Nielsen Holdings Plc released an estimated sales projection of $6 billion for the hemp-derived cannabidiol (CBD) market by 2025. The estimate made by Nielsen accounts for widespread legalization of CBD products within the United States and the total projection for all legalized cannabis sales, with CBD sales, is $41 billion by 2025. As some retailers and suppliers have already decided to begin sales of CBD products, the F.D.A. is in the exploration process of legal marketing for dietary supplements and foods that contain CBD.
Nielsen Holdings, stated: “As legal restrictions are loosened, the process of bringing a hemp C.B.D. product to market, including the leveraging of mainstream distribution channels, could soon mirror that of other C.P.G. (consumer packaged goods) products,” Nielsen said. “From over-the-counter medications, to cosmetics, pet care and even products throughout the traditional food and beverage space, the future potential of hemp-based C.B.D. could impact billions in C.P.G. sales across categories.”
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Nielsen’s estimates include a demographic sampling of consumers who identified as more likely to use a cannabis product. The specific demographic showed that the consumers who said they would use a product with cannabis or CBD are 41% more likely to drink beer and 36% more likely to have back or neck pain. The company recommended that companies who deal in cannabis and CBD products should target these related industries to attract more consumers.
“Of course, this will vary by product segment and brand and also by type of cannabis product being considered, but that’s all the more reason to invest in understanding cannabis trends and purchase behaviors,” stated Nielsen.
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