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CBD In 2023 – What’s Driving Growth and the Critical Role of Filtration
Mar, 2023
If the numbers are anything to go by, there's a massive opportunity for businesses that deal in cannabis oil extraction. By 2032, the global market for cannabidiol (CBD) oil is expected to reach 6.77 billion dollars, according to a report by Extrapolate. Here’s a quick look at some of the main reasons for the increase in demand in the food and beverage industry.
Health and Wellness Benefits of CBD
Medical research continues to prove the benefits of CBD oil for our health and well-being. From its uses for insomnia, anxiety and stress-related illnesses to its increasing use in the treatment of chronic and neurological conditions, CBD products are gaining more and more significance. Despite insufficient quantities in CBD-infused food and drinks currently providing little noticeable benefits in this area, the market continues to grow by association.
Legalization and Regulation
More countries legalizing and regulating use will likely result in market growth despite stringent regulations. Increasing awareness of the potential benefits of CBD coupled with accurate testing methods to produce high-quality, safe products is also contributing to market growth. The legalization and regulation of hemp-derived CBD oil in many countries are providing a legal framework for the production and distribution of CBD-infused cosmetics, which is further driving the growth of this market.
Due to the rapid growth in this new segment, both regulatory requirements and products and processes will continue to evolve. The biggest challenge for manufacturers is to meet the increasing consumer demand for a high-quality, compound-rich oil with a clear, golden character free of chlorophyll.
Key future trends include:
- Custom processes
There is a need to look beyond a one-size-fits-all approach to products and the key manufacturing steps (including oil separation, extraction, isolation and purification). Manufacturers understand the need to devise different processes, emphasizing cost reduction and optimizing yield at scale.
- Product innovation
Science and technology continue to change how cannabis oil is perceived, used, and applied. We are already seeing the emergence of newer delivery methods, novel flavors, and efficient product development processes.
- Product Marketing
The consumers’ buying journey is at the forefront of marketing tactics across industries. Businesses are doing their best to engage with these consumers through product innovations, content legitimacy/certification, consumer education, dosing, and more. A brand that engages customers through innovative branding, communications, and marketing methods will lead the pack.
Key to these trends will be engaging with experts who can offer quality solutions to manufacturing challenges. Pall Corporation specializes in filtration, microorganism monitoring solutions, and GMP and FCC-compliant products. Take a look at our dedicated cannabis filtration pages to learn more and to receive a free 30-minute filtration consultation with our experts.
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