3 CBD Industry Predictions for 2023

Regardless of the uncertain economic times that caused a lot of turmoil around the globe, the CBD industry continues to grow steadily thanks to the consumers who praise its benefits. Since 2018, when hemp became federally legal in the US, more and more CBD products have been released to the market, with new CBD companies sprouting up like mushrooms.

Now, as customers are finding their favorite brands and the booming industry seems to be finally setting in, it may be about time to talk about some of the predictions for the future. People of all ages are starting to take an interest in CBD, and it looks like the sale of CBD-based products is thriving online, but what does it really mean for the whole industry in the upcoming years? Let’s take a closer look at what things will likely look like soon.

Changes in the Target Audience

This may sound surprising at first, especially to those who aren’t that invested in everything that’s going on in the CBD market, but the CBD demographics are certainly starting to shift, and the change is already quite visible. Some people may think that CBD is only popular among young adults and millennials who range in age from 26 to 41 years.

However, this couldn’t be further from the truth. In fact, there’s an increasing number of baby boomers who slowly but steadily join the younger population and become more and more interested in CBD. They may not be the most popular group of CBD enthusiasts, but they are surely growing fond of this substance and using it as an alternative to traditional medicine. In fact, soon they may also become increasingly interested in using services such as weed delivery in Calgary or wherever they're based.

Therefore, whether the new customers start enjoying products such as Hawaiian Death Punch or stay faithful to regular CBD oil, the number of baby boomers and older adults using CBD will likely increase even more in 2023.

The Level of Education Will Improve

Even though the popularity of CBD is growing at an astonishing rate, there’s still a true abundance of various myths and misconceptions being repeated over and over. To this day, some people still confuse CBD with cannabis and think it will get them high or remain convinced that it’s an illegal substance that will surely cause them to fail a drug test.

Depending on the particular case, these claims are either simply untrue or need to be explored further in order to establish the truth. For instance, CBD alone shouldn’t make you fail a drug test, but if it’s a full or broad-spectrum formula that can legally contain no more than 0.3% THC, then the THC may show up on the test.

Luckily, the more people are taking an interest in reaping the benefits of CBD, the more studies and informative articles are being conducted and written in order to make separating the truth from fiction easier.

Some Categories Will Expand

There’s no denying that if you want to try CBD for the first time, you’ve got a lot of products to choose from. Today, CBD-based products range from various oils, tinctures, edibles, or soft gels to CBD topicals and vapes.

Products such as CBD oils and tinctures have been around for long enough to come in a wide variety of different flavors, potencies, and sizes, but the category of edibles, on the other hand, can still be explored further. For instance, CBD beverages are an incredibly hot topic now, and more companies are picking up on this trend.

As CBD is legal in most states across the US, it’s only a matter of time before we start seeing CBD-infused energy drinks, sodas, and even beer. Therefore, it wouldn’t be surprising if the category of edibles expanded even more in 2023, giving consumers even more options to choose from.

In Conclusion

As you can see, it’s evident that the CBD industry is going through a lot of changes and will continue to do so in the future. These predictions aim to provide an outline of the current situation and show how it is likely to look in the coming years.

Without a doubt, there will be some noticeable shifts in the industry’s target audience demographics. The level of education about CBD will grow, and some categories of CBD-based products will experience a boom.