Who would have thought that one tiny, plant-derived chemical could become one of the most sought-after ingredients in 2020? Cannabidiol, or CBD as it’s known in its bite-sized form, has earned a reputation as one of the most versatile ingredients from the cannabis plant. A little drop of heaven, some might call it — particularly when administered in its tincture form — CBD made its debut on the scene in 2018.
During that year, the U.S. Food and Drug Administration approved the first CBD drug for epilepsy — Epidiolex. That same year, the global cannabidiol market was valued at USD $4.6 billion. This is according to Grandview Research, which estimates that the market will swell by a compound annual growth rate of 22.2% between 2019 and 2025.
As technology evolves and manufacturers discover more ways to produce, market, and develop different types of CBD products, for example, various concentration and administration options, the consumer demographic is expanding.
This growing market is also inspiring business owners to capitalize on what has become a mainstream money magnet..
Several Industries Are Embracing CBD
An ingredient as diverse as CBD simply could not be confined to one specific sector. This cannabinoid has proliferated throughout the mainstream, with many dominant industries jumping on board. Focusing on a particular segment of the CBD market is recommended when starting out; harness the power of one of the following avenues before you capitalize on others.
1. Fashion and apparel.
It won’t be long before fashionistas are strutting their stuff down the catwalk in attire that’s oozing with CBD. Many clothing retailers are already updating their lines with branded CBD goods, such as T-shirts, hats, and bags featuring CBD-related quotes. Others are infusing clothes to provide localized relief from aches, pains, and general discomfort.
2. Food and beverage.
A survey by The National Restaurant Association found that 3 in 4 chefs named CBD and cannabis-infused foods as one of the hottest trends in 2019. While the 2018 Farm Bill paved the way for CBD food and drinks, the Food and Drug Administration (FDA) is still offering mixed signals. Regardless, big names like Ben and Jerry’s and Coca-Cola are eyeing the market. Smaller brands in states where marijuana is legal may have the upper hand, at least until the FDA changes its stance.
CBD Business Ideas and Opportunities
Entering the realm of CBD is sure to make your mind wander. Why wouldn’t it? This miraculous chemical comes from a green plant and could potentially lead you into the labyrinth of just-as-green paper. Here are CBD business ideas that are worth trying:
- Become a CBD distributor.
- Form CBD cooperatives.
- Run a CBD podcast.
- CBD marketer.
- CBD blogger and reviewer.
- Make and sell CBD bottles and containers.
- Start a CBD subscription box service.
- Start a CBD courier business.
- CBD-infused food and snacks.
- Open a CBD restaurant.
- CBD-Infused beverages.
- CBD cosmetics.
- Sell CBD supplements and medication.
- CBD spa.
- CBD bath lotions and soaps.
- CBD tinctures and topicals.
- CBD-infused clothing.
- CBD-infused pet food.
- CBD topicals for pets.
- CBD-infused pet vets and blankets.
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