The CBD boom has just gotten under way.
U.S. sales reached $4.2 billion in 2019, a 562% increase year over year, according to the Brightfield Group. At current pace, sales could reach $24 billion just in the next three years. “The bulk of this growth is coming from large retailers like CVS, Walgreens, and Kroger entering the market and providing that availability to consumers,” says Brightfield Managing Director, Bethany Gomez.
However, this is only the beginning of a bigger story. As consumers and corporations around the world wake up to the opportunity, CBD is becoming a major ingredient within wellness products. “Hemp-derived CBD has been touted in several medical studies as having a myriad of health benefits ranging from treating psoriasis, atopic dermatitis and eczema to minimizing seizures, stress, and insomnia,” says Forbes.
Retailers have just begun to jump on board, too. Neiman Marcus, Sephora, Vitamin Shoppe, Kroger, Barney’s DSW, Sephora, CVS, American Eagle, Dick’s Sporting Goods, Dollar General, and Walgreen’s have all jumped at the opportunity. With demand exploding, it’s setting the stage for a potential $24 billion boom just over the next three years, says the Brightfield Group.