The CBD industry is one of the largest and fastest-growing industries in the world. However, the pandemic slowed its growth in 2020. However, with the rollout of vaccines and other measures to counter the virus, experts predict that the industry will see a resurgence in 2021 and beyond. By 2023, it is expected that the CBD market size will reach an estimated $22 billion globally, with a compound annual growth rate of more than 24%.
The US is expected to remain the largest market for CBD products, with an estimated $8.2 billion in sales by 2023. This growth can be attributed to an increase in consumer awareness, rising acceptance of cannabis-derived therapeutic products like CBD oil and edibles, and increasing investment in research and development into the potential health benefits of these products.
Here are some predictions of what cannabis enthusiasts should expect to see in the CBD market by 2023:
1. Increased Awareness and Acceptance
As more and more people become aware of the potential health benefits of CBD, they will be more likely to try it. Additionally, with more studies on the safety and efficacy of cannabis-derived products, governments worldwide are gradually relaxing their laws surrounding using these products.
They are beginning to understand that using CBD can be beneficial and are becoming more accepting of it. Because of that, the CBD industry is expected to see a massive surge in popularity by 2023. What that popularity will contribute to the industry is still up in the air, but it’s expected to be a positive change.
2. Increased Investment in Research and Development
The potential health benefits of CBD are still being explored, and research into the effects of CBD is expected to continue. With increased investment in this area, more applications for CBD will be discovered, and more products will become available.
Additionally, as the safety of CBD products is further established, regulatory bodies like the FDA are expected to begin loosening regulations on cannabis-derived products, allowing for a greater variety of CBD products to enter the market.
3. Greater Variety of Products
We expect to see an increase in the variety of products available by 2023. This includes tinctures, topicals, edibles, vape oils, and more. Companies are also working on creating products that combine different cannabinoids, terpenes, and other compounds to create tailored experiences for their customers.
The greater variety of products available, the greater the potential for revenue growth in this industry. This also means that annual revenue in the industry is expected to grow significantly in 2023. The exact numbers remain to be seen, but the industry is expected to see a significant surge in growth by 2023.
4. More Product Innovation
As the CBD industry grows, manufacturers will introduce a range of products that cater to different needs. From tinctures and oils to topical creams, capsules, edibles, and more, a wider variety of products will be available for consumers in 2023.
As the legal landscape changes in different countries and states, companies in the CBD industry will be looking to expand their reach into new markets. This means that consumers in more places will have access to CBD products.
5. Improved Regulations
As the industry grows, governments worldwide are likely to implement better regulations governing the production, distribution, and sale of CBD products. This should ensure that consumers have access to safe and effective products.
The regulations will also help protect consumers from companies making false claims about the products they sell. This should help create a more transparent market and allow legitimate businesses to thrive.
Overall, the CBD industry is likely to experience significant growth by 2023. With more awareness, acceptance, product innovation, and better regulations in place, it is expected that the global market size for CBD will reach an estimated $22 billion by then. This will create significant opportunities for businesses and consumers alike.
