CBD oil has seen a vast increase in popularity over the last few years, slowly infiltrating modern society as a remarkable natural supplement.
By now, most people appear to have at least some idea about what CBD oil is; some are even able to tell you some of its uses.
This increased awareness has changed the entire CBD market; some predictions state it could reach $20 billion by 2024.
There is increasing evidence suggesting that CBD oil could become a mainstream product that is used throughout the U.S. and internationally as early as next year, in 2020.
Although some people are skeptical, the multiple changes to our society and the CBD oil industry as a whole have made this prediction a strong possibility.
If you think we are premature with our predictions, read through the reasons we have observed that explain why CBD oil will be a huge success in 2020.
CBD Oil Is More Affordable Than Ever
One of the big problems with CBD oil when it first gained popularity was the price.
In 2014, Forbes reported that the expected average price for one mg of the oil was as much as $1.25.
With many CBD oil specialists recommending doses of 50mg or more, this could get quite expensive quite quickly.
As a consequence, many people were prevented from buying CBD oil because of their financial situations.
However, with the growth CBD oil has experienced year-on-year, demand has increased, which has, in turn, lead to a reduction in the cost of the oil.
In 2016, you could have expected to pay an average of 2.5 and 4 cents for that same one milligram of CBD oil, with prices continuing to drop year-over-year.
This is great news for consumers who could not previously afford the inflated prices. The continued drop in prices should create more of a buzz in 2020.
Some consumers are worried that this deterioration in price might come with a decrease in the quality of the CBD oils on the market, but this isn’t necessarily the case.
Many dispensaries have taken this concern into consideration and stock CBD oils at a variety of price ranges, perfect for both beginner and experienced users and to suit all price brackets.
Another concern as CBD oil becomes more affordable is that investment in the industry will follow suit, but this hasn’t been the case.
The increase in consumer sales of CBD oil has actually been a positive force, with some investment specialists considering the oil the next gold in terms of value.
Many Countries Are Legalizing CBD Oil
You cannot talk about a surge in the popularity of CBD oil without looking at the legal landscape, which changed dramatically throughout 2018 and is continuing to metamorphose today.
This dramatic alteration began at the end of 2018, when Donald Trump signed the Farm Bill into law, thus decriminalizing CBD oil on a federal level by redefining it as an agricultural product as opposed to a drug.
Despite this change, there are ongoing difficulties as law enforcement in individual states familiarize themselves with these changes.
Among other difficulties, the differences in laws from state to state has led to arrests at airports and in key theme parks around the country when people have been found in possession of these substances.
Thankfully, the situation is beginning to change. The TSA has stated on their websites that CBD oil is allowed on planes.
However, there has been some confusion because different regulatory bodies have different rules regarding CBD oil. For example, the FDA says iCBD oil cannot be used in certain ways.
This situation is beginning to change, too. The FDA recently held a public hearing to determine whether the agency should rethink its stance on CBD oil.
These changes have cleared up many misconceptions about the CBD oil law, and with similar changes being made across the country, things should become more clear in 2020.
This will allow more people to freely consume hemp-derived CBD containing less than 0.3% THC, without the concern of being arrested or severely penalized for doing so.
The Industry Has Begun Making Transparency A Priority
Transparency has been a big issue in the CBD oil industry ever since it gained popularity and, really, this was the case even before then.
This is because CBD oil is extremely difficult to regulate. Some companies have been caught for not accurately representing what their product contains.
This movement has led to many medical professionals refusing to recommend CBD oil products to their patients. Some are going to the media to actively caution against the product’s use.
Beginning in 2018, and continuing into 2019, however, there has been a huge demand for CBD oil companies to be more honest, which has led to a change in the industry.
These changes are making it easier than ever for people to find reviews of trusted CBD oil suppliers online. Those who don’t adhere to transparency increasingly find themselves outed within these communities.
By 2020, this movement will be even larger and stronger. This in turn should mean that people aren’t as wary as previously to try CBD.
It may also reduce the number of doctors and other medical professionals going to the press discouraging its use, despite its varied health benefits.
Ongoing Studies Are Providing Us With Evidence To Back Up Health Claims
Up until recently, much of the education we had about CBD oil relied on anecdotal evidence and small, sample studies.
Even when we did have in-depth studies into the cannabinoid oil, they were usually completed on animals in a lab environment, which leaves an element of doubt when transferring these effects to humans.
