As the scientific shreds of evidence of the therapeutic properties of CBD are coming to light, the industry is sure to witness some relevant changes in the coming years. With the increasing popularity and enhanced awareness, CBD products have gained quite a momentum in the market, and here are 5 major predictions for the CBD industry in 2021.
LEGALISATION OF CDB PRODUCTS
According to recent studies, Cannabidiol is no longer considered a risky narcotics. Proven effective against several ailments like anxiety, depression, arthritis, epilepsy and chronic pain, the federal legalization of CBD products might be around the corner. Although it is already legal in some states of the US, research points out that the regulations might loosen up a little bit if not dropped entirely.
Followed by the wave of legalization in many states, the sale of CBD products is also expected to skyrocket in the coming years. It is predicted that the CBD market might cross $1.3 billion in 2022 and $20 billion in 2024. With the increasing sales, more research regarding the therapeutic benefits of CBD will be conducted, which could increase awareness among the users.
FDA POLICIES MIGHT SOFTEN AGAINST CBD PRODUCTS
According to the Food and Drug Authority (FDA), any product infused with CBD was considered a schedule 1 substance, meaning that it had no accepted medical use. However, with the presence of scientific evidence regarding the health benefits of CBD, FDA has become more lenient towards CBD products and has placed them under schedule V substance. Studies show that in the coming years, the authority might lift all the regulations regarding these products.
PRODUCT RANGE MIGHT DIVERSIFY
One of the most fascinating things about CBD products is the versatility. CBD comes in a variety of products like gummies, oil, capsules, crumble, tinctures and even chocolates. Moreover, in the coming years, several industries are working towards CBD-infused beverages using nanotechnology.
With more legalized products and fewer regulations, investments in the CBD market are predicted to exceed more than 55% per year in the coming few years.