The complimentary or alternative medicine sector is booming, and CBD is an increasingly important part of it. The market is worth approximately £300 million per year and in 2020, there were in the region of eight million people using CBD products for everything from skincare to anxiety relief and plenty more beside.
It is a market that will only continue to grow as we advance into 2021. There is not exactly an embarrassment of riches when it comes to market opportunities given the current state of the economy. But here’s an industry where the right product pitched at the right demographic could pay handsomely in the months ahead. Let’s take a closer look at the biggest market opportunities CBD has to offer in 2021.
You might think there is nothing new here. CBD beauty products were among the first to hit the shelves, and plenty of celebrities such as Gwyneth Paltrow and Whoopi Goldberg have jumped on and off the CBD beauty bandwagon over the past five years. However, industry commentators believe the CBD skincare market is still in its infancy and could be worth $1 billion by 2024. Celebrity brands are one thing, but the key is to access the mass market with affordable products.
Here’s a sector that can attract buyers from two distinct angles. Regular CBD users are increasingly being drawn to vaping as it presents superior bioavailability and a faster effect that tinctures, capsules or edibles. Meanwhile, many of the three million or so UK vapers who have transitioned from smoking cigarettes are open to continuing the journey to quit their nicotine habits once and for all. Moving on to a good quality CBD vape juice is a logical next step. The broader events of 2020 have led record numbers to quit smoking, so this is a demographic that should not be overlooked.
CBD toothpaste and mouthwash might just be among the surprise big hits of 2021. CBD to prevent tooth decay might cause raised eyebrows, but the industry sat up and took notice when the Journal of Cannabis Research published a study in early 2020 on the topic. It found that mouthwash infused with CBD was just as effective that containing chlorhexidine, which is the active ingredient found in most prescription mouthwashes. US healthcare company AXIM Biotechnologies Inc has been the first to start adding CBD to its mouthwashes. Expect others to follow suit.
Research and Development
The business opportunities brought about by CBD are not restricted to innovative product lines. As the oral health example showed, market research, academic studies and clinical trials are an absolutely vital part of the CBD value chain. Every new claim presents more questions, and these can only be answered by R and D. The growing interest from big name companies such as AXIM is a clear indication that research dollars are available, and despite the perilous economic times, more investment into this essential area is a dead certainty over the months ahead.