The report projects CBD product sales to hit $20 billion by 2024.
It looks like the CBD trend is not just hype, according to new research from Acosta.
In a report called “The CBD Effect: A Rapidly Emerging Consumer Trend,” marketing agency Acosta says 28% of consumers surveyed said they currently use CBD products daily or as-needed. The report projects CBD product sales to hit $20 billion by 2024.
"Health ailments without a 'one-size-fits-all treatment' are quite common and avoiding chemicals when it comes to health and self-care is important across all age groups. CBD sales and projections show consumers are turning to CBD for help, and demand is growing rapidly," said Colin Stewart, senior vice president, business intelligence at Acosta. "Consumer CBD sales are expected to reach $20 billion by 2024 — larger than the current annual sales of candy, gum and mints combined."
Since cannabidiol (CBD) was legalized by the Farm Bill in 2018, CBD products have become one of the biggest trends in retail, with many consumers turning to CBD for help with various health ailments and their general well-being. Acosta's report takes an in-depth look at the current state of the CBD industry, highlighting:
Who Is Using CBD Products and Why?
Twenty-eight percent of consumers currently use CBD products daily or as-needed.
Millennials, males and those with four-year degrees are currently the key CBD demographics. Those who reported daily or as-needed use of CBD include:
56% of Millennials
32% of Gen X
15% of Boomers
48% of men
49% of those with a bachelor's degree
Pain, mental health and general wellness are key reasons for usage, with specific health ailments varying from generation to generation. Millennials most commonly use CBD for anxiety (31%) and general wellness (30%), while Gen X and Boomers use CBD products to help with joint pain (31% and 36%, respectively) and muscle pain (both 23%).
Consumer Perceptions and Barriers
When asked for their perspective on CBD:
55% of consumers said, "CBD oil is/might be a new miracle treatment."
35% said, "I'm not sure what to think of CBD oil."
11% said, "CBD oil is just hype."
Non-users who are open to trying CBD reported price (26%), lack of studies (18%) and distrust in claims (14%) as the biggest barriers for usage.
CBD Already Popular with Pet Owners
One in 10 pet owners reported purchasing CBD products for their pets. Of those consumers, 52% made the purchase based on a recommendation from their vet.
Top reasons for usage were pain (29%), anxiety (32%) and general wellness (29%).
The top pet CBD products include treats/chews (48%), oil (27%), capsules (14%) and topical ointment (9%).
Acosta's report was compiled using industry data and proprietary information sources including online surveys of the company's proprietary shopper community.