The recent Congressional Budget Office report indicates that the United States suffered its largest annualized GDP dropped in a quarter ever experienced.
The effects of this economic downturn have been widespread and felt by industries far and wide.
One point of resiliency in the economy they should inspire hope in anyone has been the botanicals industry and specifically botanicals that are involved with cannabinoids.
People seem to be flocking to these more than ever, thanks to the health benefits and our current global health pandemic.
People take health more seriously and have been willing to try out new things to see if they have benefits for them after hearing from friends and family who have had positive experiences.
Top Trends In 2020 For The CBD Industry
As with any industry in the modern economy, see the industry is still adjusting to the new realities that we all face in the world.
Some businesses have undoubtedly struggled as a result of this economic downturn, and yet in comparison with many other industries, the suffering is rather limited.
Several positive trends indicate that this industry will jump out of this recession quickly.
Size Of The Global Industry
Thanks to the introduction of new products such as cbd cream and others, the size of the customer base for this industry globally is at an all-time high.
More people would like to get more cannabinoids than at any point in the past. This is obviously a boon for manufacturers who have been struggling to meet demand amid disrupted supply chains.
As supply chains readjust and shipping begins to resume a more normalized operational pattern, it will likely only continue to expand at a breakneck pace.
Future Is Full Of Growth
There are many places where industries that were once vibrant are now cluttered and full of competitors to the point that few opportunities exist anymore for new entrants to the industry.
The same cannot be said of the CBD industry, which has more new business startups than almost any other industry in recent years.
This may be due to the widespread popularity and the lack of infrastructure for these businesses, but it is unknown the exact cause of this rapid growth.
New Types Of Products Have Become Available
There is a wider range of available products that contain cannabinoid compounds today than at any point in the past.
Available Product Types:
- CBD Isolate Crystal
- Topical Creams
- Dry Herbs with CBD
Science’s lot is to identify the mechanisms by which we can incorporate these compounds into the productions of our desire. These can be anything from decadent desserts to topical creams.
The one thing they all share is that they are efficient delivery vehicles for cannabinoid products into your bloodstream.
More People Are Open To The Products
As science continues to solidify and show that few if any, negative effects are associated with the use of cannabinoid products, more and more people are beginning to wonder if they may benefit from trying them out.
This, combined with the abundance of anecdotal evidence being reported, by people of all ages and all demographics, from those who have had good experiences using these compounds has increased willingness of people in the general public to at least open their perspectives a little to try something like this out.
Customers Are Becoming More Educated On The Potential Health Benefits
Today’s customers have an easier time accessing the scientific basis for the effects of these compounds.
An increase in patient knowledge has made it much easier for doctors to manage the treatment of people that use these compounds.
More Research Is Being Done Proving The Efficacy Of These Compounds
New science is continuing to reveal the true extent of the benefits of these compounds. Still, preliminary evidence indicates that there is an abundant variety of reasons to consider trying it out.