Cannabis has been making some serious headlines lately, with CBD oil and the like leading the charge. But what does the future hold for CBD? Here are seven key trends that are likely to drive this market in 2023 and beyond.
7 Trends To Keep An Eye On In 2023
As more and more people learn about the unique benefits of cannabidiol, it’s no surprise that the global CBD market is expected to reach 6 billion in 2023. Today, cannabidiol products are available online at platforms such as hometownherocbd.com and the like, and their availability will only increase in the future. So what will the industry look like in the upcoming year? To understand this, let us take a closer look at the key trends that are said to be driving it soon.
Trend #1: The legalization of cannabis
In many countries, cannabis is still illegal. However, this is changing rapidly, with an increasing number of countries decriminalizing or legalizing cannabis for both medical and recreational use. This is one of the major factors driving the growth of the CBD market.
With the further legalization of cannabis and its compounds, more people will have easy access to CBD products both offline and online. In addition, the stigma surrounding cannabis is slowly but surely dissipating, making it more socially acceptable to use CBD products. With this in mind, the demand for CBD products will surely increase. Taking that into consideration, it would be a good decision to consult with a good cannabis marketing agency to further boost your sales.
Trend #2: The growth of the wellness industry
It’s no secret that people are increasingly interested in living healthier lifestyles. From fitness and nutrition to mental health and stress management, there is a growing focus on wellness in today’s society. This trend is mirrored in the business world, with the wellness industry now worth trillions of dollars. One of the key areas of interest within the wellness industry is alternative medicine. This includes therapies like cannabidiol that are not typically considered mainstream. However, the popularity of these therapies is on the rise, with more and more people turning to CBD for its potential health benefits.
This growing interest is one of the trends that is said to be driving the cannabidiol market in the nearest future. With more people looking for natural ways to improve their health, the compound will likely become an even more popular treatment option in the years to come.
Trend #3: The rise of e-commerce
Thanks to the Internet, it’s now easier than ever to buy cannabidiol-infused products online. This trend is only set to continue, as more and more people become comfortable buying everything from food and clothes to medicine and vitamins online. This convenience is especially appealing to those who live in states where cannabis is not yet legal.
In addition, many online retailers offer a wider selection of cannabidiol products than brick-and-mortar stores. This means that it is easier for customers to find the perfect option to suit their needs.
Trend #4: The popularity of subscriptions
A growing number of people are signing up for subscription services. This trend is now being mirrored in the CBD market, with companies offering monthly subscription boxes filled with CBD-infused goodies. A subscription allows customers to receive their favorite products regularly without having to reorder them every time they run out. This convenience is especially appealing to busy people who want to make sure they always have cannabidiol on hand.
Besides, subscriptions often come with discounts that make them even more attractive to consumers. As the demand for cannabidiol products continues to grow, subscriptions will likely become an increasingly important part of the CBD market.
Trend #5: The growth of social media
Platforms like Instagram and Snapchat are playing an increasingly important role in our lives. For businesses, this provides a great opportunity to reach a wider audience and promote their products or services. For consumers, social media is a great way to learn about new products and trends.
This is especially true for CBD products, which are often promoted by influencers on social media. Additionally, social media can also be used to build brand awareness and trust. With the right strategy, social media can be a powerful tool for driving cannabidiol product sales.
Trend #6: The rise of ‘CBD cafes’
Just like coffee shops have become popular meeting places for friends and coworkers, we’re now seeing the rise of ‘CBD cafes’ where people can enjoy cannabidiol-infused drinks and snacks in a relaxed setting.
This trend is particularly popular in cities like New York and Los Angeles. It is closely interrelated with the aforementioned tendencies toward cannabis legalization and the growth of the wellness industry. Thus, on the one hand, CBD products are getting more available. And the other hand, more and more people associate them with a healthy lifestyle and perceive their use as a socially approved pastime that can be shared with friends or colleagues.
Trend #7: The expansion of the pet market
The pet industry has seen a boom in recent years, as more and more people are adding furry (or scaly) friends to their families. This growing market has led to an increase in the number of products available for pets, including food, toys, and health supplements.
CBD oil is one of the latest products to hit the pet market, and it is said to have a wide range of benefits for both dogs and cats. Some pet owners use it to help their animals deal with anxiety, pain, and inflammation, while others believe that it can boost immunity. With the pet industry continuing to grow, cannabidiol products will likely become more popular, too.
Wrapping Up
So here you have it — seven trends that are likely to drive the CBD product market in the upcoming year and beyond. To sum it up, it seems that the popularity of cannabidiol products will keep growing and there will be more channels for their promotion.
