CBD Industry to Increase 706% Through 2023, Report Predicts

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Chicago, IL—A report by Brightfield Group uncovered shifts across the U.S. Cannabidiol (CBD) industry signaling a seven-fold increase in the market, according to a press release. The market is on track to grow to $23.7 billion through 2023.

Brightfield managing director Bethany Gomez said in the release: “The CBD market has been growing rapidly, but we will see unprecedented growth in 2019. The bulk of this growth is coming from large retailers like CVS, Walgreens, and Kroger entering the market and providing that availability to consumers.”

Highlights of the report include:

  • Tinctures, which still dominate the market, are losing their lead as more consumer-friendly products surge
  • Topicals (17% of the market) and skincare products (8%) have grained traction, in part because mass retailers are carrying these products and they’re considered safe, given current regulations
  • Natural food and smoke shop CBD revenues continue to grow and thrive, with increased uptake now that vendors feel more secure carrying the product
  • 1% of CBD companies were in the top tier, with sales of $40+ million or being sold in more than 1,000 stores, while 92.9% were in the low tier, with sales of under $1 million or being sold in 0-100 stores.

Access the full report here.

Related: Phytocannabinoids: 25 Things to Know Now

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