Flower, oil, topical creams/ointments, gummies, pet treats, skincare, what’s coming next for CBD?
This year in 2022, the “CBD market is expected to see sales of $1.3 billion, according to New Fronier Data, making it one of the fastest-growing product categories” (Winsight Grocery Business). Even with the CBD industry on the rise, CBD products are not yet approved for use in food and drink. But could that be a thing in the future? Let’s hope so. As of now, CBD products are approved for sale in select states with each state operating under different rules and regulations.
Maeve Webster, the President of foodservice consultancy “Menu Matters” is expecting to see “explosive growth” in skincare and topical products. She believes there are fewer regulations than when CBD is found in a product that’s ingested. Webster also expects to see a focus on tinctures. Although, when it comes to consumables, Webster predicts beverages will take the lead. “Given ease of transport, innovation, the dynamism of the beverage category, and the likelihood of consumers to more easily experiment with beverages than most other categories” she says (Winsight Grocery Busines).
BDSA, cannabinoid market research company and IRI market research firm, stated this past Fall of 2021 that “beverages constitute 5% of the CBD edibles market” (Winsight Grocery Business). Jessica Lukas, SVP of commercial development with BDSA, expects to see huge growth. “Beverages are the hot topic,” she says. “Beverages grew 60% this year over 2020, so it’s huge, but off a very small base,” Lukas said. However, she pointed out, it’s a “really important category. Drinks offer competition” she explained. Competition towards other functional beverages, including alcohol. BDSA anticipates a $2.5 billion cannabinoid beverage market by the year 2026. When it comes to talking beverages, we are likely to see CBD in beverage products like kombucha, seltzers, energy, sports/performance drinks as well nonalcoholic cocktails or spirits. There are some alcoholic products containing CBD, Lukas says but these can be a challenge “when you start to deal with intoxication or mood-altering ingredients working in tandem” (Winsight Grocery Business).
Just like all other CBD products, CBD beverages will also have benefits. Energy and alertness as well as brain health and immune health are just a few being mentioned by Innova reports. We are looking forward to all the CBD drinks and drink recipes that are coming in the future of CBD. Would you try CBD drinks? What are your thoughts?