Having options for all stages of your products lifecycle is key
It’s a rare phenomenon in the natural products industry – an ingredient comes on the scene with mass consumer appeal and wide-ranging therapeutic potential, but its still-emerging evidence and murky regulations are holding companies back from market launch.
Cannabidiol (CBD) is that ingredient. In fact, CBD can already be found in pet treats, ice cream, bath bombs, gum drops, and a spate of beauty and skin products (including personal lubricant) across North America. Statista.com reports that U.S. consumer sales of CBD and CBD-containing products will reach approximately $1.8 billion USD by 2022 – a near quadruple increase from almost half a billion dollars in 2018. Globally, this expansive category is expected to reach $22 billion by that same time, a compound annual growth rate of 147%.
“The biggest challenge facing companies now is the lack of clear guidance and regulation, which are coming soon, but there are so many shades of grey in moving to market,” observes Dr. Susan J. Hewlings, Director of Scientific Affairs at Nutrasource.
Many of these products are going to market and claiming ignorance to the FDA’s regulations in an attempt to enter the market quickly, leaving companies at risk of public scrutiny, enforcement action, and loss of brand credibility.
Everyone from manufacturers to brands are desperately in need of guidance on how to successfully work with—not against—the regulations and substantiate CBD product claims.
Below we discuss options and strategies for bringing CBD products to market for all stages of the product lifecycle and supply chain.
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