The cannabis industry is constantly evolving as it adapts to legislation changes and changing consumer attitudes. These influences have allowed the sector to flourish and eventually develop new ideas to keep up with growth predictions and market trends.
Furthermore, the new year is forecasted to bring an increase in profits, investment opportunities, and the number of startup businesses and dispensaries going operational. On top of this, the industry will continue facing legislative challenges while testing the latest brand concepts on a more informed cannabis community, among other possibilities.
Here are four trends and innovations expected from the CBD industry in 2023:
- New Product Designs Drive Mainstream Appeal
The diversity of products outside of the common consumption methods is predicted to become a major source of cannabis industry growth in 2023 and beyond. Many commercial cannabis businesses are expanding their product range to attract a new target audience alongside the traditional and niched vaping and smoking crowd. As such, regular packaging and formulas could see a change to make goods relatable and more appealing to different patrons.
Due to this, a new lineup of product ranges and designs can be expected, from concentrates to CBG Lotion and beverages, CBD-infused baking ingredients, candy edibles buy, and even pet food. Beyond consumable products and ingredients, some cannabis businesses are expected to branch into merchandising. Thus, clothing and lifestyle items with the marijuana leaf symbolism are expected to increase sales and raise public visibility and awareness of CBD.
- The Rise Of Lesser Known Cannabinoids
Most cannabis consumers are already familiar with CBD or cannabidiol and delta 9-THC or tetrahydrocannabinol and their uses. These two active ingredients have circulated the public consciousness for years and have become recognizable outside of their regular consumers.
However, as researchers continue to experiment with strains of higher cannabinoid concentrates to discover potential health benefits, more of these compounds could be making an impact. These include cannabinol or CBN with its calming and anti-anxiety effects and CBG or cannabigerol for combating pain and nausea.
Additionally, terpenes such as Limonene, Pinene, and Terpinolene that give cannabis strains their unique scent and flavor are also being explored and studied to be eventually approved as product ingredients. This means that the market might be seeing new variants of CBD by 2023 and beyond.
- More Focus On Wellness Promotion
As previously stated, the industry looks to introduce CBD products to a new market. Therefore, cannabis businesses will likely refocus their marketing efforts to capitalize on the growing wellness trend. Promotional messaging will be tailored to legal age groups, such as young professionals and older adults to lifestyle segments like pet owners and yoga enthusiasts.
For the industry, this will highlight cannabis’ health benefits to attract hesitant or unaware consumers and gain mainstream acceptance. This will include placing medical marijuana at the forefront and collaborating with researchers to frame promotional messages around educating potential customers.
A more knowledgeable consumer base will help destigmatize cannabis to health-conscious individuals looking to embrace alternative medicine. The industry aims to appeal to a wider segment of the population.
- Tech Innovations
Technological advancements are expected to continue transforming industries and businesses globally in 2023 and cannabis is no different. These new innovations could benefit almost every aspect of the production cycle from growing to harvesting, product design, and purchasing. Some of the noteworthy developments include new extraction methods to increase the potency and bioavailability of cannabinoids like CBD and THC using biotech, such as nanoencapsulation already used in the food science sector.
The new and advanced LED grow lighting and ventilation systems that use less energy, emit less heat and can last longer while reducing pressure on maintenance systems will allow indoor growth facilities to improve production, cut costs and achieve sustainability goals.
On the other hand, a consumer-focused innovation to look forward to is personalization and app-based buying. With this, customers can customize genetically engineered cannabis product strains to their preference such as choosing the dosage, reducing psychoactive compounds, and then buying the CBD using a mobile app.
The commercial cannabis industry is expected to see changes in 2023 influenced by a few emerging trends. These include expanding product designs and introducing new cannabinoids and terpenes to target new customer bases and grow the industry’s brand capabilities.
Marketing is expected to center around science education and wellness-focused messaging. Finally, technology will play a major role in cutting-edge innovations that lead to better cannabis quality and improved production. Thus, next year, market predictions show promising signs of continued growth, legalization, and consumer awareness.