The CBD (Cannabidiol) Market Continues to Grow
The CBD industry continues to grow, and the market is forecast to continue this upward trend.
Despite recent challenges due to the Coronavirus pandemic, CBD oil, and other CBD products have increased in popularity.
While many industries have been hit hard in 2020, more and more people are discovering CBD oil as an effective supplement for handling stress and reducing anxiety, not only for themselves but for their pets as well.
Many CBD companies have seen a 15% or more increase this year in their CBD Pet Products. Pet owners are spending more time with their pets due to the pandemic and they are noticing more of their pets’ needs. Additionally, many dog owners are able to take their pet on more walks which in turn can lead to sore muscles.
Quality CBD oil successfully reduces stress-induced anxiety in adults and pets. It's also excellent for depression and general mental health issues. Additionally, where typical treatments for these types of mental ailments often involve addictive drugs with a variety of side effects (including drowsiness, headache, sexual dysfunction, and insomnia), CBD is a natural alternative.
While the 2020 health crisis has seen a decrease in legal marijuana sales in most U.S. markets, many parts of the country have experienced stronger CBD sales. CBD products are expected to see market growth at a rate of 31.9% between 2020 and 2027.
The growing frequency of psychological issues due to the pandemic may help the continued growth in the CBD market. Continued growth will also come from an increased number of CBD products being produced, and increased individual self-care. What's more, the legalization of hemp farming is progressing, and most who discover the benefits of CBD become returning users.
Overall, 2020 is a landmark year for the CBD market. As more information and knowledge spread regarding CBD and its benefits, the market will continue to grow to meet the demand.
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