Study Cites Rapid Maturing of a Category as Ingredient is Taking its Place Among Many Specialty Herbs & Botanicals
BOULDER, Colo., March 16, 2021 (GLOBE NEWSWIRE) -- U.S. sales of hemp CBD products declined 2% to $803 million in 2020 in a clear contrast to the exuberance of 2018, when sales growth for all hemp CBD products went stratospheric at 114%, and 2019 when sales grew by another 100% from a base twice as large. These findings are discussed in a newly released Hemp Special Report by New Hope Network’s Nutrition Business Journal, which gives a realistic analysis and view into the trajectory of hemp, explaining why growth in this once chart-topping category stalled completely in 2020.
The report asserts that, as in many areas of commerce, 2020 provided an acceleration of trends already in play, not an out-of-nowhere change in direction. For hemp CBD, this means the rapid maturing of a category, and Nutrition Business Journal anticipates hemp CBD likely will remain an ingredient of note, taking its ranks among echinacea and turmeric in the supplement cabinets, functional foods and supplement aisles of a robust future.
According to Rick Polito, Nutrition Business Journal editor in chief: “Even before the coronavirus arrived in the U.S., hemp CBD was destined for a slowdown. It's easy to point the finger at a Covid-centric shift in consumer mindset as the culprit -- but this report reveals that the full story is much more complex and surprising. The challenge for brands, suppliers and investors is calculating how much of the slowing and declining sales to attribute to the pandemic. None of this means that the hemp CBD market is doomed. But all of it means that brands are going to have to come to grips with a changed market.”
Looking ahead, Nutrition Business Journal remains bullish about the category, anticipating continued growth in the coming years and estimating that sales growth for the total hemp CBD market is on track to jump back to 16% in 2021 with expectations that gains will hover in the mid-teens through 2023. CBD supplement sales fell an estimated 5.9% in 2020, with a similar growth trajectory predicted.
Nutrition Business Journal’s complete Hemp Special Report is available for purchase online. With market sizing across four categories and six sales channels of hemp CBD products, plus three years of longitudinal consumer survey data and data on CBD supplements by delivery format, find out whether hemp will find its way back to the forefront, or if it's ready to take its place among other specialty herbs and botanicals—and why.
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.
About Informa Markets:
Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. We provide marketplace participants around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, targeted digital services and actionable data solutions. We connect buyers and sellers across more than a dozen global verticals, including Pharmaceuticals, Food, Medical Technology and Infrastructure. As the world’s leading market-making company, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com.
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