Why are consumers interested in CBD?
CBD is everywhere in the news lately, and the buzz is generating even more interest. Kroger, the largest grocery retailer in the U.S., has become the latest chain to embrace the huge opportunity CBD represents, joining Walgreens, CVS, Vitamin Shoppe, and GNC, among many others. Why are all of these retail giants joining the CBD phenomenon? It’s simple. Consumer demand.
According to High Yield Insights, a market research firm focused on the cannabis market, 40% of U.S. consumers are interested in trying CBD and Consumer Reports says 26% have already tried it.
Why now? What’s fueling the huge consumer demand for CBD?
- The 2018 Farm Bill formally legalized hemp, taking it off the Schedule 1 controlled substance designation
- Widespread availability in mainstream retailers like Walgreens, CVS, and more
- Increasing anecdotal information about CBD benefits and successes
- Increased acceptance of cannabis in some states, along with knowledge about the beneficial effects of medical marijuana. People may see CBD as an entry point
- Increasing focus on wellness, including more natural products and fewer prescription or OTC drugs
Here are highlights from Consumer Reports recent CBD survey designed to see who is using CBD, how they’re using it and what kinds of results they’re getting:
How many Americans have tried CBD?
26% of all Americans
40% of people ages 18-29
32% of people ages 30-44
23% of people ages 45-59
15% of people 60 and over
What do people use CBD for and how effective is it?
• Extremely or very effective: 63%
Help with joints: 24%
• Extremely or very effective: 38%
Better sleep: 10%
• Extremely or very effective: 52%
How CBD use differs by age
• Millennials: 32%
• Baby Boomers: 12%
Help with joints:
• Millennials: 15%
• Baby Boomers: 42%
Read the full survey results at CBD Goes Mainstream by Consumer Reports. With skyrocketing consumer demand, CBD is expected to be a $22 billion industry by 2022.
Ebook: What Every Business Needs to Know About Selling CBD
Your go-to resource for everything you need to know about selling CBD, including: CBD research highlights from Harvard, Medical News Today, Consumer Reports and others; the legality of CBD; the features to look for in any solid CBD product line; and the major national retailers now selling or preparing to sell CBD products.
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