The global market for CBD has reached around $10 billion – approximately doubling from the $4.6 billion market size in 2018. In these two years, we have seen extraordinary growth as many smaller and large sellers entered the market, and consumer demand went from strength to strength.
The CBD sales revenue in the US has hit around $1.5 billion, which again, is over double than that of 2018’s data. Whilst the USA is very much a driving force of this trend, there’s a lot of factors at play.
Firstly, to buy CBD today in most of the world, it’s as simple as heading over to https://www.miistercbd.com/en/buy-cbd/ or some other website. This was illegal to do in Australia, UK, USA and many other countries not too long ago. Because of this recent legalization, the market is still in its infancy after being oppressed for so long.
The second reason why many will buy CBD in the USA, for example, is because they’re now aware of the many health benefits. 10 years ago, some people knew about some benefits that cannabis holds, but it was illegal. Today, they’re presented with a more benign version that doesn’t get you high, and it’s legal, and it has countless benefits they never knew about.
There are now more countries in Europe where CBD is legal than where it is illegal. Again, most States in the US it is legal (Idaho, Nebraska, South Dekota, and Georgia being the exception). South America, CBD is very much still illegal pretty much everywhere – but many speculate that it’s only a matter of time before this slowly begins to change.
Because of the increase in legality, it made research much easier to do in the US. This growth in research has led to many of the major health benefit claims becoming backed up by evidence. For example, CBD has helped many with chronic pain suffering from obscure illnesses, as well as epileptic patients who suffer from seizures.
These have been miracle cures, but the demand doesn’t reflect just these sales. It’s the more day-to-day benefits that are causing this wave of demand, such as helping with anxiety, depression, acne, arthritis, and being useful for cancer patients. That’s a far reaching range of issues that most people suffer from (at least one of them).
Yet, many still have never heard of CBD because it’s still in its infancy, which is a very good argument for speculating its future growth trajectory to continue. Not to mention that the hemp itself is also being increasingly used as an environmentally friendly alternative.
Between the increasing legality, growth of the hemp and cannabis industry in other areas, and increased scientific focus within research, there are good arguments for CBD-related investments and the industry more generally. South America will be an interesting continent because there appears to be so much room for legal and thus business growth, but no one could predict the timeframe for this. Europe and the US, on the other hand, are mostly there.
