The US CBD Market Could be Worth $3 Billion
One of the biggest stories of the year is CBD.
These days, we’re finding CBD in drinks, in beauty and wellness products, in gummies, in soaps, lotions, oils, even in pet stores. Legalization efforts are well underway all over the world, with many more states legalizing its use for recreational and medicinal purposes. Even better, according to Green Entrepreneur, “The statistics show that the Cannabidiol (CBD) market size exceeded $2.8 billion in 2019 and is set to grow at around 52.7% CAGR between 2020 and 2026.” All as people throughout the world wake up to the potential benefits of CBD, including pain relief, the reduction of anxiety and depression, and potential neuroprotective properties.
In addition, according to CBD-Intel market data modelling, as noted by Food Industry Executive, “The US CBD market will break the $3 billion mark in 2023, with massive growth stemming from anticipated regulatory changes. CBD-Intel predicts US Food and Drug Administration (FDA) rules providing a federal path to market are only likely to be developed later this year at the earliest. As a result, food, drink and supplement products such as CBD oils, capsules and edibles will likely be hampered through 2021 and 2022 before fully coming into their own in 2023.”