Brightfield Group often comes up with CBD sales estimates. Given the growing popularity of cannabidiol, it is only natural that the estimates keep growing now and then. As per the organization’s latest calculation, the revenue from cannabidiol sales in the US has reached around $5.5 billion this year, up by 15% from 2020’s figures. The epidemic has constrained cannabidiol’s growth somewhat, as brands lost revenue due to store closures. Anyhow, a strong web presence has aided brands in making up for that issue. That is especially true for CBD brands with a lot of social media followers and newsletter subscribers.
As per the group, 52% of cannabidiol consumers surveyed from October to November 2020 has moved their purchases online due to the epidemic. Out of them, Gen X buyers have the most chance of switching to ecommerce platforms for CBD purchase. This year, Brightfield Group estimates online sales to go above $2 billion as well as account for around 40% of this market.
In the case of product category, tinctures have the biggest share in CBD retail sales, and those goods constituted 22% of the sales last year, and drove 18% of this year’s sales. Anyhow, the group feels that constant innovation in this industry with alternative methods of delivery would shrink that lead. For instance, gummies and drinks are likely to become the quickest growing types of CBD goods this year, with 44% and 71% YOY growth, respectively.
CBD skincare items have gained considerable popularity as retailers in mass markets have agreed to carry topical CBD items. Consequently, CBD skincare products have a share of 7% of the cannabidiol market, whereas other topical items have a 16% portion of it this year. The group expects that CBD’s sales would be $16 billion in five years.
The Other Observations Of The Group
The report also says that CBD brands go beyond new designs and wacky flavors. They focus on functional components that can have a considerable effect on the user. Just like in 2020, immunity is an important focus area for the industry this year. Elderberry, Vitamin C, zinc, and echinacea are all popular ingredient options among consumers. Minor phytocannabinoids such as CBN and CBG are still popular for 2021, as those play a part in the so-called entourage effect of full-spectrum hemp derivatives. For your information, that is the effect of all phytocannabinoids working together.