According to an analysis of online search data, CBD is now more popular than Beyoncé and Kim Kardashian, at least in terms of the number of searches done on these topics. A Knowledge Navigator (a backend data analysis tool) was used to map consumer trends, and it showed that interest in CBD had been rising exponentially for years.
The data used during this analysis was pulled from several online sources, including 12,000 URLs and social media platforms like Twitter and Instagram.
The graphs plotted by the Navigator show that CBD started seeing s significant rise in the number of online searches in 2017. Since then, its graph has been rising steadily without any sign of it peaking any time soon. As of this year, the graph for CBD had risen to surpass the number of searches done on popular topics, such as Kim Kardashian, Beyoncé, veganism and kale.
These findings are plausible because a similar analysis done by Google also shows that there has been an uptick in the number of times that the search query “CBD” is entered into the search engine.
The timing of the surge in online searches in 2018 also perfectly makes sense when you consider the regulatory events during that time. 2018 saw the Farm Act of 2018 debated and passed by Congress before President Trump signed it into law towards the end of December. In that law, hemp and products from it, such as CBD, were federally legalized.
A large number of companies has joined the fray to sell CBD-infused health and wellness products, including products for which anecdotal and scientific evidence exists regarding their therapeutic benefit for people suffering from anxiety, seizures and a host of other conditions.
However, the current lack of regulations for the industry has raised concerns among members of the public that buyers may be sold products having untested ingredients whose labels make unsubstantiated claims to lure buyers.
For now, there is no dispute that online interest in CBD has hit an all-time high and is still going higher as the CBD industry takes off. If the estimates that the CBD industry in the U.S. alone will be worth approximately $20 billion by 2024 are anything to go by, the public fascination with this cannabinoid is likely to soar even higher.
Analysts believe that this bullish trend in consumer interest is likely to spur industry players like Earth Science Tech Inc. (OTCQB: ETST) and Geyser Brands Inc. (TSX.V: GYSR) to take steps to consolidate their positions in the industry so that they can benefit from the expected boom in the sales of CBD products.
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