Over the past couple of years, there has been a big spotlight shun on the world of CBD. Despite the fact that it is derived from a plant that in the past has had some bad PR, it is now growing in popularity and has even become legalized in some states in the USA.
Market Size
With the availability of CBD products increasing over the past decade, in terms of size and value, the market has boomed. If the latest forecasts are anything to go by then the market is set to be worth some 22 billion dollars by the year 2022 – and that is within just the USA alone. This is pretty incredible given the fact that the whole organic food market in the USA is expected to be worth 70.4 billion dollars by the year 2025.
This all comes despite the fact that more detailed research is required in order to confirm the claimed benefits of using CBD and that the distribution of the products has not yet been regulated by the US Food and Drug Administration (FDA). This goes to show that entrepreneurs and investors are not being put off setting up their very own private label cbd company.
Because of the sudden and dramatic rise of CBD, it has been compared to Bitcoin and the rise in popularity that it experienced back in 2016. In fact, some commentators have even gone as far as calling it the latest ‘avocado on toast. The popularity of CBD and the many products that it is now included in is evident by the fact that it is actively being endorsed by well-known celebrities such as Mandy Moore and Martha Stewart, and has even been included in the goodie bags that those attending the Oscars awards receive.
Potential
A new generation that is interested in their physical and emotional well-being has emerged in the 2020s, which has seen a rise in the popularity of fitness programs such as Hot Yoga, HIIT, and CrossFit. The same individuals will no doubt then people looking for products that are good for them and centered around self-care – CBD fits perfectly into this space.
These consumers are typically ages between 25 years and 45 years with a high level of disposable income. Although the social media accounts of the leading brand in the world of CBD products are currently behind other well-known brands in terms of numbers of followers, it will only be a matter of time until the likes of Plant People and Lord Jones are at the same level and having the same amount of engagement.
That being said, success on social media platforms such as Instagram and Facebook is not necessarily guaranteed, regardless of how good the products are. It will still be important to accept and work to dispel some of the myths and negative connotations that have been linked with cannabis use over many decades. This needs to be done with the backdrop of creating good quality content.
