US CBD sales predicted to grow 706 percent to US$5 billion this year

US CBD sales predicted to grow 706 percent to US$5 billion this year

A report compiled by Brightfield is predicting meteoric growth for the US CBD market this year. US CBD sales are expected to grow 706 percent year-on-year to reach US$5 billion by 2019’s close, per the report, reaching sales of US$23.7 billion by 2023 – a CAGR of 107 percent.

Growth is being fuelled by the entrance of major players into the field, with several national drugstore chains, including CVS and Walgreens, as well as supermarkets such as Kroger stocking CBD topicals. The topicals sector now accounts for some 17 percent of the market, with skin care and beauty products (8 percent of the market) in particular gaining in popularity as they aren’t subject to regulatory restrictions.

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

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