Top 4 Trends in the CBD Industry for the End of 2020
As we head towards the end of 2020, Centuria Foods Inc has been at the forefront of new innovations and advancements in technology. Our company was able to expand its remediation services, the Research and Development team, and almost triple the lab size at our new location.
Over the last six months, here at Centuria, we have noticed consistent trends throughout the hemp industry. Here are the top five trends in the CBD industry for the end of 2020.
Farmers and Their Brands
Overall, here at Centuria, we have seen an increase in farmers taking full control of their crops by wanting to supply and create their own products and brands.
“They’re wanting to supply or create their own products and brands that they can then basically control everything so they can control the growth and then they can control the formulation and the supply to their customers,” Adam Bannister, Digital Director for Centuria, said.
Farmers are wanting to create their own brands, but are not sure where to start because this is something a lot of people have not done before. The challenge now has become how are you going to stand out from other brands in the industry?
Our company provides our clients with different types of products on the market to help them stay competitive against other brands – such as our water-soluble products. Water-soluble products are able to get into your system much faster than an oil-based product and you are able to take a lesser dosage.
Consumers becoming more knowledgeable
How companies choose to brand themselves and their products is becoming more important and relevant because customers are becoming more knowledgeable about the products they are consuming.
“They are starting to understand what CBD is and how they should be buying quality products. They are starting to move away from the market CBD or gas station CBD and they’re starting to buy from trusted brands,” Bannister said.
Over the last year, different CBD companies have had lawsuits filed against them disputing claims that were put onto the labels of their products. Consumers are quickly starting to recognize these false labels and claims.
Some companies are using methods such as putting QR codes on their products so that customers are able to scan it and able to see the lab reports so they know what exactly they are consuming. Some customers are learning that certain products they have purchased are not even close to what it was advertised as.
Organic Products – Consumers Having More Trust
Consumers are starting to lean towards wanting organic products because they have more trust in them. Organic products are the most trustworthy because they provide traceability and consumer are able to see exactly what is going into them.
Centuria was the first company to receive organic certification from the United States Department of Agriculture (USDA). Our organic remediation process can take anywhere from three to seven days.
Having our remediation services organic certified means we are able to keep up with the demand of consumers wanting more organic products. By being organic certified, we are able to produce products that are grown without synthetic fertilizers, pesticides, herbicides, antibiotics, food additives, or generally modified seeds.
In order for consumers to have more trust in your products and brand as a whole, it is also important to make sure your company has the proper certifications in place. This is so that not only can you say that you provide the best products and ingredients, but you have documentation to back up those claims.
Building Trust Within Your Own Brand
Since companies are now wanting to build their own brands, they also are starting to build trust within that brand. They have had to do so by deciding how they are going to make their brand stand out from other brands on the market.
“That’s going to be one of the hardest things as well is to make sure that you’re building trust in your brand and doing that by just being open and transparent and being able to provide things like CoA’s or true lab results that the consumers can then feel comfortable and confident in doing that,” Bannister said.
Some companies are now providing QR codes on their products where customers are able to scan it and see what exactly is in the product and how it was made. Because some companies are starting to do this, other companies in the industry are going to have to find a way to stand out by making the customer trust their brand.
“Everyone is trying to sell CBD but how do you actually stand out from the market and I think really having something different like the water-soluble product and talking about the benefits of that versus the other products and the costs coming down and you can take less of it,” Bannister said.
Nevada Laboratories and Analytics, Inc. Centuria’s wholly-owned subsidiary is Oregon Tilth certified.
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