The CBD market was worth between $600 million and $2 billion in 2018, and projections place the market at $16 billion in 2025. That’s a lot of money coming in, but only brands that are ready to take advantage of the market will profit from the coming rise.
Cannabidiol, or CBD, is already being added to a number of health-related goods, and these products are already on the market. There have been some concerns about CBD in the past, as it is derived from marijuana. However CBD is not the same as THC, which is responsible for the infamous marijuana high. It is known that marijuana has some health benefits to it, but is banned in several states because of its psychoactive properties. CBD, on the other hand, is extracted from hemp and is non-psychoactive, but still delivers all the medical benefits.
The rise in popularity and acceptance of CBD and CBD-infused products provides an opportunity for new businesses and brands entering the market, as well as businesses that are already operational. If you fall into any of the two categories, here are some things you need to know to position your business for success.
Keep Up With Market Trends
The CBD market is not the same as it was three or even two years ago. As time goes on, the market will change and evolve. As a wholesaler or retailer, you need to be on top of these changes. You should look out for things like the effects of legal and political decisions and activities on the market, popularity and consumer opinion, and a myriad of other factors that influence the market.
Get Quality Suppliers
This is more for starters looking to enter the market and build their business, but existing businesses, if not careful, are also affected by bad suppliers. The potency of CBD depends on its method of extraction and concentration, and some CBD products out there are of low quality. Low quality CBD does not possess the properties that consumers expect and this can lead to a loss of credibility for your brand. Before choosing a supplier you should know where their hemp is sourced from, what extraction process they use and how it works, as well as the degree of concentration.
CBD oil of high quality is usually amber gold or a pale yellow color and does not have foul odors or chunks. There are companies that provide wholesale CBD products and facilitate personal branding.
Companies like Stock CBD Supplements and others offer CBD products across different market sectors like CBD-infused protein shakes, CBD-infused candy, and other dietary supplements. These companies usually allow personal branding of products with your business logo.
Develop A Business And Marketing Strategy
There is a wide range of consumer products that CBD can be infused with, and some of these products have different markets with varying consumer habits. Succeeding in such an atmosphere requires strategy and planning based on research and analysis for top CBD oil companies worldwide. For every sector of consumer goods, be it fitness or pharmaceuticals, you should analyze consumer behaviour and other market conditions to verify how viable achieving your business goals are.
Your marketing strategy should outline your target audience and how you plan to get their attention. As more people are paying attention to CBD, the fight for their attention will toughen and you will need to be more innovative in your marketing efforts.
Little details like the color of your packaging matter. For example, if you were to go into skincare products your customers would most likely be women. Using colors and fonts on your product package that appeal to your target audience will go a long way in the success of your CBD brand.
Whatever consumer product you decide to sell, the fact remains: The world is embracing CBD, which means CBD is good for business.
Develop A Business And Marketing Strategy
There is a wide range of consumer products that CBD can be infused with, and some of these products have different markets with varying consumer habits. Succeeding in such an atmosphere requires strategy and planning based on research and analysis for top CBD oil companies worldwide. For every sector of consumer goods, be it fitness or pharmaceuticals, you should analyze consumer behaviour and other market conditions to verify how viable achieving your business goals are.
Your marketing strategy should outline your target audience and how you plan to get their attention. As more people are paying attention to CBD, the fight for their attention will toughen and you will need to be more innovative in your marketing efforts.
Little details like the color of your packaging matter. For example, if you were to go into skincare products your customers would most likely be women. Using colors and fonts on your product package that appeal to your target audience will go a long way in the success of your CBD brand.
Whatever consumer product you decide to sell, the fact remains: The world is embracing CBD, which means CBD is good for business.
