CBD blazes past growth estimates
A walk through the show floor at Natural Products Expo West this year may have inspired attendees to sing a few lines from Old McDonald (E-I-E-I-O), with an Expo twist: “Here a CBD, there a CBD, everywhere a CBD.”
The opportunity for Hemp CBD is huge, the excitement from both consumers and brands is tangible and it’s easy to see why. NEXT Data & Insights is also excited by the opportunity Hemp CBD represents for our clients and partners and we are hard at work advocating for responsible growth of this category.
Earlier this year, the NEXT team partnered with Nutrition Business Journal (NBJ) to explore this opportunity in more detail. The NBJ team estimated the Hemp-Based CBD supplement market to be $238M in 2018, and conservatively, expects it to double by 2021 to $520M.
U.S. Hemp-Based CBD Supplement Sales
Driving this growth is a sizeable number of companies entering the space. From a sampling of 232 natural and organic product manufacturers, we found that:
- 29% currently sell a product containing Hemp CBD
- 27% were founded solely to market and sell Hemp CBD
- 65% plan to launch a Hemp CBD product in the next 1-2 years