SWITZERLAND – French flavor firm Robertet, and US hemp cultivation and extraction in company, Klersun have agreed to form a joint venture with Alponics, a Swiss based CBD/hemp production company, to expand cultivation and processing of hemp oil extracts for the Swiss market.
The joint venture will leverage Alponics’ state of the art infrastructure, Klersun’s capability in hemp cultivation, extraction and science and Robertet’s natural ingredient leadership and market expertise to meet the demands hemp extracts in the Swiss market.
“By vertically integrating in Switzerland with Robertet and Klersun, we will be able to provide the highest level of traceability and transparency to the Swiss customers of food & beverage, nutrition, supplement, cosmetics and pharma, who want to use CBD and hemp extract solutions in consumer products”, says Alan James Chaytor, Alponics.
Hemp extracts, in particular cannabidiol (CBD), have emerged quickly on the global market as a beneficial functional ingredient to general health and wellness. This has led to a diverse range of products, from topicals, food, beverages and supplements have been launched in recent years.
“While there is much more research that needs to take place in order for the hard science to catch up with the consumer enthusiasm and demand, we are excited to lead in both this research and providing our customers with the safest and most effective hemp extracts to use in their products”, says Olivier Maubert, Robertet.
CBD-based food and beverages are projected to eventually take up lots of shelves of grocery stores, mass-market retailers and other places where consumers shop daily for consumer goods, moreso in countries where regulations permit.
BDS Analytics, a market research firm, estimates the market for cannabinoid-infused food and beverages will reach US$5.9 billion by 2024 across all channels, including cannabis dispensaries. This will be up from US$906 million in projected sales in 2019, with US $560 million, or about 62%, coming from dispensaries, said Jessica Lukas, senior vice president of commercial development with BDS Analytics.
BDS notes that brands that have examined the feasibility of entering the CBD market don’t all have the same strategy, therefore creating a blend of solution for consumers to explore. This is also presenting various avenues for expansion into the market.