Have you noticed the growing demand for CBD products recently? Whether it’s due to increased legalization or emerging market opportunities, usage is on the rise.
Various reasons contribute to this upward trend, such as a shift in consumer views regarding CBD or an increase in retail availability. Interested in more about this booming industry?
Please have a look at Rumfordmeteor’s insightful article to understand crucial aspects like rising CBD user trends, popular products and sales, and the effects of legalization on CBD demand.
Equipped with such valuable knowledge, you will undoubtedly better navigate the intricacies of the CBD market.
What are the projected CBD product sales in the U.S from 2022 to 2026?
Forecasts suggest a substantial increase in CBD product sales in the U.S from 2022 to 2026.
What is the state of e-commerce sales of CBD in the U.S?
E-commerce sales of CBD are anticipated to experience significant growth from 2019 to 2026.
Is there an increase or decrease of sales for CBD in California?
Despite high popularity, CBD sales in California underwent a decrease of approximately -24%.
What segments dominated CBD product c-store sales in the United States in 2023?
Diverse segments influenced CBD product c-store sales throughout the US in 2023 significantly.
Can you provide information on edible cannabidiol product sales share in the United States by segment in 2021?
The edible cannabidiol segment gained notable traction, reflecting robust product sales share in 2021.
How much does it cost per milligram of CBD in the U.S. as of 2021?
Average pricing per milligram of CBD varied significantly across different segments, as per data from 2021.
Did all US-based CBD brands undergo safety testing?
Alarming statistics show that not all US-based CBD brands undertook full safety testing by 2022.
Which product type had the highest sales among CBD branded products in the United States in 2021?
A diverse range of products fit into the leading bracket among CBD-branded product sales for 2021.
In terms of Hemp-CBD beverages, which had the highest dollar sales share in the U.S. in 2021?
The dollar sales share of Hemp-CBD beverages was segmented by beverage type in the United States in 2021.
Did CBD play a significant role as an ingredient in mood support supplements sold in the U.S. in 2021?
Mood support supplements incorporated CBD as a prime ingredient, influencing dollar sales in 2021.
Contents
Worldwide CBD Product Trend
The global Cannabis market, encompassing both medicinal and recreational usage, is expected to see a slight dip of -0.23% from 2024 to 2029.
The industry could reach an estimated value of US$6.93bn by 2029.
Cannabis products have a broad scope, including both recreational and pharmaceutical applications.
The diverse range of uses for these products, from treating chronic pain and mental disorders to leisurely enjoyment, encapsulates the vast potential of the cannabis market.
Market values reflect revenues at retail prices but do not include VAT.
A range of purchasers exists in the cannabis market, including individual consumers (B2C), businesses (B2B), and government entities (B2G).
Growth in the cannabis market is due to varied factors such as shifting customer preferences, emerging trends, local circumstances, and wider financial trends.
Reliable data is used to track this growth, including financial reports from third parties and country-specific associations, as well as key market indicators.
This includes spending data on tobacco per capita, medical product spending per capita, consumer spending, recreation spending, and population demographics.
A variety of forecasting techniques is employed to predict future market trends.
The S-Curve function, the ARIMA time series model, and the exponential curve function are all methods used in trend analysis prediction for the cannabis market.
Forecasts are updated twice yearly and take into consideration each country’s specific pandemic impacts based on reweighted GCS data.
Reasons for Rising CBD Users
Over the past year, there’s been a 3% uptick in CBD use, likely due to Covid-19 related anxieties and pains.
Out of all CBD users, 58% are women. This data comes from a study conducted by researchers who surveyed over 2,400 people.
Female baby boomers are the driving force behind this surge in usage, making them the largest consumer group.
- Pain Relief: Both men and women primarily use CBD for pain relief.
- Anxiety: About 25% of women use it to alleviate anxiety, whereas only 14% of men do.
- Sleep: More men (15%) than women (8%) rely on CBD for better sleep.
Interestingly, women are more likely than men to treat specific medical conditions with CBD, whereas men often aim for overall health and wellness.
