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CST: 23/04/2019 15:10:56   

US Sales of CBD Products Grew 57% in 2018 to $238 Million, According to Nutrition Business Journal

12 Days ago

Study Finds Consumers Highly Likely to be Confused or Unaware of the Science or Legality Behind Hemp and CBD, Making Education Crucial

BOULDER, Colo., April 11, 2019 (GLOBE NEWSWIRE) -- U.S. sales of CBD and hemp oil products containing CBD reached $238 million in 2018, up 57 percent from 2017, according to a new study by New Hope Network’s Nutrition Business Journal. The study is one of the largest consumer and manufacturer studies to date on hemp and CBD, aimed at understanding perceptions and business opportunities around this in-demand ingredient.

Nutrition Business Journal sought to understand what consumers know now and what they remain confused about around hemp and CBD. The study found that while 47 percent of U.S. consumers are familiar with CBD, a significant percentage (38%) are entirely unfamiliar with the ingredient, and many of those who do know about CBD are highly likely to be confused or unaware of the science or legality behind it. Of those consumers who are familiar with CBD, 57 percent have considered purchasing, 47 percent have actively researched the ingredient, and 30 percent have made a purchase.

“Reaching and reassuring consumers is crucial for CBD manufacturers. Even consumers who are unsure about the science or legal standing of the ingredient show high purchase intent, suggesting growth could be astronomical for brands that deliver on education,” explained Claire Morton, Senior Industry Analyst for Nutrition Business Journal.

A full 65 percent of natural and organic product manufacturers surveyed expect to launch new hemp-derived CBD products in the next 1-2 years. Of those manufacturers, 29% currently sell CBD products while 71% do not. About one-quarter (27%) were founded solely to market and sell CBD products, while the majority (73%) are expanding their offerings to include CBD products.

“As demand for products with CBD grows, all stakeholders are important in building a responsible and transparent marketplace. We can’t eliminate risk in any category, especially not this one, but reducing that risk is possible. By taking a broad look at all of the factors impacting the industry, the 2019 Hemp & CBD Guide gives companies what they need to know as they go forward, especially those just stepping in now,” said Rick Polito, Editor-in-Chief of Nutrition Business Journal.

Nutrition Business Journal’s complete 2019 Hemp & CBD Guide is available for purchase at nutritionbusinessjournal.com/cbd. The robust resource offers the most comprehensive consumer research to date (more than 2,700 respondents representing the general population) combined with consumer concept testing to predict market performance of hemp and CBD products. The Guide takes a close look at obstacles and opportunities by sales channel and provides updates and clarifications on legal and regulatory risks. NBJ presents these data and insights with actionable takeaways designed to make navigating the hemp and CBD market as low-risk and high-profit as possible. Designed as a guide for a complex market, the NBJ Hemp & CBD Guide presents a fit-for-purpose road map to success in the fastest growing category in natural products.

About Nutrition Business Journal
Nutrition Business Journal guides decision makers in the nutrition and health wellness space in developing their strategy, understanding trends, realizing opportunity and analyzing potential risks. NBJ’s market research reports provide business intelligence and thought leadership to all levels of the nutrition industry. Each report is exhaustively researched by our staff of industry experts and presents an analysis of markets, trends, competition and strategy in the U.S. and Global nutrition industry. Learn more at nutritionbusinessjournal.com

About New Hope Network
New Hope Network is at the forefront of the healthy lifestyle products industry. With solutions for the complete supply chain from manufacturers, retailers/distributors, service providers and ingredient suppliers, the network offers a robust portfolio of content, events, data, research and consultative services. Through its mission of growing healthy markets to bring more health to more people, New Hope Network helps businesses identify the people, products, partnerships and trends that create better opportunities and connections. For more information visit www.newhope.com.

Press Contact
Carrie Kocik
New Hope Network
(617) 694-5971
ckocik@newhope.com

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