It is always difficult to predict what will happen in the future, especially when we talk about situations or products that are relatively new. The CBD world has undergone an incredibly positive development in recent years, which has led to more people opening their eyes to CBD and what it actually is and what it can be used for. In this blog, we try to look a little into the crystal ball, and give our perspective on what we can expect from CBD in the future.
Development of new products
CBD made its first entry into the pharmaceutical market with CBD oil. CBD oil quickly became popular, and was quickly mentioned as an alternative to the normal medicine used. Later, CBD lotions, CBD lip balms, CBD face masks, CBD e-liquids appeared on the market, which of course made the size of the CBD market grow. We now also see CBD products for (pets) animals as well as drinks and food that contain CBD. In short, CBD has developed extremely quickly in a relatively short period of time. When there is a wide range of different CBD products that all have different benefits, then there will be focus on developing additional products in the future. Needless to say, it is difficult to predict which products it will specifically be and how they will be branded and sold. The development of new products can move into different directions; maybe some of the products we already know will be further developed or maybe we will get brand new CBD products on the market that we have not yet considered. When new products are developed, it is primarily with a focus on the needs and shortcomings of the current market. CBD products such as CBD oil and CBD lotion have become extremely popular, which also means that there are many different manufacturers who are all trying to differentiate themselves from the competition. We are convinced that in the future we will see more edibles, i.e. CBD products you can eat. Why? Because there are still people who struggle a bit with using CBD oil because of the sharp taste or aftertaste that for some is not very attractive. The development of products that make it easier and more accessible to use CBD is something that we know the many manufacturers are keeping an eye on, primarily because the potential is massive and in addition to this producers can start to be creative and brand themselves and by that differentiate themselves.
More information available
When information is available (easy accessible), it is also easier for potential users of CBD to make the decision to either buy CBD products for the first time or switch / try something new. As CBD has become increasingly popular and more common, there has also been an increase in the information available online. There is a vast amount of really good information sites, blogs, news articles etc. which all have a focus on CBD. Therefore, we can also expect that in the future there will be more available information regarding CBD. It will not only be general information about, for example, CBD oil or CBD lotion, but furthermore results of research and studies will be published in several places, where we are constantly finding out new and interesting things about CBD and its use. More articles from major news media are now published in 2021 than what we saw in 2018 about CBD, and this will of course also gain more momentum in the future. The growing interest in the CBD and the many positive stories surrounding CBD have made it an extremely interesting topic. A topic in which large sums of money are invested and in which dedicated companies now spend all their money on investing in new and exciting products. This is a trend that we will only see go one way in the future, and we can expect that in the next few years there will be a lot of new, interesting information available regarding CBD.
Products of the highest quality
As mentioned in a couple of the other blogs on this page, there are an incredible number of manufacturers of CBD products. Unfortunately, not all manufacturers have products of the highest quality, and therefore some users have also had bad experiences with using CBD. As CBD products become more normal and accepted by the general population, there is also an increased focus on rules and restrictions. Therefore, manufacturers, in every part of Europe, have to live up to various requirements, which has meant that some manufacturers have had to close their business. Moving forward, manufacturers need to be more transparent and specifically able to show how their products are being produced as well as what is actually in them. Therefore, in the future we will see more of the slightly “sketchier” companies shut down their business. CBD products are categorized as alternative medicine, and therefore it is also incredibly important that it is of the highest quality. It is recommended that you do not buy CBD related products that are produced outside Europe, as in some countries there are not the same rules and regulations. Furthermore, it can be very difficult to see what is in the products. However, the trend is towards most producers who cannot live up to the highest quality, including those outside Europe, not doing very well and often and often have close. Therefore, we are confident that the CBD market in the future will generally have a very high quality of CBD products and even more focus on how the products are produced.
