Exploding sales with 333% progress in 2018
Un rapport indicates that sales of CBD have jumped into the category of herbal supplements in the United States. Unknown a few years ago, CBD has moved to the 12 rank of the top selling 2017 herbal supplements, with 303% growth over the previous year. Between 2017 and 2018, the CBD has surpassed these numbers, topping the list of best-selling supplements and dethroning the leading turmeric it has held for five consecutive years. In other words, the report shows that CBD sales are skyrocketing and disrupting long-standing trends in the herbal supplement industry, which represents a turnover of 8,8 billion dollars.
In the United States, recent changes to federal and state legislation have made the CBD more accessible. And as knowledge and awareness of the benefits of cannabis increases, interest in CBD products increases.
So in 2018, sales jumped by 333%, generating $ 52708488 in sales. It is important to note that these numbers represent the performance of the CBD in the only category of sales of natural foods and health foods. In other words, they do not include sales in retail cannabis stores or in general grocery stores and drugstores.
In the category of natural food and health food sales, the CBD is now a master. It is not only the best selling ingredient but also the one that has grown the fastest. And for the first time since 2013, turmeric is no longer in the top spot of the best-selling natural herbal supplements. Sales of turmeric, often considered the most effective nutritional supplement, increased by only 0,4% in 2018.
CBD sales boom, but hemp products fall
Despite CBD's historic performance in the natural products category, cannabidiol-based products have not yet been ranked among the top 40 in the grocery and consumer pharmacy category. This is mainly because a complex regulatory landscape of changing federal and state laws has deterred large retail chains from offering CBD products. Despite the federal legalization of hemp, for example, the FDA still does not consider CBD a legal dietary supplement. There are, however, some notable exceptions. CVS, Walgreens and Rite-Aid have all deployed some CBD products in a handful of their US stores.
While CBD sales show no signs of slowing down, the federal legalization of hemp has not yet produced a similar increase in sales. In fact, sales of hemp products decreased by 9,9% in 2018, according to the SPINS report. These are products such as hemp seed oils with negligible amounts of CBD that are marketed for their omega-3, protein and fiber content. Market analysts are uncertain as to why 10% sales of hemp products are down in the context of more than 300% sales of CBD products.