The legalization of CBD gummies and other CBD-infused products in 2018 has led to the industry’s growth. This industry has grown despite having some significant hurdles over the last few years. In 2020 CBD sales have hit $4.6 billion in the United States alone. This growth is the beginning of an economic revolution.
Market research projects that the CBD market will gross about $29.91 billion between 2021-2025. This number looks outrageous, but there is a dedicated consumer base. The demand for CBD products is so high that producers can barely meet up.
The primary factor in the success of CBD companies is their product diversity. CBD products have a wide application in different industries. This is a telling sign of an industry that will begin to grow sub-sectors. The products include the beauty, hospitality, and recreation industries. CBD consumers belong to every conceivable industry. From entertainment to corporate sectors.
The CBD still needs to undergo many changes in the future before big companies can begin to invest. Investors are restraining themselves because, despite the success, there are a lot of gray areas in legislation. Once these regulations are clarified, big companies will invest large sums into this lucrative industry.
The Impact of Technology
Most industries cannot avoid technology, and CBD is no exception. There has been a steady influx of advanced technology into the CBD space. Technology is the only way to achieve speedy and effective growth to meet rising demands. Technologies also help to maintain the required high standards for CBD products.
Technologies are powered by research that informs what areas need to be studied. The research aims to optimize all the stages of production to maximize output. Multiple analyses are being carried out on the best processes to farm cannabis. Greenhouse technologies are currently being used to double the growth and yield of plants.
For every CBD product you use, only 10% is being absorbed into your system. The rest is broken down by our body which feels like a waste of 90%. Encapsulating technologies in packaging ensure that more CBD is absorbed into the body. Higher absorption equals an increase in sales.
Artificial intelligence is also being implemented in the CBD industry. These technologies gather large information from CBD customers. They collate customers’ habits and preferences, which influence the products on the shelf. Big data also helps monitor and identify trends in the industry that can be used for research.
CBD extraction from the cannabis plant is highly labor-intensive and carbon-heavy. New technologies are being used for extraction. The Rosin press creates an excellent atmosphere for extraction.
In conclusion, technology plays a significant role in the future of the CBD industry.