How big will the US retail CBD industry be in 2022? New report published by MJBizDaily predicts that it will grow from $500M in 2018, to up to $3B by 2022.
A new report, published this week by MJBizDaily, estimates that US hemp-driven CBD retail sales will continue to grow fast, reaching $3B by 2022. According to the research from MJBizDaily’s new 2018 Annual Hemp & CBD Industry Factbook, the market will continue to grow, reaching 760M-930M by 2019, B1.2-B1.4 by 2020, B1.8-B2.2 by 2021 and up to B2.5-B3.1 by 2022 (see table below)
These predictions follow earlier research made by Brightfield Group that estimated that The US CBD market will reach $22 Billion by 2022 once the farm bill is approved. Looking at the online vs offline CBD retail sales, they predict that by 2022 chained retailers will account for 64% of sales, with natural food stores bringing in 15%, and online sales at around 12%. This is unlike the situation today where retail shops are still out of the game.
Recreational CBD products are on the rise
Unlike 2018 when CBD tinctures dominated the market with 39% of sales, CBD topicals at 19%, and CBD Softgels /Capsules at 17%, new products are expected to take the lead. One segment to look into is the Recreational CBD segment, with products such as CBD cosmetics, CBD water, CBD flowers, CBD edibles, terpene infused-isolates etc. These products are expected to become a major sector, appealing to more casual users, using CBD daily and recreationally.
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US Legal Cannabis Market to reach $47B
More numbers, coming from RBC Capital Markets predict that the United States cannabis market could be worth over $47 billion within the next 10 years or less. They believe that the legal cannabis category is set to grow at a 17% CAGR over the next decade to as much as $47 billion in annual sales.
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