Cannabis has emerged as the new buzzword across many U.S. industries as a result of the 2018 Farm Bill, which legalized the cultivation, sale, and distribution of hemp. The overall market for cannabis-infused food and beverages achieved strong double-digit growth of over 70% in 2019, while CBD health and wellness products are expected to approach $1 billion by 2024 with strong growth each year. Driving market growth is strong word-of-mouth and growing consumer interest in new and natural ingredients.Continue reading
Cannabis has been popping up as the “it” ingredient everywhere, from skin creams to pain relievers and now food and beverages. The food & beverage industry in the United States is on the verge of crossing a new threshold due to changing consumer perceptions and the growing acceptance of CBD, combined with substantial investments being made in this market by private equity firms, start-ups, and leading beverage companies alike.
As a plant, cannabis benefits from the halo effect of being natural and “good for you,” which plays well into overarching consumer demand for natural and health-conscious products. CBD has already started to impact other consumer packaged goods industries, including the beauty and personal care and nonprescription drug markets.Continue reading