According to Financial News Media, Brightfield Group recently released a report on the sales of CBD in the United States that shows sales of CBD reached $4.7 billion in 2021, an increase of 15% over sales in 2020. The pandemic constrained CBD growth, with brands losing revenue from store closures, but a strong e-commerce presence helped brands make up for the loss in sales, particularly those with extensive direct-to-consumer experience, a database of newsletter subscribers and a large social media following.
According to Brightfield, 52% of CBD consumers surveyed in October/November 2020 moved their CBD purchases online because of the pandemic, with Gen X shoppers being the most likely to switch to e-commerce to purchase CBD. In 2021, Brightfield estimated that online sales surpassed $2 billion and accounted for 38% of the total market.
When it comes to product type, tinctures are leading the pack, with the largest share in retail sales accounting for 22% of retail sales and driving 18% of CBD retail sales in 2021. However, continued innovation in the space with alternative delivery formats will shrink this lead. For example, drinks and gummies were the fastest growing product types in 2021, with 71% and 44% year-over-year growth, respectively.
Active companies in the markets today include The OLB Group, HEXO Corp., Organigram Holdings, Tilray Brands and Canopy Growth Corp.
Topicals and skincare have gained a great deal of traction as mass market retailers signed on to carry topically applied CBD products. As a result, topicals made up a 16% share and skincare products made up a 7% share of the market in 2021. Looking ahead, said Brightfield, CBD sales will reach $16 billion by 2026.
Founded in 2015, Brightfield Group provides data-driven answers for the CBD and cannabis industries.