JACKSONVILLE, Fla. — Cannabidiol (CBD) products have become one of the biggest trends in retail since the 2018 Farm Bill legalized them, with more than a quarter of Americans using them on a daily or as-needed basis, according to Acosta, a full-service sales and marketing agency.
Consumers turn to CBD to both help with various health ailments and improve their general well-being, the agency's new report, The CBD Effect: A Rapidly Emerging Consumer Trend, found.
“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.”
Currently, 28 percent of consumers report using CBD products daily or as needed. Among those who reported daily or as-needed use of CBD include:
- 56 percent of millennials;
- 32 percent of Gen X;
- 15 percent of baby boomers;
- 48 percent of men; and
- 49 percent of those with a bachelor's degree.
Pain, mental health and general wellness are the key reasons cited for usage. Specific health ailments vary from generation to generation, with millennials most commonly listing anxiety (31 percent) and general wellness (30 percent). Members of Generation X and baby boomers most frequently list joint pain (31 and 36 percent, respectively) and muscle pain (23 percent for both).
Although sentiment regarding CBD is generally positive, opinions vary. When asked for their perspective on CBD, 55 percent of consumers stated that CBD oil is/might be a new miracle treatment; 35 percent said they weren't sure what to think of CBD oil; and 11 percent said CBD oil is just hype.
Non-users who are open to trying CBD cited price (26 percent), lack of studies (18 percent) and distrust in claims (14 percent) as the biggest barriers to usage.
CBD is also popular with pet owners. One in 10 of these consumers reported purchasing CBD products for their pets and of this group, 52 percent made the purchase based on a recommendation from their veterinarian. Top reasons listed for usage were pain (29 percent), anxiety (32 percent) and general wellness (29 percent). Top pet CBD products include treats/chews (48 percent), oil (27 percent), capsules (14 percent) and topical ointment (nine percent).
The CBD Effect: A Rapidly Emerging Consumer Trend is available here.