Hemp operators say smokable hemp is one of the fastest-growing and most lucrative segments in the nascent hemp and CBD industry – and market analysts agree, with expectations that the market will experience five-fold growth in the next five years.
For 2020, market researchers at Nielsen project sales in the current smokable-hemp market to reach $70 million to $80 million. That includes categories such as loose CBD flower, hemp-CBD pre-rolls, cigars and other inhalables.
Breaking that into categories, the markets for smokable-hemp CBD flower and smokable-hemp-CBD pre-rolls, which include hemp cigarettes and cigars, are valued at approximately $35 million to $40 million each.
Comparatively, total sales of all hemp-derived CBD consumer products in the U.S. were around $1.2 billion for 2019.
Nielsen projects that total sales of hemp-derived CBD consumer products in the U.S. for 2020 will be $1.7 billion to $2 billion. The average of that range, $1.85 billion, would represent a 54% increase in sales from 2019 to 2020.
By 2025, Nielsen expects the smokable-hemp market to reach $300 million to $400 million, representing roughly 5% of the potential $6 billion to $7 billion hemp-derived CBD consumer products category.