There’s no denying that CBD has been making waves in the health and wellness industry in recent years. This powerful cannabinoid, derived from the cannabis sativa plant, has been shown to be beneficial for treating a range of different health conditions, and can help to ease the likes of anxiety and depression just as effortlessly as it can conditions related to inflammation and chronic pain. It’s also been shown to help the sleep deprived get a better night’s rest, making it a versatile natural product that has fast become an essential part of many people’s everyday life.
In the UK, the CBD market is currently worth an estimated £300 million, with over 8 million Brits thought to be using the product on a regular basis. But despite its surging popularity, it’s not been all plain sailing, and until this year, CBD remained stuck in limbo in a period of regulatory uncertainty.
Back in February, the Food Standards Agency (FSA) unveiled plans to better regulate the industry, with food and food supplement businesses asked to submit an application for a novel food license by 31st March in order to continue selling CBD products. It’s clear that the industry is getting tougher, in a bid to protect the consumer.
Even with the introduction of these tougher and more stringent measures, however, sales have continued to surge. It’s clear that there is demand for the product, rules or no rules.
So, what lies in store for CBD in 2021? It’s anybody’s guess – but the experts at MedterraCBD predict it will go from strength to strength. We asked them for the lowdown on why this could be the case – and here are their top reasons.
1. Advanced research
CBD is legal in the UK because it does not contain the psychoactive compound of THC. However, it has only been on the market here for a few years, which means scientists and researchers have a lot of work to do to catch up with studies and research on the effects – which they were not allowed to carry out prior to this.
Now that it is legal, we’ve already seen some promising studies emerge on the effects of CBD oil and other related products, and as more money rolls into the industry and awareness and regulations both increase, we can expect to see a greater investment in research.
With more scientific backing behind it, it’s inevitable that trust in the product will surge, resulting in further market growth in 2021.
2. New products
There’s no denying that CBD is a versatile compound, and over the past couple of years we’ve seen it make its way into everything from soaps and moisturisers to chocolates and beer. The possibilities, it seems, are endless – and we can expect further developments when it comes to new product varieties as we head into 2021.
Many companies are now creating new blends of CBD by combining them with other active ingredients – for example, chamomile, to aid with sleep, or turmeric, to help with digestive issues. By combining a selection of powerful natural ingredients, there is limitless potential, and with so much interest in CBD currently, we’ll see all manner of further innovations emerging in 2021.
3. Education and awareness
Despite having quickly cemented its status as a household name for many, there’s no denying that a huge and untapped market for CBD products remains. As education and awareness surrounding CBD products increases, so too will its popularity – but there is still work to be done to break down the stigma that is attached to it due to its relationship to the cannabis plant.
In 2021, we’ll see brands placing more of a focus on educating the public about the safety, use and legality of their products to help them gain a better understanding of its role. We’ll also see friends and family who have seen positive results from CBD use sharing their stories, and as word gets around, a spike in popularity is almost certain.
The CBD industry is one of the fastest growing in the world, and despite the current economic uncertainty, we have little doubt of its ability to weather the storm. As millions more become aware of the benefits and the potential relief it can provide for a plethora of different ailments – and more people than ever look towards natural remedies – we can expect to see the CBD market go from strength to strength in 2021.