Since the legalization of CBD (Cannabidiol), its demand and use have skyrocketed. In 2022, CBD-infused product sales will be nearly 4.17 billion US dollars, including 2 billion online sales. It is projected to grow to $ 4.23 billion by 2026.
To an outsider, these values may indicate positive trends. However, on the ground level, the “green rush” demand dust has begun to settle.
Now, consumers have a wide variety of options readily available to them. They need not step out of their house to avail the required product; instead, they can get it delivered to their doorstep. The means of CBD payment processing are also changing significantly.
Moving forward, the continuous development is accelerating the industry’s overlook. How? Read on to know!
- Cosmetic Application
The medical benefits of CBD are well-known. And the cosmetic industry is using its therapeutic properties to enhance its product quality. You can find the cannabis Sativa plant’s component in skin products such as creams, oil, balm, face masks, and even shampoo and bath bombs. The majority of these products assist in treating the skin conditions such as acne, redness, anti-inflammatory, rashes, and more.
As per the reports, the CAGR of roll-on products and creams for 2027 is expected to be 35.8%.
- High Demand For Oral Cannabidiol Administration
In 2020, the industry witnessed a rise in preference for oral cannabidiol administration. It includes the use of products such as delta 8 carts, tinctures, and supplements. It is because CBD-infused products are highly effective and easy to use when directly consumed.
In fact, the demand for orally administered products increased by 45% due to the gradual pain relief it provides compared to other OTC medications. It encourages numerous businesses to develop more products and boost market growth.
- Online Distribution Of Products
The CBD online market accounted for more than 46% of the industry. This is primarily because online channels have many advantages over conventional counterparts, such as timely delivery and sufficient inventory. For buyers, it is quite convenient to place their order without worrying about the budtenders’ constant watch.
Plus, if they need any help regarding the product- dose or usage, they can connect to the dispensary via chatbots or live chat. This distribution infrastructure also reduces the maintenance costs associated with brick-and-store retail.
- Ease In Payment Processing Mode
Payment processing has been a massive challenge for the CBD industry. Physical stores and online dispensaries must comply with enormous regulations to stay in business. They need to keep a record of every transaction to avoid possible liabilities.
Fortunately, the use of online payment and point-of-sale systems will make it convenient for the stores to streamline payment processing. Nevertheless, it is crucial for dispensaries to learn about different processors, POS systems, and payment gateways and select the right solution to handle their products.
To Sum It All Up
The CBD industry will continue to grow; however, there will be a significant change. It would be wise to prepare for it in advance by actively learning about the trends. These will ensure you stay ahead of the curve and enjoy lucrative growth.