Over the last couple of years, the CBD (cannabidiol) industry has boomed significantly. If you’re interested in starting your own CBD business, but have been putting it off, now is your chance to get started and capitalize on this roaring industry. Even with the COVID-19 pandemic continuing, now is the best time to start your own CBD business. Here are a few reasons why:
CBD Is Already On the Rise
It’s always risky to jump into an industry that isn’t already on the rise. Luckily, CBD’s place in the market has grown dramatically over the last few years, even before the onset of the pandemic. The worldwide CBD market is estimated to have been worth $4.6 billion in 2018. Between the years of 2019 and 2025, the annual growth rate is expected to increase by 22.2%. This increase shows a large demand for CBD products, especially oil.
The one area where CBD is not seeing a rise is in the wholesale market. This is because the wholesale industry has taken a universal hit. When stores are allowed to reopen after pandemic restrictions lift, wholesale CBD will be a great option for maximum reach. Until then, focus your efforts on local business.
People Are Focused On Health
Due to COVID-19, people are increasingly focused on health. This includes working out, eating healthy, wearing masks, and using products that can benefit their overall well-being. As you likely know, CBD oil is a great product for health. According to https://www.hemmfy.com/blogs/guides/complete-guide-cbd-oil-benefits-uses, CBD benefits from a variety of health factors, such as chronic pain, trouble sleeping, and more. Cater to the newly health-focused world by starting a business that can aid in the effort.
Patterns Are Predictable
CBD has been around long enough to ensure market interest, helping you minimize startup risks. Due to lockdown-related stress, CBD and cannabis products are seeing high usage. By 2026, experts predict that the cannabidiol market will exceed $89 billion. This means that you can expect to see even higher benefits of starting your CBD business now, while the pandemic is still occurring.
People Are Shopping Online More Than Ever
Seeing as many people have to stay home due to government mandated lockdowns, there are fewer shopping options. As a result, many have turned to online shopping to get the products they need. This makes online business perfect for the pandemic and post-pandemic world. Ever since the pandemic began, e-Commerce revenue has increased by 37%. Shockingly, 42.5% of those sales come from the health and wellness industry. This increase makes it a great time to start an online business within those sectors.
With so many changes in the market, now is the perfect time to start your own CBD business. With the rise of CBD, a focus on health, and predictable spending patterns from customers, the market is at an all-time high. Incorporate online sales into your framework and you have a recipe for success.