The last few years have witnessed a growing trend in cannabidiol (CBD) oil, largely propelled by increasing consumer interest in natural remedies and the evolving legislative landscape around cannabis products. The global cannabidiol market size was valued at USD 5.18 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 16.8% from 2023 to 2030*.
Here we’ll take a closer look at the reasons behind the surge in popularity of CBD products and explore which are the most popular products on the market.
The Benefits of Using Cannabidiol (CBD)
CBD oil, which is derived from the hemp plant, is largely non-psychoactive, meaning that it does not produce the high that is commonly associated with marijuana. This has made it more socially acceptable and easier to integrate into various products, resulting in widespread adoption.
Here are some potential benefits of CBD based on existing research**. It’s important to note that while these potential benefits are promising, more research is needed to fully understand how CBD works and its long-term effects.
- Pain Relief: Some studies have shown that CBD may help reduce chronic pain by impacting endocannabinoid receptor activity, reducing inflammation and interacting with neurotransmitters.
- Anxiety and Depression Treatment: CBD has shown promise as a treatment for both depression and anxiety, leading many who live with these disorders to become interested in this natural approach.
- Alleviation of Cancer-Related Symptoms: CBD may help reduce symptoms related to cancer and side effects related to cancer treatment, like nausea, vomiting, and pain.
- Neuroprotective Properties: Researchers believe that CBD’s ability to act on the endocannabinoid system and other brain signalling systems may provide benefits for those with neurological disorders. Some studies have shown promising results for conditions like epilepsy and multiple sclerosis.
- Heart Health: Some recent research has linked CBD with several benefits for the heart and circulatory system, including the ability to lower high blood pressure.
- Potential Diabetes Prevention: Early animal studies have shown that treatment with CBD reduced the incidence of diabetes in non-obese diabetic mice, suggesting it may have a role in preventing the disease.
- Anti-psychotic Effects: Studies suggest that CBD may help people with schizophrenia and other mental health conditions by reducing psychotic symptoms.
Most Popular CBD Products 2023
Here’s a list of some of the most popular types of CBD products right now, along with a brief description of each of them:
CBD Oil
This is perhaps the most common form of CBD. It typically comes in a bottle with a dropper, allowing for sublingual administration (under the tongue). This method is popular because it allows for the rapid absorption of CBD into the bloodstream.
CBD Capsules
For those who prefer a more traditional method of consumption, CBD capsules can be taken just like any other pill. They are convenient, easy to use, and offer a tasteless CBD experience.
CBD Topicals
These are lotions, creams, or salves that are applied directly to the skin. They’re primarily used for localized relief of pain, inflammation, or skin conditions.
CBD Vapes
CBD can be vaped or smoked, offering a quick delivery system for those who prefer this method. However, there are potential health concerns related to vaping, so this method may not be suitable for everyone.
CBD Pet Products
These are specially formulated products for pets, often used to help with anxiety or pain management in animals. They typically come in forms like treats or oils.
CBD Beauty Products
CBD is also used in a range of beauty products, from creams and serums to shampoos and bath bombs. It’s touted for its potential anti-inflammatory and antioxidant properties.
CBD Patches
These transdermal patches are placed on the skin and slowly release CBD over a period of time. They can be used for systemic or targeted relief.
Factors Contributing to the Growth of the Popularity of Cannabidiol (CBD)
Increased Legalization
Many more states and countries may have legalized or decriminalized cannabis in various forms, leading to a boost in the CBD oil industry. The passage of the 2018 Farm Bill in the United States, which federally legalized hemp and hemp-derived products, was a major turning point for CBD and set the stage for future legalization efforts.
Health and Wellness
The wellness industry has embraced CBD oil, adding it to products such as supplements, gummies, lotions, and tinctures. A wide range of reported benefits includes relief from anxiety, inflammation, pain, and more.
While research is still ongoing to conclusively prove these benefits, anecdotal evidence and some scientific studies suggest CBD’s potential in these areas.
Consumer Awareness and Education
As the stigma around cannabis decreases, consumer awareness and education about CBD oil and its potential benefits are growing. Companies in the CBD industry have been investing in marketing efforts to highlight the wellness benefits of their products.
Product Innovation
Companies are getting creative with how they integrate CBD into their offerings. From beauty and skincare products to pet care and beverages, a variety of CBD-infused products have entered the market. This innovation has played a significant role in fueling the CBD oil trend.
E-commerce
The ability to purchase CBD products online has also significantly contributed to the trend. The e-commerce boom allows consumers to research and purchase CBD products from the comfort of their homes, widening the consumer base.
However, it’s important to note that challenges are still associated with the CBD oil trend. The industry faces regulatory uncertainty, and the scientific community is still catching up in terms of thoroughly studying CBD’s effects and potential benefits. This, in turn, impacts how companies can market their products and what claims they can make. The industry is also somewhat oversaturated, with many new companies entering the market and competition becoming fierce.
As research continues and more concrete scientific evidence emerges, the growth trajectory of the CBD oil trend is expected to remain positive. Still, the landscape could also shift depending on legislative changes, consumer attitudes, and market dynamics.
