- by Aseppak
- October 11, 2019
Did you know that almost two- thirds of CBD sales in 2017 were online? E-commerce has been the great driver for CBD sales so far. But the revolution is coming with the entrance of chain retailers to the equation. Given their reach and the fact that they bring a sense of familiarity to the equation, CBD is expected to grow considerably from 2019 on.
According to a report by the Brightfield Group the CBD market will be over $20 billion by 2023. The passage of the Farm Bill had an important effect in the market. There are now over 1,000 CBD brands operating in the category and they are getting more and more sophisticated by the day.
In May 31 of 2019, the FDA held the first public hearing with industry leaders and interest groups. More than 100 speakers testified about different topics like the effects of CBD in different people with different conditions and different forms of consumption.
The most popular products
The CBD market has been dominated so far by people looking to treat some sort of pain. Tinctures are the most popular products, followed by topicals, vape oil and capsules.
But the market is changing at a very fast pace and we are expecting a change in consumer segments and in the preferred methods of consumption. We expect a surge in cosmetics and lotions. And with the changing of regulation we are bound to see product innovation take a hold of the world of infusion into edibles and beverages, which is, to a great extent, the future of CBD.
Source: From Farm to Aisle- US CBD Market, 2019 report. Brightfield Group.https://www.brightfieldgroup.com
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