New Frontier Data, a global authority in data, analytics and business intelligence on the cannabis industry, has released The CBD Report: 2018 Industry Outlook.
In this report, New Frontier Data estimates that the U.S. CBD industry grew by nearly 40 percent in 2017, reaching $367 million in sales across hemp-derived and marijuana-derived markets. This marks the first year that sales of hemp-derived CBD products outpaced marijuana-derived CBD products. Surging demand is expected to lift both markets higher and 2018 will be a break-out year for CBD, with the total market expanding to more than $500 million in sales. The CBD industry will grow to $1.2 billion by 2020, and nearly $2 billion by 2022.
“The U.S. CBD market is primed for expansive growth across its three primary sectors, hemp-derived CBD, marijuana-derived CBD and pharmaceutical CBD. We have already observed market shifts in 2017 as the hemp-derived CBD sector outpaced marijuana-derived CBD for the first time, and we expect to see continued changes as the pharmaceutical sector officially opens in 2018. We project that by 2022, each of these three sectors will account for approximately one-third of the $1.9 billion total market,” said New Frontier Data CEO Giadha Aguirre de Carcer. Among the key findings from the report:
- The U.S. hemp-derived CBD market is estimated to grow to $646 million in 2022.
- The U.S. marijuana-derived CBD market is estimated to grow to $647 million in 2022.
- The start of sales of Epidiolex in late 2018 or early 2019 will officially open the pharmaceutical channel; Epidiolex will account for approximately one-third of the total CBD market by 2022, with sales of over $625 million.
- In 2017, there were over 25,500 acres of hemp grown across 19 states; 70 percent for CBD, 20 percent for seed and 10 percent for fiber.
Visit https://newfrontierdata.com/product/cbdreport2018/ to download the full report, which contains many more findings on CBD including states to watch, self-reported impacts of use, leading product categories and sales leaders.
Original article posted at https://themarijuanaherald.com/news/report-cbd-grew-40-in-2017-to-grow-to-2-billion-by-2022/