Numerous factors account for this bullish trend, including increasing consumer demand, expanded legalization of cannabis, and emerging applications of cannabis, particularly in cancer treatment. Additionally, a significant rise in acceptance of cannabis-based products for several health benefits fuels this market expansion. A clear forecast of this rapidly growing market exposes a wealth of opportunities for market players backed by the rising demand for cannabis-flavored beverages and its inclusion in pet food.
Although historically branding cannabis as an illicit substance, recent trends show a significant shift in public opinion. A study conducted by Quinnipiac University reveals 55% of U.S. respondents favour legalized cannabis without additional restrictions. Moreover, 82% support the medical use of cannabis. As legalization continues to broaden globally, it’s only anticipated to further propel the growth of the CBD-infused products market.
From the CBD oil market, projections predict a worth of US$ 389 million in 2023, with high efficacy of CBD derived from hemp driving demand, presenting potential treatments for conditions such as Parkinson’s disease. By 2033, the market’s expected to cross US$ 5,980.6 million, backed by entrepreneurs focusing on developing cannabidiol-based skincare, lotions, pet care, and textile products.
With a relatively new CBD oil market, companies focus on gaining maximum share by introducing new products. Key players invest in mergers and acquisitions alongside extensive research and development initiatives. They’re now introducing innovative methods to augment production capacity. As a testament to the industry’s dynamism, CV Sciences Inc. launched “Plus CBD Gummies” while China’s leading face mask manufacturer, One Leaf, proactively promotes its CBD products on social media and online marketplaces.
Despite staunch conservative views on cannabis in some parts of the world, strong public sentiment favouring the legalization of cannabis in more progressive regions like the United States gives rise to a future rife with opportunities. Making CBD production and consumption easier and safer should be the goal of all societies that value health, safety, and rights of their citizens. The undeniable medical benefits outweigh the dated, unfounded fear and stigma around the plant. Give it time, and soon, perhaps, Thailand can also be a part of this green revolution.
A wide array of market outlooks is impossible to ignore – therapeutic applications, inclusion in pet food, beverages, skin care, and even textiles. With a market as ripe as this, companies refusing to catch on to this burgeoning industry may be missing out on significant profits. The current tumbling of conservative walls against CBD suggests a bright future for the CBD market – a hopeful narrative for all its advocates.
