CBD sales to reach $1.8 billion USD by 2022
What is CBD?
CBD oil or cannabidioil is derived directly from the hemp plant, the marijuana plant’s cousin. Although CBD is a component of marijuana,it doesn’t cause a “high” by itself.
CBD is commonly used to treat anxiety, chronic pain and for patients who suffer with insomnia. But, it’s also been renowned for treating childhood epilepsy syndromes. In numerous studies, CBD was able to reduce the number of seizures and in some cases even stop them altogether.
In fact, CBD sales are expect to reach around $1.8 billion USD by 2022. A massive increase from around half a billion dollars in 2018.
Overall, the CBD consumer market is following the trend of the legal cannabis market in the U.S., which is projected to be a 23-billion-dollar business by 2025.
Global market share of CBD in 2018
This statistic shows the market share of hemp-derived CBD worldwide in 2018, categorized by country. In 2018, 49 percent of the CBD market belonged to the United States, the largest market share worldwide. Followed by Europe who stands at 35.2 percent and China at 11.2 percent.
Where consumers purchase CBD
U.S. Research and consulting firm, Technomic, conducted a survey on where consumers purchased CBD products in the U.S. in 2019. According to the data, 49 percent of the respondents shared that they purchase CBD products from drugstores. Forty-three percent of respondents also said general online retails and 41 percent answered health food or supplement stores.
The future of CBD
In Canada CBD is legal and has been used in the treatment of various medical conditions. While in the U.S., the regulation for CBD is yet to be clearly established. However, a big step was taken when the FDA approved Epidiolex, a CBD oil to treat epilepsy, in 2018. Overall, the legality of CBD in the U.S. is expected to change with consensus in the congress to make the hemp crop legal.