The CBD industry has seen phenomenal growth in recent years. The figures are a testimonial to the fact that the CBD market has turned itself into a mega-industry itself. The medicinal and therapeutic benefits CBD offers with the wide range CBD is available like Sunday Scaries CBD Gummies, Oil, Tincture, etc. Moreover, the increasing legal acceptance of CBD products and their increasing use in the pharmaceutical sector are reasons behind this rapidly growing industry.
The article will help you explore and identify the reasons behind the rapidly growing demand of the CBD Industry in 2022, and how CBD has turned out to be a go-to product owing to its exceptional medicinal and therapeutic qualities.
CBD- Why So Popular?
The cannabis plant is a reservoir of various cannabinoids that have physical, emotional, and mental effects all over the body. CBD is one such cannabinoid that possesses exceptional medicinal and therapeutic qualities. CBD is one of the most active ingredients of the cannabis plant. However, the irony is that even after being an active member of the cannabis family, consumption of CBD won’t make you feel all high.
The simple reason is that cannabis has numerous cannabinoids. Tetrahydrocannabinol is the most active element of the cannabis plant containing all the psychoactive elements responsible for giving you the ‘high’ sensation. CBD lacks psychoactive properties and thus won’t make you feel all high. CBD is of three basic types-
- Full Spectrum – It is a wholesome dosage containing all cannabinoids with traces of THC.
- Broad Spectrum – It does contain all the crucial cannabinoids of the cannabis plant. However, unlike Full Spectrum, it lacks traces of THC.
- Isolate- It is the purest form of CBD.
Moreover, CBD is available in numerous formats like CBD Oil, Gummies, Tincture, Cream. Thus, giving the consumers a wide range of options to choose the CBD-based product which best suits their preference.
The Rapidly Increasing Demand – Statistical Overview
Various factors are vital for growth in any market, and an increase in the demand for the product is the best indication. You can analyze it by figures highlighting the CBD Market.
For instance, in 2020, CBD Market surpassed USD 7.1 Billion and will grow at a sky-high CAGR of around 35% between 2021 and 2027.
For a few years, the prediction was that the whole cannabis industry at its current rate would reach USD 20 Billion in the American market. However, industry experts have predicted that the CBD market alone can hit USD 22 Billion by 2022, thus indicating the rapidly increasing demand for CBD in 2022 in the upcoming years.
Interestingly, the pharmaceutical segment dominated the CBD Market by accounting for the highest revenue share of 42.8% in 2020. The CBD Gummies Market is around USD 1.6 Billion in 2020 and will grow at a CAGR of 30.7% from 2021-28. Further, North America experienced the highest demand, had the highest revenue share of 37.3%, and thus dominated the market, followed by Europe, Asia Pacific, etc.
The Reasons behind Increasing demand
The demand for CBD based products are on an upward trajectory, and there are many reasons why the popularity of CBD is growing in 2022-
- The High Medicinal and Therapeutic Benefits
CBD tends to offer a wide range of medicinal and therapeutic benefits. And this accounts for the primary reason behind the increasing demand. CBD tends to have a positive relationship with the endocannabinoid system. Various hormones of the body due to which they tend to offer a wide range of medicinal benefits like-
- Anxiety and Depression – Around 264 million people face depression, and around 284 million people experience anxiety disorder making it one of the most common mental health disorders. Studies have highlighted that CBD can help deal with anxiety, including social anxiety. Moreover, studies have also highlighted the anti-depressant effects of CBD. The fact that the COVID-19 Pandemic is still here, and with the coming of new variants like Omicron, people are more likely to experience anxiety and depression-related symptoms. And thus, CBD would experience an increasing demand even in 2022 owing to its antidepressant and anti-anxiety qualities.
- Relieving Pain – CBD has also proven to be instrumental in alleviating pain. It is the common reason people use CBD to handle chronic pain.
- Skincare– CBD helps deal with skin-related issues like redness, acne, itchiness, dryness, dehydrated skin, etc. People use CBD products like CBD creams to deal with their skin-related issues.
- Insomnia- Around 10% to 30% of adults globally struggle with chronic insomnia. However, CBD has proven to be instrumental in dealing with insomnia and helping them experience a better and more relaxing sleeping experience.
These are some medicinal benefits that CBD offers, and even in 2022, the CBD industry will experience rapidly growing demand.
- Legal
With the passing of the Farm Bill in 2018, CBD derived from hemp is legal to use, provided it did not contain more than 0.3% of THC. It is one of the reasons behind the significant growth and increased demand for CBD. Due to the plethora of benefits, several countries have legalized consuming CBD to a boom. As a result, the CBD market experienced an increase in demand. Many consumers can trust the safety of the CBD post its legalization. Moreover, Post legalization of CBD is best for dealing with various issues like epilepsy, seizures, etc.
- The Wide Range Options
The wide variety of options has made CBD consumption an easy choice for the consumers and thus has led to increased demand for CBD. The wide variety in which CBD-infused products are available has also led to a surge as consumers can choose the product which best suits their preference. For instance, CBD gummies provide an easy, tasty and discreet way of consuming CBD, making it an easy option for consumers to consume CBD and enjoy a wide range of medicinal benefits.
- A mixture of crucial cannabinoids
Brands offer a mixture of essential cannabinoids like CBD with CBN, CBG, etc. It adds to the wide range of medicinal and therapeutic benefits of CBD. Thus, consumers get a new range of CBD products with better medicinal and therapeutic effects.
Conclusion
The CBD market is growing due to the reasons cited above. The exceptional medicinal and therapeutic benefits of CBD will be one of the primary reasons behind the rapid demand for CBD-based products in 2022 and upcoming years. And the increase in the knowledge about benefits associated with CBD is also a vital factor that boosts the demand of CBD Based products. Moreover, CBD news suggests the invention of numerous ways of consuming CBD like gummies, oil, and tincture made consuming CBD a convenient option for consumers. Thus, there will be increased demand for CBD in the coming years.
