The natural and organic food market is one of the fastest growing industries in the US. In 2016, natural and organic food and beverage sales totaled around $47 billion. Each year, new natural products are revealed to the public at the Natural Products Expo. This year, CBD was the natural product that took the spotlight.
Last Wednesday, the Natural Products Expo West held its very first CBD summit. Organizers of the event said the goal of this was to offer a glimpse of the potential for products made with CBD.
Apparently, that potential is sky high.
CBD: The “Next Big Thing” in Health and Wellness
One of the major points of discussion during the expo was how “hemp-derived, full spectrum phytocannabinoid” products (non-psychoactive CBD) could add to a $140 billion industry that is focused on health and wellness products. Retailers, doctors, lawyers, and businessmen and women were all in attendance, keen to understand how CBD could contribute to high-dollar natural product sales.
CBD was likened to the rise in popularity of supplements like fish oil and vitamin C. Members of the crowd of more than 500 people discussed how CBD is full of opportunity for members of the natural product industry to offer consumers their wellness and nutritional needs.
“It’s like anything that’s innovative and on-trend and disruptive,” said Todd Runestad, ingredients and supplements director for New Hope Network, a Boulder-based media company, “it tends to start in health foods stores, whether it’s pomegranate or plant protein or almond milk or CBD.”
Josh Hendrix, director of business development for Las Vegas-based extract company CV Sciences Inc. said, “This is the hottest product in the history of natural products, and there’s an opportunity for retailers to really sink their teeth into this whole hemp category.”
CBD Market Projected to Be Worth More Than $600 Million by 2022
According to Hemp Business Journal, the US hemp-based CBD market is estimated to reach $646 million by 2022. Its believed that 28 percent of these sales will occur in the natural and specialty market areas.
Currently, natural and specialty retailers are responsible for about 14 percent of the $190 million in US hemp-based CBD products.
When the Natural Products Expo West started on Wednesday, CBD was listed as a top trend to watch in 2018. The CBD summit was so full that there were attendees spilling out of the Marriot ballroom where the summit took place.
With the popularity of CBD products literally skyrocketing, we’re bound to see some fabulous new CBD products sweep the health and wellness marketplace in the months to come. When it comes to healing naturally and holistic health, CBD might just be the next big thing.