Cannabidiol has become a part of today’s society as consumers have retorted to its likes for health improvement purposes. Its growth has been astonishing given how quickly it developed in a matter of time. The recent issue of the 2nd Annual Hemp & CBD Industry Factbook by Hemp Industry is out and apparently, what’s to come will be even bigger.
According to the press release, Hemp Industry has predicted that the CBD industry will have surpassed a worth of $1 billion in 2019 in comparison to last year, which is equivalent to a 133 percent increase. If this isn’t big, the industry is expected to reach $10 billion in just five years from now, i.e. 90 percent growth.
The bar graph labelled, “Annual U.S. Hemp-Derived CBD Retail Sales Estimates: 2019 – 2024,” provides estimates of sales for the years 2019 up until 2024. The jumps from year to year are quite different. For instance, by 2020, we are expected to see an increase of 67.7 percent, with the market maturing in 2021, with an increase of 89.4 percent compared to 2020.
Things start to drop from there, but significant increases will still be present, but with just about any industry, the hype will eventually start to drop.
Editor of the Factbook, Kristen Nichols noted that the increases are a result of consumer demand and access to said products. She also said:
“We project retail CBD sales will increase to $10.3 billion by 2024, a five-year compound annual growth rate of 54%.”
That is, on average, we can expect to see a 54 percent growth over the course of five years. An obvious factor that can shoot these numbers out the roof is research. The current CBD product market is going on a whim with a limited number of studies available. However, once more research is conducted, the FDA realizes its worth, and some regulation is in place, retail sales are anticipated to reach new levels. Nichols went on to add:
“Imagine running a race with brand-new shoes and a burst of energy but no idea what the course looks like. That's somewhat the position in which today's hemp industry finds itself,” […] “Relying on deeply researched data points along the way could make the difference between hitting the finish line and running off course.”