The CBD market was valued at a healthy $9.3 billion globally in 2020. By 2025, CBD is estimated to reach $23.6 billion. This is an expected annual compound growth rate of a whopping 22.2 percent. This shows that the future of CBD looks quite promising for businesses investing in the explosive popularity of CBD throughout the world.
The main leader in the global market for CBD is North America, at 40 percent of the market share. However, this may not continue for much longer. Europe is now increasing its use of CBD and has now reached 31 percent of the global market share. Europe’s CBD consumption is expected to surpass North America soon in terms of geographic demands. This clearly shows that it’s quite exciting how the CBD market is spreading. Big retailers such as Boots, and Holland & Barrett are now looking to stock different types of CBD products in their stores as well.
Dr. David Dawit, Chief Scientific Officer at Eos Scientific, a CBD testing and production company, said, “The commoditization of holistic remedies, made from natural ingredients, has become an exciting avenue for retailers, researchers and medical professionals to explore.”
But there are warning signs and caution should always be exercised. A study conducted by the FDA found that many CBD products are often mislabeled, containing more or less CBD than claimed. This can be a concern for many users who rely on CBD to be a functional ingredient with some benefits they want to derive from it. The FDA tested oils, tinctures, edibles, capsules, pet products and drinks containing CBD. Half of these products did contain THC, which is the psychoactive element of cannabis that brings the ‘high’ some people seek. In the preliminary study, FDA found that a full quarter of the products they tested didn’t meet the label claims.
Looking at the future, James says that there’s no doubt that the CBD industry will continue to grow exponentially. As further studies are conducted, we’ll see fully licensed CBD pharmaceutical companies opening worldwide in a massive scale.
Even then, experts working on CBD products, counter with that CBD is safe to use in controlled amounts and provides many benefits. “It’s generally believed that CBD is safe, and to date, there’s absolutely no evidence of overdose or any significant side effects,” says Rob James, CBD Managing Director at Cannuba. “That being said, at present, the market for CBD products is unregulated, which has led to concerns over the quality and reliability of CBD formulas.”
Looking at the future, James says that there’s no doubt that the CBD industry will continue to grow exponentially. As further studies are conducted, we’ll see fully licensed CBD pharmaceutical companies opening worldwide in a massive scale. “The implementation of any new pharmaceutical is a long path, so I can’t see the NHS offering CBD for anxiety or pain management in the next few years, but it’ll happen within our lifetimes,” says Caitlin Rimmer, an expert in CBD retail.
In short, CBD’s future is bright—oh so bright.
–PuraPhy Staff Report