The Future of CBD Oil

The future of the CBD market in the U.S. looks promising even if hurdles exist along the production chain. A 2019 Gallup poll indicated that 14% of Americans use CBD products, with the highest usage amongst 18-29-year-olds. In addition to human consumption, CBD products are also popular with pet owners for a number of pet ailments, as many people think it is not only calming but also relieves pain and inflammation. Given the America’s large pet population and generational shift towards marijuana and hemp products, the CBD oil industry has good potential. While the retailing of CBD products started out in small specialty stores and booths at fairs and public gatherings, major chain stores, such a supermarkets and drug stores, have added CBD displays. This will intensify retail competition, and also may drive down retail prices, as long as there is no shortage of supply. This availability in mass market retailers also has the effect of creating national brands for major CBD manufacturers.

Perhaps one of the biggest threats to the CBD oil market is the relative lack of medical proof behind product claims. With the exception of effectively treating seizures, many of the health claims matched to CBD oil are anecdotal or unproven. However, lack of medical proof has done little to hinder products, services, and trends in the wellness industry in general, therefore, the CBD oil sector may have little to fear. Lack of regulation in CBD oil quality is also another area for concern with CBD oil products that could come back to haunt the industry if not addressed. As of early 2021, formal clinical trials were underway in America for the use of CBD tablets for treating Coronavirus pulmonary infection, panic attack-related fear, diabetic peripheral neuropathy of the feet and joint arthritis among other ailments.

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