It seems like all the places you go and every website you visit, CBD and CBD oil products, are either being sold or advertised. With the legalization of recreational marijuana and the opioid epidemic, people seek safer alternatives to treat ailments from arthritis to insomnia. Although there have been limited studies on CBD’s effectiveness, early studies revealed that it may have potential in various applications. Furthermore, the FDA has recently approved the first CBD medication for epilepsy in children.
CBD oil and its products have infiltrated society as an effective natural cure for various medical conditions. Most people now understand about CBD and the health use it offers. With this extensive awareness, forecasts show that CBD global market could grow to a $20 billion mark by 2024. Moreover, CBD is naturally derived with no risks of addiction and has a solution to persons struggling with pain control, mental illness, and neurological disorders. Below, we explore some of the reasons that may have contributed to the growing popularity of CBD;
Adoption of CBD by Other Industries
One of the reasons why CBD is everywhere is because other industries have adopted it. The compound is increasingly being used to make different products. In other words, other than the medical industry, CBD has made its way into other industries like cosmetics, vaping, pets, food, and drinks. These companies integrate CBD in their products seeking to leverage the benefits that CBD provides. Besides, with the use of tincture, capsules, and topical forms, it is expected that CBD consumption will expand further into everyday items.
For instance, in the cosmetic industry, various companies have launched a variety of products that contains this compound. Hence, these companies are marketing their products based on CBD’S proven skin health benefits. Moreover, in the food and beverage world, coffee shops incorporate CBD oil to protein shakes and hot drinks. Additionally, breweries have started to sell beers that have been infused with CBD Oil. This broad adoption has encouraged people to take CBD oil, leading to increased interest in the compound. Furthermore, in the pet industry, CBD oil is used to treat common health infirmities in cats and dogs is now widespread. As a result, many people are now giving their dogs edibles that are laced with CBD oil.
Legalization of CBD Products
Since 2018, the legal framework for CDB has significantly changed. Many countries have now legalized CBD products, such as CBD oil. For example, in the US, the Farm Bill was signed towards the end of 2018 to decriminalize CBD oil at the federal level. Additionally, the US Food and Drug Administration made a groundbreaking decision when it approved a CBD-based drug called Epidiolex. The FDA approved the drug to treat Dravet syndrome, a life-threatening kind of epilepsy that develops in childhood. Therefore, this decision strengthened the notion that CBD is effective and credible, contributing to the growing popularity.
Growing Evidence of CBD Efficacy
For the longest period, CBD’s effectiveness was based on anecdotal evidence derived from a sample of studies. The in-depth research on CBD was largely involved in animal-based research conducted in lad environments. Therefore, this caused many people to believe that CDB oil had little effect on humans. However, this has gradually changed over the years. There is growing body research that disapproves of the previous theories.
Moreover, the research has provided the efficacy of CBD in addressing a broad range of health issues. For instance, according to the National Institute of Health data, CBD oil effectively treats insomnia and anxiety in children who hurt from the post-traumatic stress disorder. Besides, studies have shown that CBD contains antidepressant effects due to its capability to act on brain serotonin receptors, responsible for regulating moods and social behavior. Therefore, this scientific evidence on CBD’s efficacy to treat several health problems in human beings has fueled its fame in recent years.
Increased Influencer Interested in CBD
Usually, influencers tend to shy away from controversial products. For this reason, CBD products were not being advertised on social media platforms. However, things are quickly turning around. In 2019, some influencers were ready to work with companies that produce CBD oil products to popularize them in the market. This move has played a significant role in putting the popularity of CBD oil to new levels.
Old age and Opioid Epidemic
Another factor that cannot be ignored is the opioid epidemic and a growing aged population in the US. With 72 million Americans who are born before 1964, there is an increasing population of baby boomers. These baby boomers seek alternative safer medication to treat arthritis and sleep, among other common problems related to aging. Furthermore, unlike the young lads, baby boomers are less likely to take THC products that are associated with high effect that comes with it. Instead, they prefer to use CBD, which has similar benefits without the hallucinogenic high. Their support for the CBD products is driving the market, which means more products will be produced for their needs.
Need for alternative medication
In the US, two-thirds of persons who file for bankruptcy, point out medical problems to be the major contributing factor. In 2018, data shows more than 130 people in the US died from opioid overdose daily. Moreover, anxiety rates in the country have skyrocketed in the past years. Also, mental health services are usually out of reach for those outside urban areas or limited financial capabilities. On the other hand, CBD seems to provide a solution to all these health problems. Even if a person is not dealing with one of these products currently, they will require them soon due to the cracks in American healthcare systems. Besides, CBD products are affordable and have been proven to be effective, according to many users.
In summary, products that assist people in resolving their problems usually gain popularity very fast. This is the same case for CBD. A few years ago, CBD oil products were not known to many people. However, due to their efficacy in treating medical issues such as pain relief, epilepsy, and mental conditions, the demand has grown exponentially. As more industries begin to embrace CBD, it will be interesting to see how much the CBD market will grow in the coming years.