2023 Trends in the Hemp Industry
What can we expect in the hemp industry in 2023? What changes are in store for us? What is worth getting interested in and what will be all the rage? The year 2022 has been a testing year for a great many hemp businesses in terms of how they were run and how they were perceived by customers. Rising inflation and all sorts of changes in the market have caused a lot of unreliable manufacturers or sellers to vanish from the market. In addition, changes in legal regulations that have already entered into force or are being introduced, not only in the European Union but generally all over the world, and the growing awareness of hemp consumers have a significant impact on the hemp and medical marijuana market. What does this mean for the hemp industry in 2023? Check it out!
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There’s been a boom, now it’s time to…
Many industries were hit hard during the pandemic. Mainly the entertainment industry and industries such as hospitality, catering, etc. Young businesses without an established base of regular customers or those that simply had to operate exclusively stationary and did not move online collapsed. Struggles like that have been the nightmare of many entrepreneurs – those operating both in Poland and abroad. However, certain sectors had a chance to flourish during the pandemic. As long as they were well-managed! The sector of health promotion, including the hemp industry, has proven to be one of them. People in times of threat to their health have come to appreciate the possibilities of taking care of their health and strengthening it. And this can be done thanks to hemp products and their properties! The hemp market around the world has begun to grow rapidly and many companies have benefited. Also, the potential of this industry within the economy of many countries has been recognized. Will this frenetic pace continue into 2023? That’s hard to predict at this point, but there are definitely new hemp trends to consider already.
2023 hemp trends
To move forward, you have to constantly change. If you’re not changing, you’re moving backward! So, hemp companies that understand this and fit in with the trends for 2023 have a chance to really spread their wings. Here are some of the trends that will develop this year.
Innovative products like hemp shots and drinks
The hemp used to be associated mainly with hemp flowers used for instance for vaporization. The next boom involved CBD oils. These, while still popular and probably not going to decline in popularity, may have to give up some of the spotlights, which will turn to innovative products. We are talking about hemp shots or drinks. The latter is already slowly entering the market (there are energy drinks or even spirits such as CBD-infused beer and wine available). What is driving their popularity? Definitely, the fact that they are something really new and interesting that can easily become popular. And the ease of consuming CBD in this form! Hemp shot does not require you to smoke anything, own a vaporizer or use CBD oil under the tongue.
Next steps in legalizing marijuana
Not only is the allowable limit of THC in legal over-the-counter CBD products changing (from 0.2% to 0.3%), but also the rules for the use of medical marijuana in many countries. In 2022, a number of countries have set their sights on hemp medicine. The availability of this method of treatment and body support is also changing. And so is people’s perception of cannabis! Even more often is the topic being covered by the mainstream media, which features hemp influencers, enthusiasts and activists. As a world, we are moving with confidence towards greater freedom in the use of cannabis products. Companies that take advantage of this trend in the right way have the opportunity for truly tremendous growth.
Drop in prices of hemp products
With the increase in the quality of hemp products, due to the awareness of consumers who are giving up on poor-quality products, comes… a price drop! Quality hemp products or hemp-based medicines no longer cost a fortune at this point. You can find plenty of products available at affordable prices. This trend will continue, and prices should gradually fall and adjust.
A larger selection of hemp products
We are now aware that there is more beyond CBD and THC. We see potential in more hemp cannabinoids, as well as hemp terpenes on a larger scale. It is because of this those newer and newer products will emerge, which will include something new with potential in addition to the familiar standard. Due to ongoing research into various terpenes and cannabinoids, this trend becomes one of those with the most potential!
2023 trends in the hemp industry – conclusion
What are the implications of all this? Those who follow the changes have the chance for a very significant development! And for consumers of hemp products, this means that there will be plenty of interesting ways to consume hemp and the phytonutrients it contains. The products will be BETTER tailored to a given lifestyle, needs and… wallet size!
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