Cannabidiol (CBD) sales have exploded in popularity over the last half-decade, making it one of the fastest-growing industries in the United States. The total number of U.S. CBD product sales increased from $108 million in 2014 to $1.6 billion in 2021, which is expected to reach nearly $2 billion by the end of 2022. Following a similar trajectory, legal cannabis sales in the United States are expected to reach $23 billion by 2025. With the coronavirus pandemic affecting industries across the country, it is no surprise that the majority of this growth was driven by online sales. As a result, this accounts for the vast majority of print on demand CBD product sales in the United States in 2020.
The increased popularity of CBD, combined with the growth of online sales, presents an exciting opportunity for CBD online businesses. Particularly those looking to expand into the world of ecommerce. Indeed, the transition to CBD ecommerce has already begun. Cannabidiol (CBD) sales in the ecommerce channel in the United States alone are expected to reach more than $6 billion by 2026.
WHAT IS HEMP OIL?
Hemp oil, also known as hemp seed oil, is derived from hemp. It is a cannabis plant similar to marijuana but contains little to no tetrahydrocannabinol (THC), the chemical that causes people to become “high.” Instead of THC, hemp contains cannabidiol (CBD), a chemical used to treat conditions ranging from epilepsy to anxiety.
Hemp is becoming increasingly popular as a treatment for various ailments, including skin problems and stress. It may have properties that help reduce the risk of Alzheimer’s and cardiovascular disease, but more research is needed. Hemp oil has the potential to reduce inflammation in the body. In addition to CBD, hemp oil contains high levels of omega-6 and omega-3 fats, which are good fats. It also contains all nine essential amino acids, which your body uses to make protein.
WHY SELL PRINT ON DEMAND HEMP OIL?
CBD business is profitable because the US CBD market is expected to reach $20 billion by 2024. As a result, it’s the best option if you’re looking for a job in a growing industry. However, there are some critical factors to consider if you want to succeed. There are numerous ways to profit in the CBD industry. You could start your own CBD business by investing in hemp oils, tinctures, and topicals. Another possibility is to become a distributor for well-known brands. You can sell their print on demand products on your website or in local stores.
Whatever approach you take, there are several key areas that you must concentrate on to be successful. These include effectively marketing your company, building a strong brand with excellent customer service, and selecting high-quality products that appeal to your target market. Furthermore, staying current with industry trends and regulations is critical for remaining competitive and avoiding legal trouble.
THE HEMP OIL MARKET
The hemp oil market was worth S 82.45 million in 2021 and is expected to be worth S 1,253.51 million by 2026, growing at a CAGR of 38.2% from 2021 to 2027. The rising demand for hemp oil due to its increasing use in personal care products and the food and beverage industries worldwide is a key driver of the global hemp oil market’s expansion. Furthermore, increased awareness of the various health benefits of this oil, such as relief from anxiety, sleep disorders, chronic pain, and others, is leading to increased demand for hemp oil in the global market.
The increasing use of hemp oil in many nutraceutical and pharmaceutical applications, as well as increased awareness of hemp seed oil’s ability to prevent diseases such as diabetes, inflammation, cancer, and others, are expected to drive growth in the global market. Furthermore, the rising e-commerce penetration of hemp oil and the rising adoption of hemp oil in the production of fuel, lubricants, paints, and other industrial uses are other factors that will likely drive the target market’s expansion during the forecast period.
Hemp oil, among other things, relieves chronic pain, sleep disturbances, anxiety, and nerve pain. In recent years, the demand for hemp oil has increased due to the health benefits of hemp. Furthermore, the expansion of the online distribution channel is an important factor that hastened the growth of the global hemp oil market. The high cost of hemp oil is a significant factor that is expected to limit the target market’s future growth.
LEGAL OBLIGATIONS OF SELLING CBD PRODUCTS
The fact that the 2018 Farm Bill federally legalized industrial hemp and hemp extracts such as CBD oils does not mean that there aren’t significant regulatory concerns surrounding the industrial hemp industry. The 2018 Farm Bill effectively removed CBD from the federal Controlled Substances Act and the Drug Enforcement Agency’s oversight. Instead, it delegated control of the hemp industry and CBD oil to the FDA.
The FDA is still developing regulations, leaving the CBD industry in flux. So far, the FDA has indicated that marketing CBD as having health benefits are prohibited. In some cases, it has also launched a crackdown on CBD-infused foods and beverages. Understanding your legal obligations and playing it safe is critical in a highly scrutinized industry. While CBD businesses worldwide await clearer regulatory guidance, it is critical to base your marketing strategy on something other than the purported benefits of CBD. It’s also critical to stay current on new developments as the FDA drafts new regulations.
HOW TO GAIN A COMPETITIVE ADVANTAGE
The key to gaining a competitive advantage with staying power in the CBD industry is to create a high-quality print on demand product that can withstand the scrutiny of both regulators and educated consumers in the coming months. If you want to stand out from the crowd, you must provide third-party lab testing results to validate the quality of your product. Furthermore, pursuing certifications such as USDA organic, Good Manufacturing Practices, and FDA facility registrations are important steps. This will help in instilling consumer confidence in the quality of the product they are purchasing. Even if the process is complicated, the formula for success is simple.
Furthermore, you’ll need a system for warehousing and managing inventory for your print on demand hemp oil products. When you first start, this could be done at home. As your business grows, sign a warehouse lease at an eCommerce fulfillment center or outsource print on demand fulfillment services. Ensure that your fulfillment technology integrates well with your eCommerce platform, payment processor, and other software.
Finally, double- and triple-check everything. Understand that there will be changes. Research as much as possible and recognize future opportunities by thinking outside the box.
PRINT ON DEMAND HEMP OIL IS A HUGE BUSINESS OPPORTUNITY
If approached correctly, selling print on demand hemp oil is a huge business opportunity. The CBD industry offers unrivaled growth potential. The cannabis industry is one of the fastest-growing in the country, and CBD is one of its fastest-growing sectors. Hemp CBD products are increasing at an alarming rate, particularly since the passage of the 2018 Farm Bill. You are not alone if you want to start a CBD business. For the past century, this industry has been mostly illegal. There is a lot of momentum right now. Many people are attempting to break in, so avoid following the crowd. You aspire to be a leader.
Due diligence combined with creativity will position your company for success in the CBD industry. Now is the time to get in on the ground floor and build a company that will last but stand out from the crowd with a high-quality product. And you can easily do this with the help of the top eCommerce fulfillment company – Fulfillplex. With the right support and systems in place, fulfilling your orders can be very simple, especially as demand increases. When you can no longer do it alone, Fulfillplex will ensure that the products your consumer order are delivered on time. Get in touch with us now!