U.S. retail sales of CBD-infused foods and beverages and other cannabis products reached an estimated $14.4 billion in 2019, up 24 percent from 2018, according to market research firm Packaged Facts.
The Rockville, Md.-based company, a division of MarketResearch.com, said in its new report Cannabis and CBD: U.S. Retail Market Trends and Opportunities, that CBD-infused food and beverage innovation is not hard to find.
The 142-page report said Illinois is among 11 states where CBD is legal without restriction, and provides a glimpse at CBD-infused food and beverage product trends.
Packaged Facts said one of its analysts recently visited three retail shops in Chicago’s trendy Wicker Park neighborhood, which revealed “the wide variety of CBD-infused products available to consumers.”
For example, the retail shop owned by Lifeway Foods, Inc., the leading U.S. supplier of organic and non-organic kefir cultured dairy products, sold CBD oil smoothie boosts.
In addition, Chicago cafe chain The Goddess and the Grocer is selling CBD beverage brands such as Vybes, which is made with Colorado-grown hemp extract.
“These innovations bode well for a market still in the throes of nascent-stage growth,” Packaged Facts said. “While CBD-infused foods and beverages remain largely the domain of small, independent marketers, cannabis multi-state operators (MSOs) serving both legal-use and medical-use states are charging ahead with increasing sophisticated retail and product branding strategies that help position them for growth.”