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CBD, aka cannabidiol, the hemp-plant derived chemical compound that is crucially non-psychoactive and has been associated with a wide range of therapeutic properties is officially having a global moment. The hype surrounding CBD has intensified in recent years, and it is now so popular that it beats Jesus, Kanye West, the NBA, Taylor Swift, The Beatles and even Beyoncé on internet searches and projected market growth according to the latest consumer data available. This comes against a broader trend: skyrocketing consumer demand for health and wellbeing focused products and services.
CBD, which is extracted from the whole hemp plant, is taking over the charts for popularity – outperforming even the biggest names in the competition such as Beyoncé, Kanye West, The Beatles and even plant-based phenomenon Impossible. These results were obtained by non-advocacy educational platform cannabisMD, who based their stats on Knowledge Navigator, a backend tool that provides insight into consumer trends. The tool pulls data from user searches on the internet, social media platform mentions and more.
More specifically, the research found that the number of searches entered for CBD have consistently been on the rise since 2017, and is forecast to continue growing. Currently in 2019, the popularity of CBD has surpassed other consumer trending topics, including kale, the Impossible Burger and even veganism.
Little known before in the mainstream market, it is now made famous for its wide ranging therapeutic qualities, such as anti-inflammation, neuroprotection, pain management and help for those with sleep problems, anxiety and depression. Some scientific research has also found that CBD benefits patients suffering from chronic diseases, such as Alzheimer’s, Parkinson’s, epilepsy and certain cancers too. From athletic performance food and beverages to hummus and the investment portfolio of the Church of England, CBD seems to be totally everywhere nowadays.
While skeptics might remain pessimistic about the popularity of CBD, numerous institutional organisations have also found similar trends. The latest report, by BDS Analytics and Arcview Market Research, predicts that CBD sales in the United States alone will surpass US$20 billion by 2024. Other forecasts, such as investment bank Cowen & Co’s analysis, suggests that the market will reach US$15 billion by 2025.
This comes against the backdrop where consumer interest in health and wellness is at an all time high – especially here in Asia. According to an Oliver Wyman report in 2018, the Asia-Pacific region has seen a 30% growth in sales within the health and wellness industry within the past decade. Chinese consumers in particular, with their growing purchasing power, are seeing a dramatic shift towards wellbeing. With this in mind, it looks like the CBD trend is here to stay.
With many of us experiencing regular stress and anxiety, it’s worth learning more about how to incorporate CBD in your life. Green Queen Release Vol.1, a new Body, Mind & Soul event series by Green Queen, will see Green Queen founder Sonalie Figueiras interviewing local CBD expert Denise Tam of Heavens Please, a Hong Kong-based premium CBD lifestyle platform, during an intimate Fireside Chat at Moksa Slow Beauty.
“CBD is an incredible important tool in our wellness arsenal, but there are many myths and misunderstandings that surround it. This is why we created this event, to offer our community a chance to learn more about a useful, safe and natural wellbeing aid.” explains Figueiras. During the event, guests will also have the opportunity to try CBD in oil form, chocolate form and skincare form and will be treated to slow-pressed juice, plant-based wraps from Treehouse, and a DIY Moksa body scrub to takeaway. Only a few spots left, so book here now.
Lead image courtesy of Tinnakorn Jorruang.