CBD Sales Expected To Grow By 700% This Year
Interest in CBD is at an all-time high and shows no sign of slowing down. The Brightfield Group reports that CBD sales will see a 700% increase this year compared to 2018.
Brightfield managing director Bethany Gomez says that “we will see unprecedented growth in 2019.” Her firm also predicts that the CBD market will reach $23.7 billion by 2023.
The passage of the 2018 Farm Bill plays a major role in this growth since hemp is no longer a controlled substance. Many national retail chains like CVS also carry CBD products as of this year.
What Products Are People Using?
Brightfield reports that tinctures remain the most type of CBD product and drive 25% of total sales. However, a wide range of products are also gaining traction. Topicals are the second-most popular item (17%) and a wide range of beauty products (8%) are now available.
Lazarus Naturals carries a line of High Potency tinctures and a Standard Potency tincture. We even have a pet tincture with serving sizes of CBD that meet the specific needs of animals. Our product line also features a variety of topicals that include three balms and a CBD Massage Oil.
Click here to view the full list of Lazarus Naturals products.
Will The CBD Surge Continue?
The FDA is now reviewing public comments around current CBD rules. The administration forbids the use of CBD in ingestible products such as food and dietary supplements. However, if an alternative and lawful pathway is created for these products, the CBD market could experience another surge.
“It is clear that hemp-derived CBD-infused [products] present enormous market potential,” writes McCarton Ackerman, our Communications Coordinator, in a piece for GritDaily. “There are literally hundreds of options for CBD-infused products…as soon as the FDA paves the way.”