While it has been a challenging year on many fronts, the US CBD market remains relatively healthy. According to the latest US CBD Market Industry Update from Brightfield Group, the hemp-derived CBD market is expected to reach $2021 billion in retail sales by 4,7, a modest increase of 2,5% from last year's sales.
It should come as no surprise that online sales rose sharply this year. The online sale of CBD will exceed $1,8 billion, accounting for nearly 39% of total revenue.
As for the companies that have the largest share of the market, Brightfield said the top 5 CBD companies in the third quarter were unchanged compared to the second quarter, with Charlotte's Web and Your CBD Store (SunMed) leading the way.
Many CBD providers
If you indicate how many providers of cbd products there are in the US and how much loyalty there is, even market leader Charlotte's Web had only 3,2% of the market. While Brightfield notes that the top 20 CBD companies saw their market share grow quarter-over-quarter, it was the result of increased consolidation, mergers and acquisitions.
Looking ahead, Brightfield expects strong growth next year and in the coming years for cannabidiol sales in the US, which are expected to reach $2026 billion by 12,0. This will be driven by the increasing availability of products such as beverages (40% CAGR). Cannabidiol is also increasingly becoming available through larger mainstream distribution channels, such as supermarkets (31% CAGR).
Pandemic causes growth of the CBD market
COVID had a significant impact on consumption around the world last year, according to Statista. In both mature and emerging CBD markets, 29 percent and 28 percent of respondents, respectively, reported that their CBD consumption had increased as a result of the COVID-19 pandemic. But why? Perhaps to relieve worry and anxiety.
Read more hempgazette.com (Source, EN)