Projections from Statista estimate that cannabidiol (CBD) sales will shoot to $1.8 billion by 2022, up from barely $0.5 billion in 2018. If you want to ride out this wave as an investor, here is a breakdown of the top CBD products that have been flying off the shelves.
CBD gummies remain an all-time favorite for busy moms looking to incorporate tasty CBD treats into their daily routine. Gummies come in sizable doses such as 5mg, 10mg, and 20mg which makes dosing easy. They do not require any special skill or tools to consume. All you need to do is toss a gummy or two into the mouth and wash it down with your favorite beverage. Compared to capsules, gummies come in colourful and tasty options and hence, they have a wider appeal. If you have to offer CBD to children, gummies are the way to go. It is no surprise that they are among the best-selling CBD products.
Some of the best-selling CBD gummies in the market include the Lord Jones gumdrops which feature lemon and strawberry flavors and contain 20mg of broad spectrum CBD.
Vaping is a rather sophisticated way of consuming CBD. Manufacturers have worked hard to capture the attention of the younger demographics by producing sassy vaporizers in a myriad of tastes. Like e-cigs, vaporizers deliver CBD to the lungs rapidly; peak levels in the bloodstream occur in about 10 minutes and the effects may last for up to 3 hours. This makes vaping an ideal way of relieving anxiety in high pressure situations.
The safety of CBD vapes was put to the test in 2019 following the vaping crisis. This of course affected the sales of CBD vapes. However, there has been a rebound in sales after analysis reports that the vaping crisis was a result of contamination with vitamin A acetate. Manufacturers who can ascertain the safety of the CBD vapes may continue to enjoy dominance in the market. Some of the most popular CBD vapes in the market include Secret Nature’s artisan CBD vape pens and Funky Farms exquisite vape pens.
This is a much diversified product category that has taken the skincare market by storm. Manufacturers of skincare products are rushing to add CBD into the product repertoire because of its alleged benefits on the skin. Some of the best-selling CBD selling CBD skin care products include bath bombs, lotions, creams, salves, and patches among others. Topicals are applied directly on to the skin and are easily absorbed through the numerous endocannabinoid receptors located there. They have a wide appeal because they are effective for tackling skin conditions.
What’s in the Future?
We expect to see product invention and diversification in the CBD sector. Stiff competition in the market will compel manufacturers to be more ingenuous in product creation. It will be interesting to watch how this space unfolds in 2021 & 2022 as we move towards the $1.8 billion mark.