The exploding CBD market has generated considerable headlines. The latest one, by leading cannabis researchers BDS Analytics and Arcview Market Research, projects that the collective market for CBD sales in the U.S. will surpass $20 billion by 2024. Interestingly, this figure is a slight increase from the recent forecast made by New York-based investment bank Cowen & Co, which estimated that the market could pull in $15 billion by 2025. (Forbes, 2019).
The Brightfield Group estimates the market to be worth over $23.7 billion by 2023, as CBD finds its way into supermarkets, major retailers, gas stations, and big box stores, where lotions and tinctures seem to be flying off the shelves with considerable demand. Even former Kellogg North American President Paul Norman is betting big on CBD growth. “This market is going to grow four or fivefold to 20 plus billion dollars in consumer value over the next five years,” he says, as quoted by Yahoo Finance. “I believe, down the road, CBD will be widely available in all kinds of consumer products.” (PR News Wire, 2019).