CBD liquid and market forecasts
What is liquid?
CBD liquid is a classic e-liquid suitable for most types of electronic cigarettes (even those with lower power). It does not contain THC or nicotine and when taking it, it is only about the fastest possible absorption of cannabidiol into the body, which is usually within a few seconds. With such a content, they offer a pleasant taste and a medium smokiness. Neither substance is regarded as harmful to health and they are widely used in the food industry as humectants or sweeteners. In addition to the two substances mentioned above, e-liquids are enriched with other substances for flavour, texture or other effects, terpenes for aroma and nicotine for users trying to quit smoking.
The most common ingredients contained:
- Glycerin - a natural clear, odourless liquid obtained by extraction from vegetable oils (soybean, coconut or palm)
- Propylene glycol - a colourless substance intended for use in pharmacology and food processing
- CBD
- Hemp terpenes - aromatic components responsible for the unique aroma and taste
There are several reasons why sales of CBD vape juices are growing so much, with the numbers rising most noticeably in Europe and the US.
- Increasing disposable income of users (from employment, business, rental property and social benefits less taxes and social and health insurance fees)
- Change in dietary (and overall lifestyle) of users
- Awareness of the potential health benefits of CBD
However, if the market were not hampered by strict government regulations, which unfortunately in many countries are only slowly easing the handling of cannabidiol (always check the current conditions in each country when travelling, transporting or moving), and the health risks and side effects, the figures would probably be much higher. It is essential that CBD undergoes further research to confirm its safety and effects. Needless to say, CBD can have a positive effect on the human body in many ways. For example, cannabidiol can help to reduce chronic pain, inflammation, the symptoms of autoimmune diseases or anxiety, to recover more quickly after sports performance, to support sex and reproduction, or to protect the heart, liver and intestines. Although the WHO has labelled cannabidiol as a safe substance, it should still be used judiciously as the cannabinoid compound affects everyone differently.
Even so, the numbers are positive over an eight-year span. And while in 2021, according to an analysis by Data Bridge Market, the European market alone (excluding the US) for CBD vape juice reached 114.87 million euros, the forecast for 2029 speaks of a whopping eight and a half billion euros. This is a hardly believable progression with an annual growth of over 70%. The largest numbers of users are in the UK (Europe's largest CBD consumer), Switzerland, Germany, France and Portugal, Poland, Turkey, Belgium and Denmark.
Apart from the fact that liquid has spread widely among individuals, it also has applications in the healthcare industry. Not all countries are in favour of CBD, but where it has been used to attenuate various diseases, interesting (positive) effects are emerging.
Diseases that CBD liquid can act on:
- Epilepsy (Lennox-Gastaut Syndrome and Dravet Syndrome)
- Parkinson's Disease
- Crohn's Disease
- Anxiety states
- Relief of nausea during chemotherapy
- Prevention of drug addiction
Technology Forward
As interest in CBD vape juice grows, manufacturers are looking to push vaping a step further and innovations are occurring regularly. Technological advancements are unstoppable and today there are devices on the market with bluetooth, voice activation or batteries that can last for months. The price of such devices is of course higher, but it is certainly worth it for the smooth and intense experience.
Covid intervention
The Covid pandemic affected the global market and no one was sure if the business would stay alive. Liquids went against the tide and managed to make it through despite significant restrictions on movement and trade. The soaring demand is proof of this. In early 2022, some companies responded by striking a deal with distribution giant OTG to sell CBD liquids directly at airports.
Summary
Sales of CBD liquids are rising rapidly and the latest forecasts suggest that interest will continue to grow for several years, probably by 70% per year. Manufacturers are striving to perfect vaping equipment to give users the best possible experience and retailers are looking for open channels to bring the liquids as close as possible to potential customers.
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