Why is there a tremendous discrepancy in the projections for CBD sales?
It’s clear that CBD is an early-stage industry. Significantly different projections regarding the potential size of the market by the Brightfield Group and Nielsen confirm that this is the case.
Brightfield Group a predictive analytics and market research firm has projected CBD sales to reach over $23 billion by 2023.
With a different conclusion, Nielsen, the global measurement and data analytics company, projects $6 billion by 2025.
Whether one has more confidence in the Brightfield or Nielsen projections, one conclusion is clear. CBD is quickly becoming a very large industry.
The potential for the CBD industry was once-again also confirmed by recent Gallup Poll data that indicated that 14% of Americans use CBD products.
What does this mean for Consumer Packaged Goods (CPG) companies seeking to launch food, beverage, cosmetic and nutritional supplement products?
A conclusion is clear. CPG companies can no longer sit on the sidelines. Most can benefit by adding CBD products to their existing product lines or by adding CBD to existing products, whether as a brand-extension strategy or a new CBD only brand strategy.