© 2023 MJH Life Sciences™ and Nutritional Outlook. All rights reserved.
The American Herbal Products Association’s Second Annual Hemp-CBD Virtual Congress, to be held virtually on August 27th, will feature a panel called the "Hemp-CBD Farm and Retail Financial Snapshot."
The American Herbal Products Association’s (AHPA; Silver Spring, MD) Second Annual Hemp-CBD Virtual Congress, to be held virtually on August 27th, will feature a panel called the "Hemp-CBD Farm and Retail Financial Snapshot." This panel digs into financial projections of the hemp-CBD market from speakers that are deeply involved in investment and measurement of the hemp-CBD sector.
For example, Roy Bingham, executive chairman and co-founder of BDS Analytics, will delve into the growth projections of the various channels and product categories through which CBD is sold. “We think this is important because although the dispensary channel product is not hemp-derived, as far as consumers are concerned it says CBD on the bottle and its source is less important than its benefits,” said Bingham in a press release. “Also, the 2019 market of $2.6 billion was 43% dispensary sales as it was by far the largest channel and many cannabis brands have now also entered into the unlicensed hemp-CBD channels. Additionally, the dispensary customer tends to be a well-informed consumer (at least when it comes to cannabinoids) who is likely to influence others who shop in other channels.”
BDS Analytics projects that the $2.6 billion 2019 U.S. CBD market (which includes $1.1 billion in dispensary sales) will grow to $18 billion by 2024. While dispensaries will still be the largest channel, and legal cannabis is the fastest growing industry in the U.S., sayd BDS, its share has fallen to 24%, with 10 other channels growing more rapidly. These include eCommerce, Natural/Vitamin, Grocery, Mass, Convenience, Drug, Beauty, and PetVet. This growth will translate into greater use of CBD across 10 categories.
“Today we see a few products incorporating CBD within product categories including sublingual, inhalable, confection, skin/beauty, wellness, supplements, food, beverages and pet care,” Bingham said. “By 2024 BDSA expects to see products with CBD as an ingredient to be a significant part of many of these categories, including many of the leading products. They also expect other cannabinoids to be featured in many of these products too as consumer awareness expands from CBD to cannabinoids.”
To learn more about the agenda, and to register, click here.