Even with the haze of impending FDA regulation over the industry, CBD had a strong showing in 2019 and this newfound popularity is only expected to grow in the upcoming decade. No matter how you look at is, the demand for CBD products has become so strong that farmers are struggling to keep up with the demand. In this article, we will take a closer look at the growth of CBD in 2019 and explain why 2020 is the perfect time to get in on the ground floor while the CBD industry is heating up.
In 2019 alone, retail sales for the CBD industry were estimated anywhere between $2 billion on the high end and $600 million on the low end according to market research. However, new estimates have shown that conservative forecasts predict the demand for CBD will continue to grow until it reaches around $16 billion in retail sales by the year 2020. However, the wide variety of product types currently available and innovative new delivery forms may also play a key role in the growth of the CBD industry.
Although CBD currently has a high production cost that is often sent on to the consumer later on in the sales funnel, the growth of new farming techniques, improved processing methods and the expansion of dedicated hemp growers will only improve the costs associated with CBD products to further solidify the market. This creates a significant opportunity for entrepreneurs that are looking to start their own brand and capitalize on the impending success the CBD industry is set to provide.
When you partner with Hemp Partners, you are getting much more than just a CBD manufacturing partner. Our research and development team will work with you throughout the entire process to ensure your completed product meets your exact specifications and can help take out the guesswork required with creating your own CBD product and help you quickly and affordably bring your products to market. Let us help you get started now while the CBD industry is heating up!
Ready to get started?
No matter what your desired CBD product may be, the experts at Hemp Partners are here to ensure you have the support you need to succeed in this exciting and growing industry. Our team understands the important role a contract manufacturer plays in your business’ success and will work hard to not only provide the high-quality CBD products you need but also the customer service you expect. Contact us today to learn how Hemp Partners can expand your product lines and increase your profit margins with affordable CBD manufacturing.