Focus on consumer needs
When CBD first made its entry into various countries, it was very difficult to fully see what, for example, CBD oil could help with and what needs it could potentially cover. However, that has changed quickly, and now you have the opportunity to buy products that can help you with specific challenges. The focus on consumers and their needs is growing, and for producers it is important that consumers get “value for money” when they buy CBD. Several studies have shown that if we as consumers feel safe when we shop, while at the same time getting quality for the money, then we have a clear tendency to stick to a retailer. There is no doubt that in the future there will be even more focus on consumer needs and what kind of challenges CBD has to help with. Several manufacturers have very unique products that can help in very specific situations. For example, it could be a CBD oil that is considered to be really good against PTSD or ADHD or maybe a CBD lotion that is extremely effective fighting acne. The focus on consumer needs will therefore be in the driver’s seat for the next many years, just as it has been in recent years. Here, it is of course important that the manufacturers understand the consumers and the market and find out what needs CBD should help cover and how you as a manufacturer in the best possible way can develop products that help customers and thereby increase their sales moving forward.
High competition among CBD dealers
With a growing interest in, among other things, CBD oil, CBD lotion and CBD e-liquids, there will similarly be more dealers and thus higher competition in the market. Several traditional pharmaceutical manufacturers and retailers have entered the CBD market and this has obviously made the competition in the market very competitive. High competition in the market also means that the quality of the products becomes higher and when the quality is at the top, then more potential CBD consumers might feel more comfortable buying CBD related products. For retailers, they now have to think about how they can differentiate themselves from the competition and find out how their products should be sold and why customers should choose them over other competitors. Furthermore, a high level of competition will also lead to more focus on CBD in general, which means that more people will open their eyes to CBD, which may help them and the challenging situation they are in. Therefore, expect that in the future we will see a CBD market with an incredibly high level of competition which will hopefully lead to an increased focus on CBD and at the same time ensure that the quality of CBD products will be incredibly high. The retailers and manufacturers who do not offer products of the highest quality will very quickly experience that consumers shop elsewhere and thus they will have no choice other than to shut down or sell quality products themselves.
Why CBD will continue to be popular
If you look at how much CBD can potentially help with, then there is reason to be very positive when looking ahead. CBD related products has now shown that it can help an incredible number of different areas, both physically and mentally. The great thing about CBD products is also that they come from natural ingredients and that they act as a really good supplement to potential other medicine you may take. Furthermore, CBD can also be used alone, i.e. as the only medicine you use. CBD will therefore be able to help, in almost all cases with people who are looking for a slightly different and alternative solution to the challenging situation they find themselves in. At the same time, it is important to remember that you cannot become addicted to CBD and we encourage everyone to experiment until you find a balance and a solution that suits your situation really well. As a consumer, it is very important that we have confidence in the products that we use, and with the ability to experiment and try different methods, without danger it will harm the body or mind is very attractive. One last thing to keep in mind when we talk about why CBD will continue to be popular is the possibility that the whole process can be at your own pace, whatever you as a consumer is most comfortable with. With CBD, you have to experiment on an ongoing basis while listening to the signals your body sends. That way, you can quickly regulate and be sure you do not at some point find yourself in a bad situation. An example of this could be; one starts using CBD oil with a relatively low strength. As soon as the body has become accustomed to the oil, one can gradually start experimenting, this could for example be with a stronger CBD oil or perhaps by using the oil more often.
More than 12 companies, in the US alone, have an annual income of more than DKK 50 million. CBD has become an industry in itself, that has grown year by year. Not only do these large corporations make good money on CBD products, they also help to intensify competition and ensure high quality in the market. The big companies help set some high standards and the smaller companies have the opportunity to differentiate themselves by offering niche CBD products. This balance is incredibly important, as it basically means that the market is moving in the right direction and that CBD itself has become a “separate industry” and not just part of another industry. In Europe, the producers are not that big, yet, however we have to assume that it is only a matter of time before we in Europe will see big CBD companies as we see them today in the United States. So how much can one really expect the CBD industry to grow going forward? It is incredibly difficult to answer, but if we look a little closer at the trends that have been in recent years, then CBD will become more normalized in the future and many of the prejudices that still exist will disappear completely. CBD still has a huge untapped potential with many consumers that one can hope can change in the future.
As we mentioned at the beginning of the blog, it is always difficult to predict what will happen in the future. However, we hope this blog has given you a little insight into what we can expect in the coming years from CBD and what direction we are moving. Last, but not least, it is important to mention that this is only our personal position and speculations. Of course, we do not know what the whole CBD situation will look like in a few years, but we are convinced that the CBD market and the use of CBD are moving in the right direction.