By Karen Berger, PharmD, Medical Writer
The Brightfield Group is a predictive market and consumer intelligence firm that focuses on the legal CBD and cannabis industries.
In a recent report, Brightfield noted a seven-fold increase in the US CBD market. With the increased popularity of CBD combined with health, wellness, and anti-pharma trends, the analysts expect the market to grow to $23.7 billion by 2023.
“The CBD market has been growing rapidly, but we will see unprecedented growth in 2019,” Brightfield Managing Director, Bethany Gomez, said. She expects the bulk of growth to come from large chains, including CVS, Walgreens, and Kroger.
Some key points from the report include:
- Major retail chains will account for 57% of sales this year, even though these chains are new to the market.
- Tinctures account for 25% of sales, but are declining in popularity as more “mainstream consumer-friendly products surge.”
- Since topicals and skincare/beauty products are seen as the safest CBD products under current regulations, major retailers are starting with these products. Topicals account for 17% of the market, skincare/beauty products account for 8% of the market.
- There is an increased growth of natural food and smoke shop CBD.
- Vendors now feel more comfortable carrying CBD products.
- Dispensaries and recreational shops have seen a large increase in CBD sales.
- Of CBD companies, 1% were in the top tier (sales of $40+ million or being sold in greater than 1000 stores), and 92.9% of companies were in the low tier (sales of <$1 million or being sold in 0-100 stores)
What do you think about the massive growth of CBD in the US? How do you think this will affect state and federal law?
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