After an immense increase in CBD sales, the international pandemic slowed down the sales. Before it became an international issue, the market for natural CBD supplements grew by 113% in 2018, as per data from research company SPINS. Fast forward to 2020, cannabidiol sales in America had come down by 35%, as per SPINS data. By 2021, the data demonstrate that natural CBD supplement sales in this country declined by 25% more in the weeks that ended October.
The declines aside, cannabidiol is still among the best-selling components in the SPINS Natural Enhanced Channel. It possibly suggests that cannabidiol is here to stay, as it established itself in the form of a profitable and desirable ingredient. Arguably, this is only the start for the cannabidiol market, a period for the cannabis category to grow and mature.
As per Haleigh Resetar of SPINS, the form of growth that the cannabidiol market experienced had to stop at an indefinite time. As for Resetar, buying habits would naturally change in a pandemic period. Resetar stated that a part of the sales decline is attributable to the following.
- CBD’s unsustainable growth period.
- The change in priorities in the epidemic time.
- The market beginning to be saturated with many ingredients, which all provide similar benefits, offering customers more confusion and more options.
As for Haleigh, cannabidiol is a popular dietary supplement but is beginning to be a body care component and a component in other categories. It is not a newcomer to the market any longer, so its sales decline is natural for a trendy product after several years of steady growth.
While hemp CBD has made a successful entry into the mainstream, there will be obstacles to the continued progress of the market. For instance, while cannabidiol is becoming more popular as a body care element, it is prone to some regulatory scrutiny. In its recent warning letters to CBD companies, the FDA explained that as CBD topicals for pain make analgesic claims, it adds up to unapproved drug claims. There is not enough federal regulation over CBD, but the FDA does keep an eye on the actions of CBD companies.
Furthermore, major retailers may be comfortable stocking CBD topicals but still do not wish to sell ingestible cannabidiol items. So, notwithstanding CBD’s popularity or presence in ecommerce and independent retail, there are not enough CBD items in mainstream retail. It will keep hurting cannabidiol with regard to customer trust and recognition.