Over the past few years, cannabidiol (CBD)-based products have been rigorously adopted by consumers in developed countries for treating umpteen medical conditions. From beauty & health to pet products, CBD has helped enhance the effectiveness and outcomes of some treatment regimens, advocating an improved quality of life for patients.
The market for CBD is indeed promising as it is being touted to address some unique ailments. Studies and clinical trials indicate that CBD can reduce anxiety and insomnia as the compound helps patients fall asleep. Another key application of CBD is its use in medicines that remedy chronic pain.
However, the strongest scientific evidence is for the effectiveness of CBD in treating epilepsy syndromes, such as Lennox-Gastaut syndrome (LGS) and Dravet syndrome in which patients typically fail to respond to antiseizure medications. Studies claim that CBD could reduce the number of seizures and stop them altogether in some cases.
UCLA Health has stated that people with epilepsy also develop Alzheimer’s disease at a rate 6 times higher than non-epileptic population, with seizures potent enough to damage the memory centers of the brain and contribute to dementia. In such cases, CBD may be useful to treat Alzheimer’s disease, as studies have found its components could suppress symptoms, such as behavior disorders and memory loss.
With cases of Alzheimer’s elevating, the demand for CBD-based products could also spur in the next few years. In fact, the Alzheimer’s Association estimates that over 6 million Americans are currently living with Alzheimer’s, and by 2050, this figure is projected to rise to nearly 13 million.
In a bid to regulate the public sale of cannabidiol products, federal agencies like the U.S. Food and Drug Administration (FDA) and the Food Standards Agency (FSA) are evaluating and giving green light to certain CBD products that treat such critical conditions. In 2018, FDA approved the first cannabis-derived medicine, Epidiolex, as a prescribed treatment for seizures associated with two rare, severe forms of epilepsy.
U.S. cannabidiol market to notice incremental growth
Credible reports suggest that the cannabidiol (CBD) market will continue to grow as interest in new healthcare products rises. Apparently, CBD is one of the fastest-growing industries in North America with two-thirds of US states having already given green light to CBD businesses and industry sales incremental exponential ever since. Manufacturers of cannabis related products are now offering a wide range of options, and this diversity will elevate as more companies introduce products that focus on each of the over 100 minor cannabinoids found in the hemp plant for treating various cases.
Development of new distribution networks could vastly expand the market for CBD while benefiting numerous supply chain components such as hemp farmers and labs that derive the compound from plants. With the increasing popularity of CBD, larger, national brands have started to create and sell their own CBD products.
In 2019, CVS Pharmacy announced that it will be selling hemp-based CBD products in eight U.S. states and will be marketing topical cannabidiol products, such as creams, sprays and roll-ons. Shortly after, Walgreens Boots Alliance announced it would also be selling CBD topicals in 1,500 stores in line with its efforts to provide a wider range of accessible health and wellbeing products and services to meet the needs and preferences of its customers.
Some other big-name retailers jumping into the CBD bandwagon include drugstore chain Rite Aid and America’s supermarket chain, Kroger.
Rise in chronic pain cases
The market for CBD is projected to be significantly profitable as it addresses one of the major clinical conditions faced by millions, i.e., chronic pain. Chronic pain is among the most common reasons why adults seek medical care. According to the CDC, in 2019, 20.4% of adults in the U.S. had chronic pain with 7.4% experiencing pain that limited lifestyle or work activities.
CBD can help counter chronic pain by impacting receptor activity. Some research even suggests that CBD may be effective for nerve pain and back pain when used on its own. However, it seems to be most effective when used in unison with THC. Currently, research is underway to determine the extent to which CBD can help with conditions such as arthritis pain and multiple sclerosis (MS).
Benefits of CBD oil
Cannabidiol products come in many forms, including oils, capsules, patches, extracts, vapes, and topical preparations for use on skin. Of these, CBD oil is widely regarded as an effective product to treat and manage pain as it reduces inflammation. It continues to gain grip in the health and wellness sector, with some studies backing its use against chronic pain and anxiety.
The fasting-growing demand for CBD oil has encouraged companies to expand their product portfolio by means of new business strategies. In 2022, Keoni CBD – one of the leading CBD companies focused on providing quality CBD infused oils, topicals and edibles to address customers’ challenges with sleep, anxiety, and pain relief – acquired Blush Wellness and its proprietary CBD and cosmetics targeted at women.
Highlighting a similar expansion move, in 2021, Sky Wellness – a leading player in the CBD consumer goods industry – expanded its collection of personal wellness products with a range dedicated to relief and pain support.
The cannabidiol market is anticipated to get bigger as consumers in North America are preferring CBD-based products to treat conditions like chronic pain and anxiety. CBD companies are navigating many hurdles, from using standard payment processing to being able to market on regular channels. Seeing the expansion across the region, it will not be a surprise if countries across other continents see an increased pace with regard to CBD consumption. Economies in Europe and Middle East are standing up and accepting consumer demand for CBD products, to meet certain medication and recreational requirements.
The dramatic surge in e-commerce, especially since the COVID-19 pandemic, increased online retail sales of CBD products. Growth of online sales, combined with the increased popularity of CBD in general exhibits a promising opportunity for online CBD stores. Over time with crucial developments, CBD is expected to be classified as a dietary supplement by the FDA. Public awareness about cannabinoids will accompany the mainstream adoption of CBD.