The CBD gold rush is in full effect, with new businesses and new uses appearing for the compound. Read where CBD products are gaining the most traction.
Say “CBD” to average consumers, and they’ll probably tell you about tinctures, balms, and gummies — and maybe the CBD-infused beverages they see retailed at the local gas station or pharmacy. That’s a massive leap over just a year or two ago, when the letters CBD would likely just elicit a puzzled stare. Today, CBD products are being developed in a variety of new verticals. If you’re the owner of a company in this space, it pays to know which sectors are transforming into true CBD industries.
Let’s take a closer look at some of the newest industries where CBD products are beginning to reach critical mass, and how the right CBD product agency can help your brand take advantage.
CBD and the Pet Industry
The rate of growth of CBD-infused products in the pet industry is nothing short of staggering, surging from virtually nothing in 2017 to $125 million in 2018. The industry is projected to reach $1 billion by 2022 recording compound annual growth of roughly 57%.
Today, CBD-infused pet products are omnipresent and marketed to address some of the most common problems that plague pets (anxiety, pain and inflammation, etc.). This makes the pet industry a perfect match for CBD products, as pet owners who suffer from many of these same issues may choose to treat their pets with CBD after finding success with it in their own lives.
CBD and the Beauty Industry
The beauty and cosmetics space is a natural home for CBD brands. The reason why is simple: CBD oil has a variety of benefits in terms of skin care; it reduces swelling and inflammation and promotes healthier skin by facilitating collagen production. Reducing inflammation is critical in terms of good skin care, as inflammation is one of the key processes involved with acne breakouts and other skin issues.
Given these benefits, it’s hardly surprising that beauty is one of the most popular new CBD industries. The CBD cosmetics market is projected to reach $1.7 billion by 2025, outpacing even the CBD pet market.
The CBD Beverage Market
Drinks infused with CBD have taken the market by storm over the last year. In total, CBD-infused beverages are projected to reach $1.4 billion in annual value by 2023, a figure nearly 20x higher than the market’s value in 2017. CBD is being infused in beer, wine, soda, coffee, tea and many other beverages, giving this space the potential to be among the most lucrative and largest of all CBD industries.
Beverages are popular because they are one of the easiest forms by which to consume CBD. People who do not wish to apply or inhale CBD can simply ingest it by ordering one of the many popular new CBD beverages.
Drinking your CBD has a few added benefits:
- The dosing is more precise when dealing with water-soluble CBD, as most cannabinoids are absorbed by the body
- Soft drinks are retailed almost everywhere, making them convenient
- There is some evidence that CBD can counteract the effects of caffeine if you’re over-stimulated
CBD and the Restaurant Industry
While CBD within prepared dishes isn’t as popular as CBD infused into common beverages, it is a fast-growing trend. Many higher-end eateries are experimenting with adding CBD to popular recipes. In fact, a National Restaurant Association survey found that three-in-four chefs believe CBD will be among the top new restaurant trends in the near-term future.
While some municipalities have outlawed the addition of CBD into plated dishes, the practice has been widely adopted in places such as Colorado and California.
CBD Tampons and Other Wellness Products
Given its reported ability to staunch the flow of common body pain, it’s unsurprising that CBD is finding its way into feminine care products. CBD tampons are being marketed as a “20-minute cure” for the cramps that often accompany menstruation.
CBD protein powders, muscle rubs, and other wellness products are also taking the industry by storm, becoming a popular option for people seeking pain and inflammation relief without having to resort to pharmaceuticals.
Why Bigeye is the Leading CBD Marketing Agency
You can’t market effectively if you don’t understand the industry. At Bigeye, we’ve been creating compelling CBD marketing campaigns for CBD industries nearly as long as the market has existed.
Contact us today to learn what Bigeye can do for your CBD brand.