CHICAGO — The hemp-derived cannabidiol (CBD) market in the United States could more than double by 2027, provided the US Food and Drug Administration approves its use in food, beverages and dietary supplements, according to a mid-year report from the Brightfield Group.
The Chicago-based Brightfield Group, a research firm that covers the CBD market, developed two forecasts, one with FDA approval and one without. With FDA approval, the US CBD market would shoot up to $11 billion in retail sales in 2027 from an expected $5 billion in 2022. Without FDA approval, the market would increase to over $6 billion.
With FDA approval, the Brightfield Group foresees compound annual growth rates of over 40% for CBD products in mass merchandisers/club stores and grocery stores. Without FDA approval, the CAGR for both categories would be under 10%.
The Brightfield Group expects topicals to make up nearly 42% of CBD grocery store sales in 2022, followed by tinctures at 19%.CBD is found in both hemp and marijuana, but the FDA does not allow it in food, beverages or dietary supplements because CBD is an active ingredient in Epidiolex, an FDA-approved drug.