The most popular methods of using CBD include vape cartridges, high CBD flower, and topicals.
Consumer Views Regarding CBD
Statistics suggest various patterns in marijuana use across different demographics.
- Cannabis Use: Celebrated by a significant 43% of adults once in their life.
- Age Influence: Reported by 51% of Gen Z adults and 44% of Millennials.
- Public Opinion: Favored by 59% for recreational or medical usages.
- Legalization: Backed by 65%, including the majority from all political groups.
The majority believes marijuana can be less harmful than other substances. They also see it as a societal benefit.
Fifty-three percent perceive marijuana as a source of health benefits. They believe it can aid in relieving pain and treat anxiety.
A sizable share asserts that cannabis should be legalized for both medical and recreational purposes, regardless of their political affiliations.
This attests to the shifting norms around CBD use, making it increasingly mainstream within societal discourse and consumer behavior.
Popular CBD Products & Sales
The versatility of CBD is reflected in its product range. Nearly 50% of users favor oils, lotions, or gummies. There is also an apparent trend towards edible CBD products.
Product-type popularity shows 18% of users prefer capsules and topical sprays, closely followed by CBD-infused food at 17%. Vaping products and soaps account for 13% and 12% respectively.
The Rise of CBD-infused Beverages and Skincare
Non-alcoholic CBD infused drinks are chosen by approximately 11% of users whereas skincare products, bath bombs, and patches each claim an 8% user base according to SingleCare survey.
The demand for unique products such as these highlight an ever-evolving market where innovation is key to capturing customer interest.
Reaching the Consumers
In obtaining their preferred products, consumers exhibit a range of shopping habits. Around 40% purchase from dispensaries, with retail stores (34%) and online retailers (27%) following closely behind.
These statistics show the importance of multi-channel distribution in this industry to adequately meet consumers’ demands.
CBD Market Growth
Financial figures indicate that the CBD market surpassed $4 billion in 2019. Forecasts predict a leap to $25 billion by 2025: a substantial growth trajectory.
This expanding industry represents an exciting opportunity for businesses willing to navigate the emerging market’s unique challenges.
Regulatory Challenges
Despite the upsurge in popularity, CBD remains unregulated by the FDA. Safety and reliability questions persist regarding unapproved products with dubious claims- an issue highlighted in past FDA warnings to certain companies.
These challenges emphasize the necessity for industry transparency to maintain consumer trust.
Consumer Familiarity and Usage
Around 64% of US adults are acquainted with CBD, with a third having used CBD products. The popular usage comprises treatment for pain, anxiety, inflammation, and insomnia.
This commonality implies a wide potential customer base for businesses, particularly concentrated within the 18-34 age demographic.
Average Monthly CBD Expenditure
Streamline your CBD spending with careful analysis of market trends. A thoughtful approach pays off as 67% of users claim pricing to be vital in their decisions.
The frequency of usage also impacts expenditure. Those Republicans shelling out over $150 monthly are 60% likely to consume several times each day.
- A fraction (25%) of low spenders also report multiple daily usage.
- A notable quarter of the users allocate between $51-$150 on a monthly basis.
- A significant number, known as plurality consumers, spend beyond an ambitious $250 mark per month.
- This same group (plurality) of less frequent spenders indulge either daily or up to five times weekly.
Your choice of product can also affect spending. Claiming an impressive 63%, high spenders are inclined towards vapes and concentrates, engaging with multiple product types simultaneously for diversity.
Detailed research statistics highlight how different price points influence user habits. Understanding these patterns can help inform smarter shopping strategies.
Astonishingly, this demographic continues to demonstrate an appetite for varied consumption, with same high spenders discovering new ways to use cannabis more frequently across multiple product types.
The ever-changing CBD market demands a dynamic approach by constant monitoring of behaviours around consumer expenditure.
Legalization Impact on CBD Demand
The impact of cannabis legalization policies on the demand for cannabidiol (CBD) in several states is profound. However, the federal government remains conservative in its approach.
Such a stance inhibits research into the potential health benefits or risks of CBD, thus putting public health at risk. It gets even more complicated without sufficient evidence to guide health professionals and relevant policy makers.
