Market predictions on the strength of cannabidiol sales (CBD) vary, but they are all on the upswing. According to Packaging Machinery Manufacturers Institute (PMMI), by the year 2020, the cannabis industry is expected to reach US$24.5 billion, with $11.2 billion for recreational products and $13.3 billion for medical products. A report from Arcview Market Research and BDS Analytics found cannabis sales accounted for $9.5 billion in consumer spending in 2017. The total size of the global cannabis market is estimated to reach $32 billion by 2022 and $57 billion by 2027. But according to Mordor Intelligence, the market is expected to grow to just $22 billion by 2022.
CBD research has linked its use to pain, anxiety, insomnia and inflammatory relief. Researchers from Northwell Health presented a survey of patients suffering chronic pain from osteoarthritis, spinal stenosis, hips and knees at the May 2018 meeting of the American Geriatrics Society in Orlando to gauge how effective medical marijuana was at managing chronic pain and reducing opioid use. The researchers found 27 percent of the patients completely stopped use of opioids and 91 percent of the patients said they would recommend medical marijuana to other patients. Scientists at McGill University pinpointed the effective dose of CBD for safe pain relief in rats (Pain. 2019 Jan;160(1):136-150). The study showed CBD acts through the mechanism that binds specific receptors involved in anxiety and pain. To examine its effects on anxiety, a 2016 pediatric study from the University of Colorado found CBD oil can be effective in reducing anxiety and insomnia (Perm J. 2016 Fall;20(4):108-111).
Consumers have been studied for their knowledge and acceptance of cannabis and its derivatives. AT Kearney reported more than 75 percent of consumers surveyed said they are aware that cannabis has non-psychoactive components that may offer health benefits, and consumers are most likely to try “therapeutic cannabis” in foods (55 percent), vitamins (50 percent) and skin care products (43 percent).