The Analyst’s Take: Mass market sales of hemp CBD projected to spike in 2020The Analyst’s Take: Mass market sales of hemp CBD projected to spike in 2020
NBJ estimates that sales of hemp CBD-based products will reach $4 billion by 2023, and that the channel dynamics will shift rapidly in the market over the next few years. This is the latest installment in our data discussion from Nutrition Business Journal’s senior analyst.
January 17, 2020
It’s quite possible that in the history of human commerce, no other product has been sold in a greater number of channels than CBD. Even narrowing the view to hemp-derived CBD supplements and beauty products, the statement holds true. Such products can be found in natural food stores, pharmacies, supermarkets, doctor’s offices, coffee shops, bookstores, boutiques, fitness clubs, pet shops, smoke shops and dispensaries.
With awareness of CBD increasing from 47% in 2018 to 70% in 2019, according to a Nutrition Business Journal survey, and product sales growing rapidly, the dynamics in terms of where these products are sold and purchased is also shifting. The largest shift between 2018 and 2020 is projected to happen in mass market retail, increasing from under 1% of the market in 2018 to almost a quarter of sales in 2020.
One primary product delivery format is driving this immense growth in grocery, mass and drug stores: topicals. Multiple large chains began selling topical hemp CBD products in 2019, though NBJ predicts this channel will only continue to have success as more stores offer supplement delivery formats.
Learn more in NBJ’s Hemp and CBD Guide. This comprehensive guide features full results from proprietary consumer and manufacturer surveys, New Hope Network Concept Lab analysis of delivery formats, science and regulatory updates and many more insights into this controversial market.
Looking for hemp and CBD products that are doing it right? Hemp Products Connectshowcases products from responsible brands reviewed and approved by New Hope Network Standards.
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