute the growth rate of CBD hemp oil use to its potential for pain relief. It also identified potential future CBD products to help with mood-related neurological disorders. Certain chronic illnesses may contribute to demand as well. Diabetes and cancer, for example, are also expected to drive the growth of CBD moving forward.
The United States is also investing in hemp. The National Institute of Health has made multi-million dollar investments in cannabinoid research. The country isn’t ignoring the potential of CBD even though hemp has a long love/hate history in this country. Giving the industry another boost is the availability to buy CBD products online.
The top five reasons CBD will continue its rise in popularity
Research and Markets identified five key trends that may propel growth in demand:
- The growth of plant-based medicine and the need for minimally processed, chemical-free medicine.
- CBD’s therapeutic benefits for applications like stress relief. It’s an attractive treatment because it doesn’t alter the state of mind of the patient.
- Increasing incidence of depression.
- The rise in acceptance of hemp oil.
- A preference in the healthcare industry for preventive medicine.
North America projected to become largest international market for CBD
Regulatory restrictions in other countries may impact future growth in the CBD industry. However, the US is showing potential in its acceptance of the product. Research and Markets predicts North America will become the largest market for CBD and hemp oil. It’s already moving ahead in its approach to the production and sale of CBD.
For Alabama farmers, one resource to turn your hemp into lucrative CBD is Arbor Vita8. From seed to sale, we offer a full assortment of services and support. We’re here to guide you through the entire hemp growing process. Contact us today to learn more and be a part of this growing industry.