Sales soared with a 333% increase in 2018
One report says that CBD sales have risen to the herbal supplement category in the United States. Unknown until a few years ago, CBD rose to the twelfth best-selling herbal dietary supplement in 2017, with a growth of 303% over the previous year. Between 2017 and 2018, CBD topped those numbers, topping the list of best-selling supplements and dethroning turmeric from the top spot it had held for five years in a row. In other words, the report shows that CBD sales are skyrocketing and disrupting long-standing trends in the herbal supplement industry, which has revenue of $ 8.8 billion.
In the United States, recent changes in federal and state laws have made CBD more accessible. And as knowledge and awareness of the benefits of cannabis grows, interest in CBD products increases.
In 2018, sales increased 333%, generating $ 52,708,488 in sales. It is important to note that these numbers represent CBD performance in the only health and natural food sales category. In other words, they do not include sales in retail cannabis stores or regular grocery stores and pharmacies.
In the health food and health food sales category, CBD now reigns supreme. It is not only the best-selling ingredient, but also the fastest growing. And for the first time since 2013, turmeric is no longer the number one top-selling natural herbal supplement. Turmeric sales, often considered the most effective nutritional supplement, only increased 0.4% in 2018.
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CBD sales soar, but hemp products plummet
Despite CBD’s historic performance in the natural products category, cannabidiol products are still not in the top 40 in the supermarket and drug store category. This is primarily because a complex regulatory landscape of changing state and federal laws has deterred large retail chains from offering CBD products. Despite federal legalization of hemp, for example, the FDA still does not consider CBD a legal dietary supplement. However, there are some notable exceptions. CVS, Walgreens, and Rite-Aid have launched certain CBD-containing products at some of their branches in the United States.
While CBD sales show no signs of slowing down, the federal legalization of hemp has yet to produce a similar increase in its sales. In fact, sales of hemp products decreased by 9.9% in 2018, according to the SPINS report. These are products like hemp seed oils with negligible amounts of CBD that are marketed for their omega-3, protein, and fiber content. Market analysts are not sure what explains the nearly 10% drop in sales of hemp products amid a more than 300% increase in sales of CBD products.
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