New CBD Topical Research Delivers Detailed Insight on Burgeoning Market
Critical information for businesses competing for their share of projected annual sales of $4.5 billion by 2025
SAN FRANCISCO, November 11, 2020 (Newswire.com) - CWI Consulting Services, a consulting firm that advises clients on CBD policy, market landscapes, and product strategy, today announced findings from an extensive study of the current CBD topical marketplace. The primary objective of the report is to offer businesses that sell CBD topical products an inside look at today’s market while providing data and analysis designed to spark the vision necessary to compete and remain profitable in the future.
According to the Brightfield Group, a leading cannabis research company, the CBD topical market is growing exponentially. By 2025, CBD topical annual sales are on target to hit $4.5 billion – a staggering increase of 540% in just five years.
“This new report provides solid data on the texture of today’s CBD topicals market,” said Greg Dicum, CEO of CWI Consulting Services, “and it also reveals some surprises about the sector. For example, we knew that lotions and balms are the most common CBD topical formats, but we were surprised to discover how distinct the market leaders are from the hundreds of brands in the sector in terms of CBD inputs, strength, formulations, and claims.”
“The data also clearly shows that CBD topicals are firmly established as largely natural products,” he continued, “with common natural ingredients like coconut oil and beeswax predominating in the formulations.”
“And it also shows some disturbing aspects of the CBD topicals landscape,” he went on. “We found that outside the 10 largest CBD topicals brands, problematic claims are routinely being made about products’ effects on various health conditions. Despite a steady stream of warning letters from the FDA, the industry has still not learned. For example, a quarter of the topical products we reviewed made claims about pain relief.”
“This research will help pinpoint opportunities for brand expansion through potential partnerships and serve as a road map for businesses looking to enter the market,” said Dicum, “and we hope it will help the sector as a whole to grow responsibly and sustainably.”
The CWI Consulting Services CBD Topical Research Report surveyed 360 hemp-based topical CBD products from 112 brands that together comprise the majority of sales in the sector. Attributes and aspects of the products researched include product diversity, formulations, CBD content, product classification, essential oil content, active ingredients other than CBD, price points, and claims.
“As CBD topicals evolve and become increasingly sophisticated, businesses armed with an understanding of today’s landscape will be better positioned to share in the promise of profit to come,” said Dicum. “More importantly, the study provides a strong foundation on which business can build brands with staying power from an emerging consumer trend.”
Information on how to obtain a copy of the CWI's Topical Research Report is available at (https://www.cwiconsultingservices.com/reports). Please call (415) 578-0639 or email email@example.com with any questions.
Source: CWI Consulting Services