- Identifying Regulatory Barriers: Certain laws and policies limit accessibility to CBD products despite the expanding consumer base.
- Funding Limitations: Lack of sufficient funding is a significant barrier to conducting expansive studies.
- Methodological Challenges: There are numerous technical hurdles that need addressing within this field.
Lack of empirical research on CBD’s medical effects and its utility increases ambiguity for consumers and healthcare providers alike.
In light of this, addressing these barriers can facilitate comprehensive studies on cannabis and cannabinoids, driving subsequent policy formulations and consumer decisions.
Emerging CBD Market Opportunities
The rapidly expanding CBD market has attracted significant interest but concurrently raised crucial issues regarding product safety and efficacy. It’s vital for consumers and investors to gain comprehensive insights.
The Necessity for Robust Data
The FDA is tirelessly working towards the enhancement of data evaluation methods. Their goals include ensuring the provision of accurate information for regulatory decisions.
Crucial Role of Real-World Data
Real-world data on CBD usage is pivotal in addressing current gaps in knowledge. Such information, in conjunction with other types of studies, provides balanced perspectives on CBD’s long-term effects.
Data Infrastructure Development
A focus on data infrastructure development would aid in understanding the complexities surrounding CBD safety. Subsequently, this could improve overall quality through more detailed insights.
Identifying Potential Adverse Events
It’s equally important to identify potential adverse events and key demographics at risk. Such vigilance can facilitate refining of future studies responding to safety concerns.
More detail can be found here: The Green Entrepreneur website.
Challenges in the CBD Industry
The 2018 Farm Bill eased certain legal complications for CBD oil manufacturers, however, hemp cultivation for CBD still presents complexities.
Hemp growth is permissible only when it contains less than 0.3% THC, a fact that the USDA emphasizes through their list of approved testing labs.
Complying with federal guidelines is crucial, although the knowledge of state norms is equally essential.
| Challenge | Solution | Resultant Benefit |
|---|---|---|
| Hemp Plantation Regulations | Use USDA-approved labs for precise THC testing. | Legal & hassle-free production process. |
| Quality Control in Supply | Implement pharmaceutical-grade standards and testing. | Assurance of high-quality products. |
| Fierce Competition in Market | Quick establishment, awareness of market trends with strong branding. | Sustainable growth and presence in industry. |
| FDA Regulations on Labeling | Maintain compliant labeling with supported evidence. | Fraudulence prevention & trust-building among consumers. |
| Consumer Education Needs | Evidence-based awareness programs about risks and side effects. | Responsible usage and consumer reliability. |
| All solutions presented address concerns effectively enhancing industry standards and effectiveness. | ||
A validated solution also lies in re-evaluating the packaging processes to enhance efficiency.
Key Players in Cannabidiol Market
The cannabidiol market thrives due to the contributions of several key players. These companies fuel the increasing global demand for CBD products.
Importance of Cannabidiol Producers
CBD producers play a crucial role in meeting the growing needs for reliable, high-quality CBD products. Their efforts spearhead critical research and development in this field.
Expanding Global Footprint
These key players operate worldwide, expanding the reach of cannabidiol. They strive to break boundaries and contribute significantly to the industry’s growth.
The “Cannoid” Impact
Cannoid, LLC underscores its commitment by providing premium CBD products. Their mission is to empower consumers with access to all-natural wellness alternatives.
Elixinol: Fostering Wellness
Elixinol offers a vast array of hemp-derived products. The company continues to enhance its product line, aiming to foster widespread wellness.
Aurora Cannabis: Focusing on Innovation
Aurora Cannabis leaves its mark by embracing innovation in cultivation, genetics, and product formulation. They aim to redefine the conventions of cannabinoid use.
CBD Demand Decoded
The persistent demand for CBD is fueled by a multitude of catalysts. Notably, growing consumer awareness of its therapeutic benefits, progressive legalization worldwide and increasing incorporation in wellness products are key factors. As research progresses, the demand for CBD shows no signs of ebbing anytime soon.
