Retail sales of CBD in the U.S. are expected to surpass $1 billion in 2019 – a 133% increase over 2018 sales – and may eclipse $10 billion by 2024, according to projections from the newly released 2019 Hemp & CBD Industry Factbook.
The recent surge of consumer demand for CBD, coupled with increasingly easy access to CBD products, is expected to drive retail sales to about $1.1 billion-$1.3 billion in 2019.
Hemp Industry Daily projects retail CBD sales will increase to $10.3 billion by 2024, a five-year compound annual growth rate of 54%.
Sales are expected to double over the next few years before tempering as demand for CBD is met.
Following passage of the 2018 Farm Bill, CBD products have exploded in both popularity and retail presence.
Mainstream retail outlets now stocking their shelves with CBD-infused products include grocery stores, app