The Rise of CBD in the Wellness Industry and Current Trends

• Published May 24, 2024

The CBD industry is booming, with Precedence Research reporting that the global CBD market reached $8.13 billion in 2023. It is still growing, with revenues projected to grow to $35.96 billion by 2033. In just the U.S., the market size was $4 billion for 2033, with a projected growth to $17.69 billion by 2033. Though the projections vary among the various research organizations, they all share one thing. The CBD market is already large and expected to grow due to various trends.

CBD Market Trends Pointing to Phenomenal Growth

What is driving this rapid CBD growth, and what does it mean for the CBD retailer? It is not one trend but a convergence of CBD market trends that leads to a more extensive variety of CBD markets and more sales.

1. Growing consumer interest

Consumers are learning more about CBD, especially the fact it is non-psychoactive and helping so many address the wellness issues they are experiencing. Grandview Research points out that growing interest in the potential therapeutic benefits of CBD is leading to more clinical research, retail venues and product forms. Grandview Research defines the CBD market growth as high and growth as accelerating. There is a high demand for CBD oils, tinctures, capsules, lip balms, salves, concentrates, lotions and edibles, like CBD gummies.

E-commerce sales of CBD products are growing too, accounting for approximately 40% of sales.