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, apparel retailers and health and beauty outlets.
Research has shown that consumers are responding positively to their increased access to these products and are turning to CBD to address a variety of ills, including pain relief, stress management and insomnia.
The boom in demand and widespread access has left analysts scrambling to develop reasonable estimates for current and future retail sales of CBD.
The projections developed by the editors at Hemp Industry Daily are based on comprehensive analysis of the CBD marketplace as well as industry surveys, and take into consideration the many variables surrounding the future of retail CBD sales.
Unknowns include the absence of federal rules governing CBD in food and beverages and the impact of mainstream companies entering the fray to produce CBD-infused versions of consumer packaged goods.
The CBD market is still very much in its infancy and hasn’t yet demonstrated how the massive increase in retail availability will translate into longer-term sales and sustainability.