CBD has gone from what seemed like a passing wellness trend to a legitimate product with incredible health benefits for millions. The industry could reach an estimated worth of $20 billion by 2024.
CBD shows no signs of slowing down. With new products and creative consumption methods popping up daily, the possibilities and benefits of CBD are endless. Industries like cosmetics, health products, skin care, and pharmaceuticals have seen the largest amount of growth, but more industries are using CBD in their products every year.
Here are a few industry expert-predicted trends for CBD in 2020.
Changing attitudes and more information
The legal aspect of CBD transformed throughout 2018 and is continuing to evolve today. This change and the CBD boom started at the end of 2018 when the Farm Bill was signed into law that decriminalized CBD oil on a federal level by redefining it as an agricultural product instead of a drug.
These changes and the increase of CBD has not been without some hiccups. Law enforcement agencies have had to familiarize themselves with CBD and laws that differ from state to state. This has led to arrests at airports where travelers are not aware of the laws.
After these arrests and the improved attitudes towards CBD, The TSA has stated on their websites that CBD oil is allowed on planes.
The FDA is also starting to come around and held recently held a public hearing to “determine whether the agency should rethink its stance on CBD oil.”
These changes will allow more people to use CBD with legal consequences.
More CBD-Enhanced Products
Other industries are jumping on the trend and adding CBD to their products.
The cosmetics industry has done this successfully with industry giants Sephora and Ulta now selling CDB products.
CBD is also starting to show up in our favorite beverages. Several breweries are brewing CBD-infused beers and corner coffee shops around the country are adding the cannabinoid to lattes and smoothies.
In 2020, look for more CBD-infused beverages like waters and seltzers.
More Studies
Until recently, there were only a few medical studies focusing on CBD. This lack of evidence led many away from using CBD feeling the product was the modern equivalent to a snake oil. With many proclaiming the health benefits of CBD, the medical community has started to notice.
The first comprehensive study on CBD explored the benefits of CBD in epilepsy patients. This year, more evidence came to light that CBD is an effective method in controlling seizures. One study found that children taking a 20mg dose of CBD daily experienced a 46% decrease in convulsive seizures.
Customer demographics
CBD has bridged the generation gap between baby boomers and millennials. Both generations make up a large part of the CBD customer base. A study conducted by Chicago firm CBD Marketing examined how baby boomers, Gen X and millennials discuss their experiences with CBD online.
CBD Marketing’s study analyzed 1.3 million U.S. social media posts and other public comments for the period Jan. 1, 2018 to Jan. 1, 2019. Monthly conversations about CBD oil increased steadily over this period and were generated about equally by men (48%) and women (52%).
Baby boomers (ages 54 to 72) and millennials (ages 22 to 37) each generated 41% of the posts, while Gen Xers (ages 38 to 53) represented 18%. Tracked conversations appeared on Twitter, Tumblr, YouTube, Instagram, blogs and forums. Facebook privacy regulations for personal accounts prevented its inclusion.
The conversations from all generations in the study focused on pain management, mental health, beauty, skincare, and pet care.
Understanding consumer demographics and their wants allows for CBD companies to focus their marketing efforts.
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