The CBD market in the US has been growing rapidly in recent years, driven by increasing consumer interest in the potential health benefits of CBD products. According to a report by the Brightfield Group, the US CBD market was valued at $1.9 billion in 2018 and is projected to grow to $22 billion by 2022. This makes the US market one of the largest in the world.
One of the main drivers of growth in the US CBD market is the passing of the 2018 Farm Bill, which legalized the cultivation and sale of hemp and hemp-derived products, including CBD. This has led to a rapid increase in the number of companies entering the market and a wide range of CBD products now being available to consumers.
However, the market has faced some challenges as well. One of the main challenges has been the lack of federal regulation for CBD products. The FDA has only approved one CBD-based drug, Epidiolex, and it has prohibited any health claims about CBD. This has led to a patchwork of state regulations, leading to some confusion among consumers and companies. This has led to some products being marketed with unproven health claims and inconsistent quality.
Furthermore, the FDA has warned several companies for making unproven health claims about their CBD products, leading to a number of those companies having to change their marketing practices or have their products pulled from shelves. This has led to a certain level of uncertainty in the market and has hindered its growth in some aspects.
The CBD market in the US also differs from the EU and UK markets in terms of its size and the range of products available. While the EU and UK markets are still relatively small, the US market is one of the largest in the world and has a much wider range of products, including edibles, cosmetics, and pet products.
In conclusion, the CBD market in the US has grown rapidly in recent years, driven by the legalization of hemp and hemp-derived products, including CBD. However, the market has faced some challenges related to the lack of federal regulation, which has led to a patchwork of state regulations and confusion among consumers and companies. The market also differs from the EU and UK markets in terms of its size and the range of products available, making it one of the largest CBD markets in the world.