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Brightfield Group recently released a report on the sales of cannabidiol (CBD) in the United States.
Brightfield Group recently released a report on the sales of cannabidiol (CBD) in the United States. According to the report, sales of CBD reached $5.3 billion in 2021, an increase of 15% over sales in 2020. The pandemic constrained CBD growth, with brands losing revenue from store closures, but a strong e-commerce presence helped brands make up for the loss in sales, particularly those with extensive direct-to-consumer experience, a database of newsletter subscribers, and large social media following. According to Brightfield, 52% of CBD consumers surveyed in October/November 2020 moved their CBD purchases online because of the pandemic, with Gen X shoppers being the most likely to switch to e-commerce to purchase CBD. In 2021, Brightfield estimates that online sales will surpass $2 billion, and will account for 38% of the total market.
When it comes to product type, tinctures are leading the pack, with the largest share in retail sales, accounting for 22% of retail sales in 2020, and driving 18% of CBD retail sales in 2021. However, continued innovation in the space with alternative delivery formats will shrink this lead. For example, drinks and gummies are expected to be the fastest growing product types in 2021, with 71% and 44% year-over-year growth, respectively. Topicals and skincare have gained a great deal of traction as mass market retailers signed on to carry topically applied CBD products. As a result, topicals made up a 16% share and skincare products made up a 7% share of the market in 2021. Looking ahead, says Brightfield, CBD sales will reach $16 billion by 2026.
Read the full report here.