The CBD industry has skyrocketed in popularity since it was made legal around the world. People have become more interested, and businesses have found innovative ways to make use of this versatile, natural product. However, recent market conditions may have caused some turmoil in the CBD industry. The future of the CBD market is still looking promising, but pharmaceutical companies dominate it. We look at the current trends seen in 2023 and how you can help your brand become recognised in this crowded market.
The current state of the CBD market
The US CBD market has seen a decline in sales of 10% from its peak due to rising inflation and lower disposable incomes. Despite this, CBD is becoming more mainstream with brands offering creative ways to consume products such as foods, drinks and cosmetics. But despite this, the global market is projected to see a boom of growth over the coming years.
However, it’s being dominated by pharmaceutical companies that are making huge investments in the industry. Newer offshoots of CBD, such as CBG, are also becoming more popular and being used in products to provide even more therapeutic benefits.
What’s holding back the CBD market
There is still a stigma surrounding the CBD industry, with many people considering it a passing fad. Due to the way CBD reacts for people differently, it can be easy for many who notice no obvious effects to believe CBD is nothing but a buzzword.
This has meant that some brands have been unable to break into the mainstream market which is rapidly becoming crowded. Inflation and lower disposable incomes have also had a negative impact on sales for some products, as consumers may struggle to afford them. Additionally, with hemp becoming more widely available, there has been an influx of cheap, low-quality alternatives which can often be damaging to the reputation of the industry.
What types of CBD products brands you could invest in
Brands are now able to create a variety of CBD products, from creams and oils to edibles and vaping supplies. There has been a rise in the popularity of CBD vaping, with consumers preferring this method as it allows for more precise dosing and can be used discreetly.
Alongside this, there has been an increase in CBD beverages such as coffees, teas, smoothies and carbonated CBD drinks such as TRIP. This makes it much easier for consumers to get their regular dose of CBD without having to worry about the taste or smell. Although CBD edibles and beverages offer reduced bioavailability for CBD (the amount of CBD absorbed by the bloodstream), many consumers are showing a preference for this method.
Challenging market leaders with Xyfil – creating premium CBD products
One way brands can challenge established companies is by producing high-quality, premium products that target niche spaces in the market. Xyfil is one such manufacturer that has recognised this and works to help you create innovative CBD products that stand out.
This could include special blends and formulae that are tailored to specific needs, as well as offering more sustainable options to consumers. Xyfil stands out in the CBD industry by producing products that are safe, reliable and of consistently high quality. By investing in Xyfil products it ensures that your brand is placed at the forefront of the industry with premier quality products.
The CBD industry has seen some changes over the past few years, but these changes have opened up new opportunities for brands to be creative. By keeping abreast of the trends and developments in the industry, you can help ensure that your brand is as successful as possible.
With Xyfil’s high-quality products, you can make sure that you are creating innovative solutions to a rapidly changing market. Contact us today to see how we can help manufacture and produce your CBD products.