Mass Market Sales of Hemp-derived CBD Predicted to Rise Significantly

Photo: Pexels

Originally Appeared in Presence Marketing News, February 2020
By Steven Hoffman

Look out, specialty CBD retailers, the mass market is coming on. According to a survey conducted by Nutrition Business Journal, CBD supplements and beauty products are now sold in more channels than perhaps any other product in “the history of human commerce,” including natural food stores, pharmacies, supermarkets, doctor’s offices, coffee shops, bookstores, boutiques, fitness clubs, smoke shops, dispensaries, convenience stores and gas stations. Consumer awareness of CBD increased from 47% in 2018 to 70% in 2019, according to NBJ’s survey, and product sales continue to grow at a rapid pace. “The largest shift between 2018 and 2020 is projected to happen in mass market retail, increasing from under 1% of the market in 2018 to almost a quarter of sales in 2020,” says NBJ, which attributes much of that growth to the sales of topical hemp-derived CBD products. However, NBJ predicts that mass market channels will continue to see success in CBD sales as more stores offer dietary supplement product options. NBJ estimates that sales of hemp-based CBD products will reach $4 billion by 2023.