HEMP AT $11 BILLION MARKET BY 2020.
Based on its nationwide survey of 2,500 hemp-derived CBD consumers, SP+GTM algorithm predicts expects the hemp-derived CBD market to materially expand in the coming months and years, once a clear legal status and regulatory system are in place—paving the way for major investments, marketing campaigns and retail channel expansion. In 2019, we believe that hemp CBD will become a $591 million market—and by 2020, it is projected to be a more than $11-billion industry.
As hemp-derived CBD continues to leave the cannabis industry’s shadow, it is expected to reach a much broader audience than simply cannabis consumers as it orients itself toward a vast nutraceutical consumer base. As such, those looking to cultivate, manufacture and sell hemp CBD products effectively in the coming years must be conscientious of existing and evolving regional trends and differences that influence awareness, acceptance and availability of product around the country.