Based on Statista, the CBD’s consumer sales will increase to over $1.8 billion in 2022, a significant rise from half of a billion dollars they totaled in 2018. Further studies estimate it to reach a staggering $75 billion in revenue within the next decade. It partly reflects a strong market trend after the 2018 US Hemp Farming Act that delisted hemp from Schedule 1 controlled substances. It must contain 0.3% THC or less to qualify.
CBD market is growing as a whole, but there are countless obstacles to overcome before it reaches maturity. Fortunately, technology can offer a great deal of help to critical players in the industry in this area. Both CBD sector producers and suppliers will benefit from the newest technological advancements, which will undoubtedly affect how companies create products based on the plant. In this post, you’ll learn about five positive technological advances affecting the CBD market. So, let’s get started.
As the CBD industry grew, there was an influx of CBD products such as CBD gummies. Because of this rapid growth, the market had a range of questionable CBD-derived products. Some producers rushed into launching ten products at once and sometimes compromised on quality.
However, today’s focus is more on quality than quantity. The consumer has high standards and is not satisfied with an average product. Before purchasing CBD products, consumers want to know everything about the product, from how it’s grown and harvested to how they extract and process cbd oil to realise its several benefits.
It has resulted in developing quality monitoring software that allows manufacturers to track every step of the production process to prevent quality issues and improve transparency throughout the process. Besides ensuring compliance, these programs can track compliance once the establishment of CBD regulations.
Efficacy of CBD Products
With technology, CBD products are also becoming more efficient and effective for the CBD market. Buying better products and paying lower prices are the hallmarks of a free market. Consumers can benefit from higher bioavailability by encapsulating hemp compounds like CBD in microcapsules. They can therefore profit more from less product while saving time and money.
Combining hemp compounds and their recipes also releases infinite therapeutic potential from phytocannabinoids and terpenes. Each hemp compound has its unique benefits and properties. Every hemp strain has its unique combination and ratio, giving it a distinct “fingerprint.”
The growing market’s insatiable appetite for novel phytocannabinoid and terpene combinations drives hemp follower suppliers to use new chemistry and molecular technology to meet the changing hemp laws, extraction techniques, and scientific understanding of hemp compounds. Phytocannabinoid and terpene products are under this niche, offering patentable intellectual property opportunities.
Better Extraction Process
The labour-intensive CBD-making process contributes to their high cost. One of the most expensive extraction methods is CO2. Most producers use a rosin press — it ensures optimal delivery. Technology can optimize the process, making it a more practical approach.
Usually, rosin presses apply 1000 pounds of pressure, but one company in Los Angeles is working on a two-fold increase in pressure. The result will be a four-fold increase in CBD production.
In the CBD market, CBD oils reign supreme, and there’s fierce competition among manufacturers to produce the best CBD extracts. Various methods exist for extracting CBD from hemp. The basic extraction techniques are ethanol and olive oil, but now CO2 extraction is used as a more advanced technique. As a result, you can save the environment, ensure a safer and cleaner process, reduce costs, and use less toxic materials.
Ultrasonic extraction is another step forward in this area that is still developing. The technique involves using ultrasonic waves to isolate certain compounds in the hemp plant. Moreover, experts claim that the method promotes bioavailability, a promising extraction method.
New CBD Strains
It’s possible to extract CBD from hemp and marijuana, with the key differences being the levels of THC. People aren’t interested in THC’s psychoactive properties but look for products with a high CBD content. Producers have tried to identify ways to isolate CBD from other compounds in plants to ensure their products’ purity.
Breeding techniques have played a significant role in the development of high-quality CBD. Cross-breeding techniques allow manufacturers to create hemp strains with high amounts of CBD and low levels of THC, allowing them to control purity levels in the products they launch. Further, cross-breeding allows for creating brand new hemp hybrids with different potencies and characteristics, thus satisfying the requirements of all consumers.
Enhanced Transparency With Blockchain
The contents of most CBD products are of great concern to people who use them. Companies purposefully withhold information about the contents of their CBD products. With the help of blockchain technology, users can track down the origin of CBD products. Customers will know where the CBD products were grown, how they were processed, and the authentic ingredients.
A Vermont-based company has already begun the process. Soon, you will scan your products and access all the necessary information. Companies adopting this technology will compete with their rivals once implemented.
Technology has played a vital role in transforming the CBD market positively, as it has in many other industries. For instance, the quality control software and other technology forms will see the CBD industry improve to new heights.
There is a lot of potential in the CBD industry, and technological advancements will push it to levels beyond imagination.