With more than 850 brands of CBD products in the U.S. currently, CBD sales are predicted to rise to $1.8 billion in 2020, and some say it will rise even higher than that, continuing to skyrocket over the next couple years. With such rapid growth, there is no better time to incorporate CBD into your 2020 product lines. Here are the top 10 trends happening in CBD that manufacturers need to watch out for:
1. Consumers want innovation
More consumers are willing to try CBD and go out of their comfort zones. CBD user demographic data shows that 40 percent of U.S. residents are interested in trying CBD, and according to MMR Research, with nationwide daily use of social media affecting both attention spans and interests, people are seeking products that are innovative and new.
Consumers now have “extreme levels of propensity to try new products,” and according to Oliver Morrison, Food Navigator writer, “food brands need to take bigger risks.” CBD is one of the most innovative ingredients manufacturers can use to formulate new or existing products to meet consumer demand.
2. Aging populations like natural remedies
In a majority of developed countries, populations are aging rapidly, and baby boomers are amongst the most receptive customers to try natural remedies, many opting for CBD products.
Anti-inflammatory and anti-aging products, as well as products that are linked to mental alertness, physical wellness and skincare backed by scientific research, are predicted to grow in the marketplace.
3. More studies could back CBD health claims
Without significant research to back health claims, the industry has largely relied on testimonials and anecdotal evidence. So far, the FDA has only approved CBD as an effective treatment for two rare forms of childhood epilepsy.
However, more research will be conducted in 2020, including one currently in the U.K. with human participants 54 years of age or older, intending to link CBD to potentially curing Alzheimer’s Disease.
Research like this, along with more studies that are coming in 2020, will be helpful for consumers and manufacturers alike to understand and promote proven CBD benefits.
4. Drive for Transparency in the industry
As CBD began to rise in popularity without FDA regulation, outside of legalizing interstate commerce with THC limitations, CBD companies sprung up with policies and practices that varied widely. Knowledgeable consumers and wary medical professionals have led to the rise of transparency across the industry. CBD companies looking to differentiate themselves provide traceability from where the hemp plant is grown to the final product.
More transparency equals more customers willing to buy into CBD in 2020, and fewer medical professionals discouraging CBD’s use.
5. Greater variety of products
As companies from different industries are attempting to capitalize on the CBD boom, there is a greater variety of CBD products on the market, spanning personal care, food and beverage and pet products. Large beauty retailer Sephora has launched a line of CBD oil products, and breweries and coffee shops across the country are now promoting CBD oil in their drinks. Click here for more on CBD in beverages.
An increase in product variety suggests an increase in the number of people trying CBD oil for the first time in 2020.