The Future of Cannabis: Trends and Predictions for 2021
The cannabis industry is continuously evolving, adapting, and growing to accommodate changing markets, regulations, and consumer demands. As we approach 2021, recent predictions and trends have emerged, shaping the future of cannabis and its surrounding industry.
1. Legalization: The ongoing global trend of cannabis legalization presents a significant prediction for the growth of the industry in 2021. As more countries embrace the legalization of cannabis, the possibilities for expansion, international trade, and the development of standardized regulations become more plausible, benefiting the cannabis market.
2. Non-Psychoactive Products: A growing trend within cannabis is the increasing demand for non-psychoactive products such as CBD and hemp-derived items. The global cannabidiol (CBD) market is expected to grow at a compounded annual growth rate of 22.2% by 2025. In response, we predict an increase in the development of these products within the cannabis market in 2021.
3. Innovative Cannabis Products: An emerging trend within the cannabis industry is the development of innovative products, ranging from beverages to nanodelivery systems, which allow for more efficient and effective absorption of cannabinoids into the body. As the cannabis industry thrives, we can anticipate further innovation and growth of these products in the coming year.
4. Health and Wellness: With increasing awareness around health and wellness, cannabis has become a popular alternative to traditional pharmaceuticals for people seeking safe and natural remedies. The growing trend toward preventative wellness has fueled the demand for cannabis-based products as a means of self-care. We predict a continued increase in the health and wellness approaches within the cannabis industry in 2021.
5. Technology’s Role: As with many industries, cannabis is increasingly embracing technology to improve its processes, from cultivation and extraction to marketing and sales. For example, blockchain and cryptocurrency might aid the industry by providing secure transactions, while artificial intelligence (AI) and automation could enhance cultivation and processing. As the industry faces scalability challenges, we predict technology to become more prevalent in streamlining the cannabis market in 2021.
6. Ecommerce: With the COVID-19 pandemic, cannabis companies have had to adapt their business models and rely on digital strategies to reach their customers. Consumers were already embracing online shopping, but the recent change of habits has amplified the need for ecommerce platforms and digital marketing. As a trend that will endure, we predict the continuous growth of online sales within the cannabis industry in 2021.
7. Medical Research: As more countries grasp the potential benefits and therapeutic applications of cannabis, we expect increased investment in medical research aimed at understanding this complex plant and the role of its various compounds. The growing body of research surrounding cannabis will continue expanding the industry in 2021.
8. Social Equity: As the cannabis industry grows, there is an increasing focus on social equity and inclusiveness within the space. Social activism and legalization have a role in ensuring marginalized communities are not left behind in the burgeoning industry. We predict policy changes and a commitment to social equity to become more prevalent in 2021, as people become increasingly aware of the need for fair opportunities within the cannabis market.
9. Sustainable Cultivation: With the growing recognition of the environmental impact of cannabis cultivation, the need for sustainable practices has emerged. Some practices are already in place, like wastewater recycling and the use of LED lighting, but we predict further emphasis on sustainable cultivation strategies within the cannabis industry in 2021.
10. Consumer Education: As the market expands, so does the need for accurate and accessible information about cannabis products. Therefore, we predict an increase in consumer education initiatives and demand for knowledgeable professionals capable of guiding users in their product choices in the coming year.
Overall, the cannabis industry appears to be on an upward trajectory, with many exciting trends and predictions to look forward to in 2021. From the ongoing march toward legalization and the growth of non-psychoactive products to the increasing role of technology and commitment to social equity, the future of cannabis is vibrant and diverse.