Hemp-CBD Market Demand Gaining Momentum While Projected to Reach $16 Billion By 2025
PALM BEACH, Fla., Jan. 11, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - A few years ago almost no one knew what hemp-derived CBD was. It was mainly sold by small brands online or through smoke shops as tinctures. All of a sudden, CBD is everywhere: as a staple ingredient in drinks, face creams, pet treats and is easily accessible to so many people suffering from medical conditions. CBD rides the waves of global food and health trends and natural health alternatives. A report from The Brightfield Group said: "It is no surprise to see that CBD is expected to grow to $16 billion by 2025. Especially as we see people turning to various CBD products for stress management or to promote better sleep. The wellness industry is just now picking up on the useful nature of CBD and how well it dovetails into general wellness products that are sold over the counter." It continued: "Analyzing this market and watching it grow up has been absolutely fascinating over the last few years. In the past decade, (we have) covered a wide range of consumer markets, from foods and drinks to telecom, gaming, and even cannabis (and) have never seen anything like the explosion that we've seen in CBD, even with the bizarre legal gray area where CBD operates. What is most notable is that this market has grown almost exclusively based on word-of-mouth. Digital marketing has been heavily restricted due to the legal gray area, but the Farm Bill officially de-scheduled hemp in 2018 and has paved the way for mass retailers, CPG, ingredients, and healthcare companies to enter the space. And that is changing the
game entirely." Active companies in the markets this week include: Pressure BioSciences, Inc. (OTCQB: PBIO), Canopy Growth Corporation (NASDAQ: CGC), Tilray Brands, Inc. (NASDAQ: TLRY), Cronos Group Inc. (NASDAQ: CRON), Charlotte's Web Holdings, Inc. (OTCQX: CWBHF).
Brightfield Group continued: "CBD is effective for various conditions, while remaining natural, non-psychoactive, and provides no known serious side effects. It can be grown domestically as a substitute for tobacco and provide a much-needed cash crop for American farmers. Globally, CBD markets are popping up, with growth seen in Canada and Europe. Canada saw over $3 billion in CBD revenue in 2020 from various products ranging from prerolls, oils, edibles, brinks, and vapes. We have no rose-colored glasses in terms of the bizarre and challenging regulatory framework that surrounds this industry and it may always be two steps forward, one step back. It may come across more problematic regulations and bumps along the way, especially as delta-8 enters the scene. But there is too much momentum, too much demand, and too much potential for this industry not to continue expanding toward the forecasted $16 billion by 2025.