The innovation pipeline for cannabidiol (CBD) products varies widely from convenience-store category to category. For gummies, for example, the growth appears to be on the bullish side.
Fact.MR, a market consultancy based in Dublin, Ireland, reports that the globally, the CBD gummy market is projected to grow at a compound annual growth rate (CAGR) of 28% through the forecast period between 2019 and 2029.
Beverages infused with CBD, however, aren’t enjoying the same tailwind—not yet. The contribution from the beverage market is limited, in part because regulation is tighter on CBD drinks, according to Rick Maturo, associate director of client services for cannabis practice at New York-based Nielsen.
The cannabis-infused beverage universe accounts for between 1.5% and 3.0% of the greater cannabis market, but Maturo said the category has untapped potential. “We believe that beverages will ascend to being one of the predominant hemp-CBD formats, as they are slated to play a larger role in the legal marijuana space than they have previously.”
And there are new options coming to the retail market. In June, Ocean Spray Cranberries debuted a new line of CBD-infused sparkling waters called CarryOn. The Middleborough, Mass.-based agricultural coop of cranberry and grapefruit growers developed CarryOn within its Lighthouse Incubator division, which focuses on the acceleration of “accessible health and wellness-focused innovation.”
“We understood there was a gap in the market for a trustworthy CBD beverage that tastes good and also helps calm the mind without unwanted side effects,” said Josh Wiesman, codeveloper of Boston-based CarryOn. “So, we set out to solve that gap with the CarryOn brand.”
Click through for a showcase of seven recent CBD product launches across beverages, confection, pet treats and more.