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The CBD market is one of the most explosive markets globally due to the tremendous opportunities this cannabinoid brings. One of more than 85 cannabinoids identified in marijuana and hemp, and unlike the more widely recognized compound tetrahydrocannabinol (THC), is not psychoactive, meaning it doesn't cause a high. CBD products can be derived from industrial hemp plants or marijuana plants. With the significant growth forecasts, its certain to catch the attention of investors.
The wellness industry is growing rapidly, generating an estimated $3.72 trillion annually. In addition, the attitude in the wellness environment is shifting regarding premium quality cannabinoid products. Sales of natural pet supplement sales nearly doubled between 2008 and 2011, and with an increasing focus on pet health, the market for pet supplements is projected to show significant and continuing expansion. Estimates show that U.S. retail sales of pet supplements and nutraceutical treats will grow 3 to 5 percent annually, bringing the market to almost $1.6 billion. Globally, the pet supplement market is also expected to experience tremendous growth.
The demand for CBD has only just started recently with an evaluation of $202 million in 2015. At this point, CBD products account for $112 million derived from cannabis and $90 from hemp. The Brightfield Group estimated that the sales of CBD products derived from hemp increased by an astounding 100% to $170 million in 2016. The Brightfield Group published a report in 2017 stating that they expected CBD products derived from hemp to grow 55% annually over the next 5 years.
The Hemp Business journal estimates that the total sales of CBD products will be in excess of $21 billion by 2020 with sales of hemp derived products to be $450 million. Other analysts like Greenwave Advisors are optimistic and place the market at $3 billion by 2021.
Per Statista, it is expected that U.S. consumer sales of cannabidiol – usually abbreviated as CBD – will reach around 1.8 billion U.S. dollars by 2022. That would be a massive increase from around half a billion dollars in 2018. Thus, the CBD consumer market is following the trend of total legal cannabis market in the United States, which is projected to be a 23-billion-dollar business by 2025.
Total U.S. cannabidiol (CBD) consumer sales 2014-2022 (in million U.S. dollars)