It’s no secret that the legalization of cannabis has seen its popularity, and by extension its market size, increase exponentially. Also, there have been several medical studies conducted to make sure that the doctors are able to find many more ways in which they can make use of Cannabidiol. CBD has been used for thousands of years, and for a number of reasons.
These doctors have made sure that they are not only looking for the obvious medicinal qualities but are also digging to for the unknown. But all that scientific jargon aside, we are here to talk all about the Cannabidiol Market Size, the factors that have influenced its growth and what can be done to keep the industry which was valued at an astonishing $10.60 billion in 2018, keep growing as 2020 comes to a close. But first, let’s start with the market.
The Target Groups
The love for Cannabidiol wouldn’t be as big as it currently is where it not for the huge market it has. The products do have a plethora of uses. Some of them include pain reliever, a natural antidepressant, as well as an effective solution for those who don’t have a good appetite. So, what are the kinds of people who make up the vast-but-still-ever-growing Cannabidiol market? Well, it’s everyone.
First, most people use cannabis for recreational purposes. No one likes the current, stressful state of the world. And that’s why they prefer having some cannabis to take off the edge a little. That said, almost everyone between the ages of eighteen to infinity (if that’s even a thing).
Besides being used for recreational purposes, there are those who use it for medicinal purposes. As mentioned earlier, there is plenty of health benefits associated with the use of cannabis. These may include pain reliving, lowering blood pressure, and also getting rid of anxiety. In this case, it is always recommended that you take the time to talk to your doctor before deciding on anything.
Finally, a fraction of the market that uses Cannabidiol-enriched products are those who own pets. Pet owners have decided to try Cannabidiol-rich products. Just like humans, our pets feel pain and also get sick. Thankfully, a pet owner can have a few Cannabidiol-enriched products delivered to them on behalf of their pet and they can therefore help them feel much better. But before doing that, it’s always advisable to check with the vet first.
The Leading Market
It’s no secret that North America is the leading market for Cannabidiol products. As earlier mentioned, much of the exponential growth came as a result of the legalization of cannabis in most of the states that saw people buy and sell cannabis-related products without fear of being apprehended.
The legalization journey began sometime back in 2012 when Worthington and Colorado made history as the first states to decriminalize the use of cannabis. At that moment, it did look like a longshot because many other states weren’t showing any signs of jumping on the bandwagon. But as time went on, other states began to jump on the bandwagon, especially after researchers continued unearthing more medicinal values contained in cannabis.
Canada came through as the first country to legalize the use of cannabis, which also increased to the Cannabidiol market size since Canadians also, got the freedom to consume without fear of apprehension. But even so, North America still remains the leading consumer despite still having states that haven’t legalized the use of cannabis as well as its related products. The latter is due to the fact that North America has got more people than Canada.
The key industry players
Since the cannabis industry is continuously growing, there are some key players who emerged to make sure that the market is getting its fair share of high quality products. It’s therefore important to note that without these so called key players, and then it means no product for the consumers. There are thousands of companies dealing in either the production, branding, or distribution of the Cannabidiol products.
But only a handful of those stand out like a sore thumb. These companies are what we’d like to refer to as the key players and they include the following:
- OrganiGram Holdings
- VIVO Cannabis Inc.
- CannTrust Holdings Inc.
- GW Pharmaceuticals, plc.
- Aurora Cannabis
- Aphria Inc.
- Canopy Growth Corporation and
- Cronos Group Inc.
If you are looking to understand the Cannabidiol market, this is important to know the little details, those are the kind we call the miscellaneous. For instance, it’s important to note that the most popular type of cannabis is the flowers segment, especially during the forecast period. So, if you’re looking to make a killing, then that’s what you might want to deal with.
Another thing you might want to take note about is the key factor that’s driving the cannabis industry. For starters, the awareness that’s starting to reach the masses is what makes the market grow as exponentially as it is at the moment. Also, the fact that health professionals are able to give prescriptions that leads to regulated relaxation has made Cannabidiol market grow as the public isn’t scared of the stigma or the harsh side effects that have been linked to marijuana for decades.
As you’ve already seen, there are so many individuals who make up the ever growing Cannabidiol market. Therefore, it is important for you to know where you stand so that you can make the most of this ever-growing industry either as a consumer, an investor, or as a retailer.
If you are looking to capitalize on the market size and making some money, then it is imperative that you understand the game first. The truth is, there are so many players in there, most of who are looking to make some money without providing the right quality. Therefore, it is important to take note of the latter and only keep dealing with authentic suppliers.
Doing so will not only save you your hard-earned money but will also keep you (and your customers if you’re a dealer) safe from the devastating side effects of using counterfeit products.