There is no doubt that the U.S. market for cultivating hemp is exploding. Hemp CBD raw material ingredients for supplements alone did $60 million in sales in 2018 and had predictably massive growth of 115%. While growth is not anticipated to remain over 100% every year, sales are projected to reach over $400 million by 2023. Hemp CBD now accounts for nearly 6% of all herb and botanical raw ingredient sales in the U.S., second only to turmeric, which represented 7.9% of the herb and botanical market in 2018.
However, with growth far outpacing other botanical ingredients, hemp CBD is projected to make up over 18% of herb and botanical supplement raw material sales by 2021. Even this massive growth potential in supplements represents only a portion of the opportunity, though, as demand for hemp CBD grows across other delivery formats—including topicals and food and beverage.
Learn more in NBJ’s Hemp and CBD Guide. This comprehensive guide features full results from proprietary consumer and manufacturer surveys, New Hope Network Concept Lab analysis of delivery formats, science and regulatory updates and many more insights into this controversial market.