Spending on cannabinoid products is expected to reach $45 billion by 2024
The availability of legal cannabis products in the United States, including cannabis and hemp-derived cannabidiol (CBD), is greater than ever, with consumer interest continuing to grow. CBD products are now easily found in mainstream retail stores and the number and variety of products will undoubtedly expand further.
It’s no surprise that grocers are hopping on the bandwagon, as well they should. Spending on cannabinoid products is expected to reach $45 billion by 2024, with CBD serving as a major driver of this growth. To put the market opportunity that cannabinoid-infused products represents into context, the current U.S. snacking market delivers roughly $40 billion in annual revenue. The CPG industry hasn’t experienced new market opportunities of this size for decades, if ever!
For retailers to take maximum advantage of the opportunities created by cannabinoid products, retail marketers must first answer several questions. They must determine who their target shoppers are, what CBD products to explore, and how to draw shoppers in and away from other channels such as dispensaries, vape shops, salons, spas, vets and cafes.
To Read The Rest Of This Article On Progressive Grocer, Click Here