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Exclusive: US retail sales of CBD may increase 133% in 2019, surpass $10 billion by 2024

Published October 16, 2019 | By Hemp Industry Daily staff

Retail sales of CBD in the United States are expected to surpass $1 billion in 2019 – a 133% increase over 2018 sales – and might eclipse $10 billion by 2024, according to projections from the newly released 2019 Hemp & CBD Industry Factbook.
The recent surge of consumer demand for CBD, coupled with increasingly easy access to CBD products, is expected to drive retail sales to about $1.1 billion-$1.3 billion in 2019.
Hemp Industry Daily projects retail CBD sales will increase to $10.3 billion by 2024, a five-year compound annual growth rate of 54%.
Sales are expected to double over the next few years before tempering as demand for CBD is met.
Since the passage of the 2018 Farm Bill, CBD products have exploded in both popularity and retail presence.
Mainstream retail outlets now stocking their shelves with CBD-infused products include grocery stores, apparel retailers and health and beauty outlets.
Research has shown that consumers are responding positively to their increased access to these products and are turning to CBD to address a variety of ills, including pain relief, stress management and insomnia.
The boom in demand and widespread access has left analysts scrambling to develop reasonable estimates for current and future retail sales of CBD.
The projections developed by the editors at Hemp Industry Daily are based on a comprehensive analysis of the CBD marketplace as well as industry surveys.
The estimates also take into consideration the many variables surrounding the future of retail CBD sales.
Unknowns include the absence of federal rules governing CBD in food and beverages and the impact of mainstream companies entering the fray to produce CBD-infused versions of consumer packaged goods.

The CBD market is still very much in its infancy and hasn’t yet demonstrated how the massive increase in retail availability will translate into longer-term sales and sustainability.
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Disclaimer: 
The information made available on this page is based on studies and research as well as experiences from CBD product users.
For a medical condition always consult with a healthcare professional before consuming CBD. These products are not intended to diagnose, treat, cure, or prevent disease, ailment or skin condition. Any information contained in or made available on our website is not intended to be used as, or be a substitute for, healthcare advice or information from licensed healthcare practitioners. Please consult a licensed health care practitioner regarding any potential interactions or complications before using our products.

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