Marijuana and its products have, for long, been seen as illegal and even banned in many countries. A general thought associates marijuana with a counter-culture low living witnessed among many people who abuse the plant.
Nonetheless, the hemp plant has scientifically proven benefits critical to improving human health. Cannabinoids are elements found in marijuana or hemp plant that are associated with a lot of health benefits. Among the health benefits of hemp oil and products include the following:
- Relive chronic stress and depression.
CBD and THC elements found in the hemp plant are associated with a high degree of mind relaxation capacities, which improves stressful thoughts. There are different research works done, validating that these elements help with depression and stress.
- Pain relievers
Rather than going for synthetic pain relievers, which have harmful side effects on users’ bodies, you can opt for CBD and THC hemp products, which can relieve the pain. It is scientifically and academically proven that hemp products are great organic pain relievers.
- Relive Anxiety
Hemp products are ranked the best organic products that work in relieving anxiety among patients. A lot of patients who survive accidents and other traumatic events may develop bad anxiety and paranoia. In such cases, hemp products are the best options to help calm the mind and relieve tension.
- Cancer treatment and management.
Progressive research reports are being developed that associates CBD and hemp products to prevention of the growth of cancer cells. These reports also mention the capacity of hemp products in managing the spread of cancer cells through inhibition. Though many of these researches are underway, it is projected that acceptance of the facts of hemp products treating cancer will be among the most significant breakthroughs in the field of cancer medicine.
Nonetheless, even with the much-mentioned health benefits of hemp products, the growth, propagation, processing, and distribution of hemp products are extensively regulated and even banned in some countries. Many jurisdictions have been having fears of legalizing the use of medical hemp products.
However, from the year 2019, there has been a fantastic breakthrough in the growth of the market and awareness of CBD oil and medical hemp products. Though the year 2020 has been badly affected by the Covid 19 lockdowns, there has been a tremendous increase in the CBD oil and hemp products market across the world. This exponential growth of the market and awareness shed a lot of light on the projected growth rates and market demands of hemp products.
There have been different reasons associated with this recent exponential growth of the market and awareness of hemp products. It is projected that the demand for CBD Oil and hemp products will reach $123.2 billion by 2027. This is to be with a CAGR 25.6% rate for the projected period. Among the reasons for the said projected rates and the expanding market base of hemp products are as discussed here:
- Growing Buyers’ awareness on the health benefits of Hemp Products.
As the world continues to become more digitized, information is becoming accessible and readily available. This has been linked to the increased awareness of CBD Oil and Hemp products’ health benefits nowadays than in past years. Additionally, clinicians and doctors are getting more reasons to recommend Hemp products over some ailments that can best be fixed by the hemp products. The call from such officers to the legalization of hemp medical products is rapidly growing the buyers’ awareness of hemp products’ health benefits. Wax vape pens, also known as dab pens, are similar to dry herb vape pens. Utilizing similar technology, rather than vaporizing dry herbs, wax pens are used to vaporize concentrates. Dabs is another word for concentrates. Wax pens have a heating coil versus a chamber for dry herbs. The dab is placed directly on the atomizer coil. Wax/dab pens are used to provide a method for the consumption of thick oils and herb and flower concentrates.
- Increased legalization of CBD Oil and medical hemp products.
From the growing public pressure over governments to legalize medical hemp products, there has been a progressive rate at which governments are legalizing CBD oil and other infused hemp products. For example, Canada is now the leading country in the west in using and distributing medical hemp products, among them CBD oil. Other governments that are legalizing CBD Oil and hemp products are North Korea, Uruguay, and the US, extra.
- Changing buyers’ attitude and perception of CBD derived Hemp products.
The increased accessibility of information is raising the awareness of the general public about hemp products. From research, a lot of people are changing their attitudes from the biasedness associated with hemp products. A wide range of human populations is now embracing that hemp products are safe for medical use. This changed perception is much attached to the growing market and awareness.
- Rising buyers’ preference for medical CBD derived products over synthetic, medicinal drugs.
Convectional drugs are appearing to be leaving bad side effects on the bodies of patients. An increase in the campaigns and sensitizations on the use and reliance on natural products for medicine and food has also raised the demand for CBD oil and hemp products. Buyers prefer CBD derived hemp products for medical uses over conventional drugs from the benefits of organic products in human bodies. Besides, CBD derived products have a wide range of health benefits besides the purposes they are consumed for or recommended by clinicians.
- Many companies are entering into CBD products Bulk and finished products business.
Processing and distributing CBD products cannot be steady without companies that enter the production line to process and distribute the products. There has been a surge in the companies turning into CBD product business due to the increasing market for the products.
CBD Oil and hemp products dominated the market in the year 2019, with the B2B distribution channel segment accounting for the highest market revenue in the US. There has been a preference for organic products that had a 48.3% of the market share in 2019, showing the shift of choice from chemical-based production to nutraceuticals.
Without a doubt, the projected growth of CBD oil and medical hemp products may even surpass. The trend has risen amidst the most significant disruption. The turbulence of the economy due to COVID 19 shows that the rates may skyrocket when normalcy resumes in the economy and global market.