CBD, A Billion Dollar Industry
CBD is one of the fastest-growing industry in the world. It is estimated to reach $1.8 billion by 2022 & forecasted to be a 23 billion dollar business by 2025.
CBD/Cannabidiol is a non-psychoactive compound.
CBD is one of the most prevalent active ingredients of Cannabis Plant and it does not contain any significant amount of THC, hence CBD doesn't get a person high instead, it helps to feel better.
CBD is a Medical Marvel
CBD is popular for relieving pain, promoting relaxation, and lifting the mood. CBD has neuroprotective properties and is useful in resisting a variety of health conditions, such as:
- Depression & Anxiety
- Cancer-related symptoms
- Blood Sugar Level
- Seizures & Convulsions
- Muscle Tension or Strain
- PTSD & Nausea
The US is the biggest importer of hemp products in the world.
The 2018 Farm Bill now permits industrial hemp, which makes hemp-derived CBD as legal and in most states of the United States CBD is legalized for Therapeutic process. Currently, there are 850 brands of CBD products in the US market and it is used in the form of different products,
- Edibles and Beverages
- Vaping Devices
- Cigarette/ Smokeable Forms
More than 40% of Americans are interested in trying CBD.
Consumers are most likely to try CBD in the form of Oil & Tinctures, Topicals, Food, Beverages, Supplements, and Skin Care. Current total US CBD Consumer Sales in $813.2 million and is expected to reach $1,812 million by 2022. Colorado has 2,917 licensed Marijuana Businesses & 41,076 individuals who are licensed to work in the industry and has the highest Cannabis revenue, with over $1 billion.
More than 50% of consumers use CBD products daily.
- CBD usage static says 7% of US citizens are CBD consumers and is expected to increase to 10% by 2025, which equals 25 million people.
- Retail Sales of Cannabis-Compound CBD are projected to reach $16 billion by 2025 in the United States.
- 55% of CBD users are women and over the past year, the total number of women consumers grew 92%
CBD Industry Growth will Continue
CBD is popping up in a wide variety of products including oils, lotions, soaps, beverages and beauty goods. CBD products will continue to be accessible in mass retail outlets such as Pharmacy Chains, Department Stores, and Beauty Store.
- In 2018, the US sales of CBD Hemp Oil products reached $462 million. With the worldwide market for CBD hemp oil alone is expected to grow at roughly 31.08% CAGR over the next five years, reaching $760 million in 2023.
- The CBD Pet Supplies market is also one of the fastest-growing sectors in the CBD Market. CBD Pet & Animal Goods Sales in 2017 reached $13 million &it's expected to reach $125 million by 2022, that's a 57% CAGR.
- The newest niche is the food & beverage industry; currently, the CBD beverage market value is around $227 million and is expected to reach around $1.4 billion in 2023.
“According to a report on 2019 Food Trends, CBD is expected to make its way into Yogurts, Soups, & Salad Dressings by 2020."