Cannabis and CBD Retail Market to Reach $33 Billion in 2024, according to Packaged Facts

CBD edibles and topicals are forecasted to be among the fastest-growing segments over the next five years

ROCKVILLE, Md., Feb. 24, 2020 /PRNewswire/ — U.S. retail sales of cannabis and CBD products reached $14 billion in 2019, and are on pace to increase 18% per year to $33 billion in 2024, according to data published in Cannabis and CBD: U.S. Retail Market Trends and Opportunities, the latest report by leading market research firm Packaged Facts.

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Cannabis products can be segmented by delivery format—i.e., the method by which the product’s desired compounds are ingested:

• The most common delivery format, flower—smoked in the form of buds or pre-rolled cigarettes—accounts for nearly 40% of retail sales.
• Another smokable product, vaporizer cartridges with concentrated THC or CBD compounds, comprises the second largest share. However, this share is falling as concerns about vaping-related lung illnesses rise and as states increasingly restrict sales of both nicotine- and cannabis-infused vaping products.

The fastest annual gains are projected for those delivery formats—namely edibles and topicals—that stand to benefit the most from federal legalization of hemp-based CBD. Major retailers—including foodservice establishments in certain states—are increasingly offering CBD-infused food, beverages, cosmetics, and toiletries that appeal to consumers because these products have the therapeutic benefits of CBD without the psychological effects of THC.

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Other major delivery formats include tinctures, pills and capsules, and ingestible oils, which are used for both marijuana- and hemp-based products. Ingestible oils made from hemp seed oil (which does not include CBD or THC) have been available for decades and are used by health-conscious consumers for their purported nutritional benefits.

For more information on this emerging market purchase the report from our website.

About the Report

Cannabis and CBD: U.S. Retail Market Trends and Opportunities (published January 2020, 142 pages) is now on sale.

The report analyzes cannabis and cannabis-related retail trends and opportunities in the U.S., with a focus on multi-state cannabis dispensary operators and food and beverage introductions, as well as market trends by state that highlight cannabis usage, regulatory, and dispensary location growth trends. The report also includes a 2019 cannabis market size by product delivery format, as well as detailed analysis of cannabis-related legal and regulatory trends at the federal and state levels.

Media members please contact our Communications Manager Daniel Granderson at dgranderson@packagedfacts.com to request a copy of the report summary. Those interested in purchasing the report may contact Research Specialist Frank Gaines at fgaines@marketresearch.com or visit https://www.packagedfacts.com/Cannabis-CBD-Retail-Trends-Opportunities-12949133/.

About Packaged Facts 

Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website and are also available through MarketResearch.com.

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SOURCE Packaged Facts