As 2020 concludes, we are reflecting on the priority of health and safety, and how drastically different our everyday lives are compared to just eight months ago. We have seen major shifts toward the importance of immunity, with less emphasis on treatment of symptoms and more focus on prevention. We have a new perspective on the evolving role consumer healthcare products play in keeping us healthy. To help you put these major trends into perspective, below is a summary of our market studies and whitepapers that were published throughout the year. Continue reading
Across the United States, cannabidiol (CBD) has emerged as a prominent ingredient used in the healthcare, beauty, and food & beverages industries. Owing to the passage of the 2018 United States Farm Bill, which legalized the cultivation, sale, and distribution of hemp, consumer attitudes and usage of CBD enhanced over the past two years.
Considering cannabis-infused food and beverages, the overall market achieved strong double-digit growth of over 70% in 2019. Meanwhile, the market for CBD health and wellness products is forecast to reach nearly $2 billion by 2024 with steady growth every year. In the beauty industry, CBD remains the “it” ingredient that can be found in everything from skin care products to makeup and hair care.
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