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Cannabis companies work towards a piece of the $130B+ wellness market

Here’s a closer look at how cannabis companies are taking a slice of the wellness market.

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Health and wellness is a vital element in our life. Nowadays, it is hard to ignore the large chunk of the global population shifting to health and wellness products. In fact, the global wellness economy is valued at about $4.2 trillion. To put it into perspective, this represents about 5.3 percent of the global economic output.

That number is hardly surprising, given that the market is flooded by all kinds of beauty, nutrition and fitness products. Wellness tourism, alternative medicines, and workplace wellness are also part of this industry.

Lifestyle trends are also navigating towards health and wellness, especially when it comes to technology and foods. Fitness tech and wearables and healthy food alternatives have seen a rise in market sales. The cannabis industry is yet another sector making its way towards the health and wellness industry.

Role of cannabis in the wellness industry

The cannabis industry has come a long way in recent years with its adoption into various products, including food, beverages, and cosmetics.

The expanding health and nutrition sector is favorable for cannabis companies and consumers. The rising awareness of healthy living has propelled this sector to new heights; the global dietary supplements market alone is valued at more than $130 billion and is set to grow at a CAGR rate of 9.6 percent to 2024.

Pharmaceuticals dominated the supplement and dietary market. This sector’s landscape, however, is changing with the continued acceptance and mainstreaming of cannabis and particularly, its compound, cannabidiol (CBD). The CBD market is expanding at an explosive rate following the loosened regulations on hemp and its legalization and is expected to rise to $22 billion by 2022.

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CBD infused products are being embraced as wellness and lifestyle products, thanks largely to the alleged health benefits of the compound. CBD products are gaining momentum in retail stores, food joints and medical stores.

One fast-growing category of CBD use is edible products. CBD-infused snacks, baked foods, and beverages are now available in the market. The supposed benefits associated with CBD may even lead some to label it a superfood.

The U.S. Farm Bill of 2018 has contributed greatly to the growth of CBD infused products are flooding the wellness and recreational market, with new innovations coming up. The fact that CBD has been used in an FDA-approved drug to treat some forms of epilepsy also helped propel its popularity.

Companies are coming up with new ways to improve customer experience. They are keeping a keen focus on the cannabinoids’ healing properties. These products are essential to healthy living as they integrate with the body’s endocannabinoid system (ECS) to maintain a balanced system.

Major corporations and business are not to be left behind. They recognize the shift in consumer attitude and preference for wellness inclined products. For example, Corona owner Constellation Brands invested $245 million (CAD) in the cannabis industry.

Thanks to the health benefits and legalization of marijuana, CBD infused edibles have become available to the market. (Photo by Vaping360 via Flickr. CC BY 2.0.)

This was not an isolated event as another multinational, Altria Group invested $2.4 billion in medical and recreational marijuana.

Meanwhile, PotNetwork Holdings (OTCMKTS:POTN) is a pacesetter in bringing a variety of CBD-infused products to the health and wellness market, through its subsidiary Diamond CBD.

Just recently, Diamond CBD products were showcased in the Orlando Europa Games Expo and Sporting Event, a clear sign of the potential held by hemp-derived CBD in the nutrition and supplement sector.

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Diamond CBD engaged athletes through its variety of CBD products ranging from CBD vapes and oils to CBD edibles.

In the surging CBD market, choice of product, accessibility, and cost are vital factors for consumers’decision. With health and wellness concerns directing the choice of product, companies should focus on creating diverse quality and healthy options and making them affordable.

In this vein, PotNetwork has spared no expenses to ensure that the consumers get a wider range of choices to find what suits their individual needs. Their CBD oils, creams, gummies and CBD- infused dried fruits supports healthy living.

The company is continually finding innovative ways to improve the consumer experience. The company is also making strides to capture the wellness market through its CBD vending machines. To ensure responsibility, the machines are equipped with age verification devices to limit CBD abuse.

The global wellness trend will continue to grow and CBD will also continue to penetrate this market. Product variety and efficacy will be essential for both consumers and companies.

Desmond O’Flynn is Irish but he’s not into boxing. He writes about finance and investing, as well as world politics and global economy. He used to believe that he didn’t have the luck of the Irish since he failed his art class thrice, but this immediately changed after meeting his wife Katarina, a startup interior design consultant based in Dublin. He is also a financial adviser.

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