This led many people to believe CBD oil was the next version of snake oil; essentially a product that did nothing, but was hyped up to make people spend money in the belief that it did.
Recent research, however, is disproving these attitudes.
One pivotal study that is the talk of the CBD oil community at the moment is a U.K. study with human participants over 54 years of age.
This study involves gaining an accurate representation of just how CBD oil could be used to slow the progression of, and potentially cure, Alzheimer’s disease.
There are similar human studies going on in the U.S. for patients suffering from a variety of different cancers.
Although many of these studies were initially inspired by a terminally ill man’s plight for more time while suffering from lung cancer, there have since been promising results with leukemia, breast cancer and even bowel cancer.
Having more information like this available to us provides people with the encouragement they need to try CBD oil for themselves instead of relying on hearsay.
It may also encourage doctors and other medical professionals who have been hesitant to recommend CBD oil due to a lack of research to change their minds in the coming months and years.
Other Industries Are Using CBD Oil In Their Products
CBD oil on its own isn’t attractive to anyone for a variety of different reasons.
With market prediction numbers increasing all the time, however, many companies from other industries are doing everything they can to appeal to the industry.
One of the only industries to do this successfully to date is the cosmetics industry, with Sephora recently launching its own range of CBD oil products.
This is completely legal according to the FDA and the Farm Bill, as long as they are not indirectly promoting unproven health benefits.
Other industries have also seen moderate success when trying to gain a way into the CBD market.
These innovative beverages have sparked great interest nationally, leading to an increase in the number of people trying CBD oil for the first time. However, there are some questions about legality.
In some states, these drinks are perfectly legal, but the FDA argues that selling CBD oil in a form that can be consumed is not currently advisable.
For pet lovers, CBD oil has become a saving grace for many health conditions commonly associated with dogs.
This use has gained so much popularity that more people are beginning to embrace this trend by providing CBD oil edibles for dogs to consume.
There is declaring that this is illegal-by the FDA or other legal bodies, but veterinarians are generally advising against this due to the severely limited research on how CBD oil interacts with dogs.
The Wellness Industry Is Embracing CBD Oil As A Natural Supplement
For years, the alternative wellness industry was considered to be full of hippies and others like them, but this is no longer the case.
The situation has changed so much that we are now seeing wellness being presented as one of the top healthcare trends of 2019, but it is an industry that has been growing since long before this latest eruption.
The wellness market experienced a surprising 12.8% industry market growth between 2015-2017. This is twice as fast as overall global economic growth.
The good news is that many within the wellness industry are beginning to embrace CBD oil. Many people are using it alongside vitamins to remain healthy and control existing health conditions.
This significant trend is expected to boost the hype and popularity of CBD not only within the wellness industry but in the mainstream media itself.
2020 is probably going to be the year when many outlets cite CBD oil as the health supplement you need to include in your daily routine going forward.
Influencer Endorsements For CBD Oil Are Increasing
If you’re on social media, chances are you follow at least one influencer.
You probably already know that these influencers tend to shy away from difficult or potentially controversial products for fear of losing their dedicated audience and gaining a negative online reputation .
This is why CBD oil products weren’t popularly advertised on social media websites like Instagram and Twitter; but this, too, is changing.
In 2019, there are dedicated lists of influencers who are willing to, and have already, worked with CBD oil companies.
This is a major indicator that CBD oil will be huge in 2020; these influencers have a bigger contribution to consumer habits than celebrity endorsements.
As a result, more people are likely to look into CBD for themselves and make purchasing decisions based on these recommendations, something we’re sure to see an increase in next year.
Many of the reasons behind the predicted success of CBD oil in 2020 come back to the changing attitudes towards the oil.
This alteration slowly occurred over the last few years, but it wasn’t until the issues surrounding the legality of CBD oil started to be resolved that society re-evaluated its opinions on the cannabinoid oil.
This has led to a multitude of studies, which will continue into 2020. This type of interest has made even professionals put aside their prejudices and replace the stigma originally directed towards CBD oil with appreciation for its many properties.
We cannot summarize this article without also touching on the financial issue, which previously prevented large proportions of society from accessing the oil.
With a reduction in the price per mg of CBD oil, more people are able to test the results of CBD oil themselves.
This will greater accessibility will transform many people’s opinions and lead more people to try CBD oil, with that personal experience leading more members of society to see CBD oil products in a positive light and as a possible way to treat multiple health ailments.
Ultimately, as these contributing factors come together, it seems clear that CBD oil will continue to increase in popularity next year.