Demand for CBD products has been steadily growing in recent years, but new analysis shows the industry is poised for explosive growth over the next 5 years.
A new report on hemp-derived CBD products by Hemp Industry Daily predicts demand will reach $2 billion this year with projections of nearly $7 billion within 5 years.
Considering that the market could see favorable U.S. Food and Drug
Administration guidance or legislation from Congress approving CBD in
ingestible products next year, Nielsen expects that by 2025, the market
for hemp-derived CBD products will generate $6.9 billion – a threefold
increase over five years.
The nearly 400% growth across multiple product categories will be driven by over-the-counter supplements, which makes up the largest proportion of sales at $1.5 billion annually. Pain relief and anxiety therapeutics will continue to dominant in this sector.
Read the full article at hempindustrydaily.com