Spotlight On The CBD Market: Sector Projected to Reach $22 Billion
The cannabinoid oil industry has been the new talk of the town with entrepreneurs venturing the sector with different approaches. Outstanding among them are a few brands who’ve chosen to use celebrities to endorse their CBD-added beverages and foods. But in general, the sector deserves more than a standing ovation for its performance.
It’s no child’s play when firms create a new space and revenues go up by 500% in only 15 years. The CBD industry is now expected to hit $23 billion from $4.1 billion, and for that, it surely deserves the attention it is receiving.
It is no wonder Cowan published 100 pages of a spotlight on the CBD market and CBD merchant account holders. The analysis featured Andrew Charles, who’s most moving words were:
“Should the regulations concerning the inclusion of CBD oil as an additive to drinks/foods or craft coffee cafes get in line with the law books, we could predict Starbucks would spearhead the market.”
As we speak, Celeb-branded CBD foods are gaining popularity, and so are CBD drinks.
The most common brands include;
The Bob Marley endorsed CBD drinks by the New Age Beverages line, and The CBD coffee linked to Willie Nelson.
The firm, known as Iconic Brands’ (ICNB) poses as a celeb-branded drinks manufacturer. Recently, it acquired 51% of Green Grow Farms to boost up its CBD and Hemp celebrity-driven campaigns.
ICNB plans to use its Hempology branch to produce CBD-based drinks in a celebrity market where we’ve seen other players like Dan Aykroyd and his Crystal Head Vodka sell up to 1 billion bottles.
The new beverage sector is not alone; Activist celebrity endorsement firms like Nike are active shareholders, in the market.
The world-famous shoe and sportswear brand invested $6 billion on Colin Kaepernick.
So far, Iconic Brands is ready to distribute drinks and tap into its beneficial business relationships to develop a new brand in the niche. Based on previous success, ICNB shouldn’t take too long to capitalize on the hemp-infused beverage trend, which millennials love most and may gain a footprint in future generations.
Liquor companies like Heineken, Molson Coors, and big players like Constellation Brands are also venturing into the trend.
The Celeb-branded segment of the CBD market and the sector as a whole are a multi-billion dollar sector. And the figures may grow higher if the regulations concerning the inclusion of CBD oil as an additive to drinks/foods or craft coffee get in line with the law books like the analyst said.
Author bio: Electronic payments expert Blair Thomas is the co-founder of high-risk payment processing company eMerchantBroker. He’s just as passionate about helping businesses get a CBD Merchant Account as he is with traveling and spending time with his dog Cooper.