5 Industries Capitalizing On The $32B CBD Market
The Early Days of CBD
While once nearly indistinguishable from its more scandalous cousin, CBD has stepped out from the shadows and stigma with which it was once associated to become a highly desirable and versatile product in its own right.
Since the legalization of the growth and cultivation of hemp passed in 2018, the market for CBD has seen an exponential growth of its own, with an increase in sales soaring by roughly 133%.
While a major component to CBD’s newfound popularity can be rightly accredited to that fateful 2018 farm bill, much of it is also due to the ingenuity of CBD brands and the products — and markets — which they’ve managed to infiltrate.
No longer satisfied with being regulated to specialized dispensaries, the CBD market has stretched to grocery stores, general retailers, and even department stores.
In this blog, we’ll take you beyond the humble origins of CBD oil, and introduce you to some of the more out-of-the-box markets which have seen a growing trend in CBD products to provide you with inspiration for the versatility you can add to your CBD brand.
Edibles & Novelty
However, today’s lineup of CBD edibles extends beyond sugary treats, offering ingestible CBD options for even the most discovering palates, which allows you to cater your product offerings to your ideal market.
Today, coffee is more than just a means to a quick morning jolt. With the rise of specialty coffee shops and skilled baristas, coffee has become ingrained into our culture. Adding roasted CBD-infused coffee to your inventory allows you to reach the vibrant and loyal coffee connoisseurs, as well as more adventurous CBD enthusiasts looking for a more novel way to take their daily dose.
Not to be contained, CBD products have crossed not just markets, but also species, entering the profitable pet industry.
With Millennials and Gen Xers comprising over half of pet ownership, the demand for pet products has shifted to represent the more forward-thinking needs of these progressive generations.
Pet treats still continue to be a popular purchase, however, those seeking more wellness-focused products for their pets are turning to CBD infused varieties.
CBD infused cat treats and CBD infused dog treats are may be the first products that come to mind when trying to infiltrate the pet market, however, you can also expand your offerings to topicals, such as CBD pet shampoo, or CBD sprays.
Bath & Body
In the age of self-care practices, bath and body products have been pushed to the spotlight. If your brand promotes self-care, pampering, or even luxurious gifts, the Bath & Body CBD products may be a great addition to your offerings.
As with other markets, CBD is becoming an increasingly popular addition to the beauty industry. With skincare accounting for nearly a quarter of the massive beauty industry (a market shared with hair care, cosmetics, hygiene products, and more), it’s easy to understand how CBD infused beauty and skincare products could make an appealing addition to a CBD brand’s offerings.
Other common CBD Beauty Products Include:
Sport & Wellness
Today, many consumers are making smarter decisions about their diet and lifestyle choices. From regular workout regimens to more conscious food choices and alternative remedies, consumers are searching for a more wellness-forward way of life.
Those who engage in regular sport or exercise can benefit from items such as CBD pain relief creams, which incorporate beneficial ingredients to ease tired or sore muscles and joints, CBD after sun cream for a day of sport, or even CBD-infused massage oils. CBD brands entering the sports market can find a loyal following in repeat customers.
Today you can take your CBD brand in many directions that go beyond offering traditional CBD oils - although it is still the most popular route!
At The Hemp Plug, we offer over 10,000 product variations through our CBD white label service to help you bring your brand to life. Learn more about all of your available options, download our catalog, or check out our free product builder - the first in the industry.