Consumers are clamoring for Cannabidiol (CBD), as indicated by a recently released market estimates. BDS Analytics out of Boulder, Colorado, who tracks the cannabis market, forecasts that CBD sales will exceed $20 billion by 2024, representing a compound annual growth rate of 49 percent. The forecast includes the range of products for cosmetics, health products, food and beverage, pet products, skin care, and pharmaceuticals sold through licensed dispensaries, pharmaceuticals and in general market retail channels - from cafes and smoke shops to grocery stores, pharmacies and mass merchants.
BDS Analytics points out that compared to other nutraceutical and or supplement ingredients, CBD is in a unique position because as an active ingredient in cannabis, it has a much touted history of use for health and wellness with anecdotal evidence of efficacy. Also it is one of the few natural remedies with scientific basis for at least some of the claims being made about its curative powers.
While the perceived benefits of CBD have caught and captivated the attention of consumers. BDS Analytics notes that consumer penetration for hemp-derived CBD products in the US still is only 15 percent today. Most notably, there is substantial consumer interest in ingestibles (tinctures, pills, beverages, food) and topicals (creams, balms, salves) formats.
FDA CBD Public Hearing
In the midst of such consumer enthusiasm, the U.S. Food and Drug Administration announced that it will hold its first public hearing Friday, May 31, on how it should regulate CBD products in food and drink products. FDA announced that is wants to obtain data and information about the safety, manufacturing, product quality, marketing, labeling and sale of products containing cannabis or cannabis-derived compounds. In addition to oral presentations and comments, FDA is accepting written or electronic comments until July 22. For information on submitting electronics comments, see: https://www.federalregister.gov/documents/2019/04/03/2019-06436/scientific-data-and-information-about-products-containing-cannabis-or-cannabis-derived-compounds
In the meantime as the market continues to grow into new areas, we are pleased that BIOTONE has been ahead of the game in providing spa and massage industry professionals and consumers with CBD products to meet their demand for ingestibles and topicals. Our Lab+Blends line of professional and consumer offerings include Lab+Blends CBD Massage Cream, Balm and Oil, CBD Pain Relief Maximum Strength Cream, CBD Lab+Blends Pain Salve and CBD Oral Tincture. Find out more at: https://lab-blends.com/products