The cannabis industry is seeing huge growth over the last few years and plenty of factors are responsible for it. As per the data available on this subject, the global cannabis market stood at USD 10.61 billion in 2018 and it is expected to reach USD 97.35 billion by the year 2026. It will exhibit growth at a CAGR of 32.92% during the forecast period 2019-26. What really is contributing to the high growth in this sector?
Well, as we mentioned above, plenty of reasons are behind it. Worry not, we will explain the common factors that are leading to high growth in this sector. All you need to do is to read this post till the end. Over the last few years, the global digitization has taken a new shape and form due to which it has affected almost every sector. And to a little surprise, the cannabis industry is no different. Here are the popular reasons for this high demand of cannabis products across the globe:
Awareness About Benefits of Cannabis
The major reason that is behind the success of the cannabis industry at a global level is the rising awareness of CBD products amongst people. And all this has become possible because of the increasing digitization in different parts of the world. Now, people are gaining a lot of knowledge about the benefits of CBD products which is eventually increasing the demand of CBD products at a global level.
Legalization of CBD Products
A lot of countries have legalized CBD products and it is available on many online or offline medical stores across the globe. It has given people the freedom to consume these natural health products to boost their overall health on a daily basis. For example, the use of CBD oil has become a common thing in today’s time to reduce stress, anxiety, and pain from the lives of people. Even people are relying on CBD products to cater to various chronic illnesses they experience in their daily life.
Use of Online Marketing Techniques
The use of online marketing techniques has become all the more popular in almost sector and it is also visible in the cannabis industry. It has allowed every CBD product manufacturer an seller to reach its target audience with ease. And the increasing digitization has made it quite easier for every person to promote CBD products on various online platforms without facing any difficulty. Especially, social media marketing and social media influencing are helping CBD companies promote their products on a large scale.