Hemp-Derived CBD Will Outpace All Other Cannabis Markets, Projected to Hit $22 Billion by 2022: New Report
The hemp-derived CBD market is expected to hit $591 million this year, and, according to a new Brightfield Group report, it may grow 40 times this size—to $22 billion by 2022—if the 2018 Farm Bill passes. The rapid growth will be supported by an anticipated explosion in distribution channels for these products in the next few years; chain retailers are expected to enter the market as soon as 2019.
Tinctures are driving the hemp CBD marketplace, but topicals and capsules are gaining footholds—reflecting broader social trends toward wellness products and anti-pharma attitudes, according to Brightfield.
As major retail companies get into the game, those larger consumer forces will play a role in hemp-derived CBD sales growth. This is an entirely different marketplace than regulated cannabis retail in state-legal adult-use programs. “Once the—if the—hemp farm bill passes in the next month or two, that’s going to be the nitroglycerine that really ignites the hemp industry, because it’s furthering and solidifying the protections from the first 2014 Farm Bill,” Pelger said. “That’s going to give a lot of coverage to the bigger players who have been a little bit nervous to get in.” Like Whole Foods, say, or Walmart. “There are so many different types of wholesale retailers where a CBD product could appear that once all of them start flooding into this market, it’s really going to be an amazing thing to see,” Pelger said. “It’s amazing to see the growth that’s happened already, and it’s only the organizations getting in that have some bravery to them.”
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