Research Summary: In recent years, there has been a growing demand for CBD products, leading to a positive outlook for the CBD market.
The industry has experienced significant expansion, driven by the increasing awareness of the potential therapeutic benefits of CBD.
Despite this growth, the CBD industry still faces challenges, including regulatory issues and the lack of standardized testing and labelling requirements, which can impact consumer trust and hinder market growth.
However, there are factors that are expected to drive the growth of the CBD market in the coming years.
The increasing acceptance and legalization of CBD in various countries, combined with a growing interest in alternative health and wellness solutions, are expected to contribute to the continued expansion of the CBD industry.
We have gathered some data that may help provide a clearer view of the CBD industry in the U.S. Check out the statistics below:
- The sales of CBD products in the United States amounted to $5.9 billion in 2022.
- Roughly 35% of American adults reported that they used cannabidiol for fun or recreational purposes in 2022.
- 62% of the survey respondents reported using CBD to alleviate anxiety and stress.
- The most frequent dose of cannabidiol (CBD) consumed in the United States is between 5 and 10 milligrams.
- In 2022, 28% of the cannabidiol (CBD) brands did not conduct any pesticide contamination tests on their products.
- The global market size for CBD consumer health products reached $15.88 billion in 2022.
- Sales of hemp CBD products in drug, food, mass, and dollar outlets across the US have declined by 10% during the latest 52 weeks ending on March 11, 2023.
- As of March 2023, Hemp CBD pain relief product sales were $7.4 million.
- Hemp CBD beverage scanning sales for the latest 52 weeks, as of March 2023, amounted to $8.8 million.
Sales of CBD Products Statistics
The skyrocketing CBD sales in the U.S. are driven by the health and wellness industry, with the growing number of research studies highlighting the potential therapeutic benefits of the compound.
The legalization of hemp-derived CBD has also paved the way for new opportunities for the CBD industry.
Overall, the increasing awareness of CBD, coupled with the growing demand for natural and alternative health solutions, has contributed to the growth of the CBD market.
To better grasp the state of CBD sales, we can delve into the insights from our research, which will provide valuable information on the industry’s performance and trends.
CBD emerged as one of the top-selling herbal supplements in 2021, generating a significant mainstream revenue of $19 million.
Nevertheless, this represented a 31.6% decline from the previous year.
Despite its enormous popularity, CBD sales in the natural channel fell by 24% in 2021, totalling $39 million.
While this decline was less steep than the previous year’s nearly 37% drop, it’s still a cause for concern.
Some possible factors contributing to the decline include legal ambiguities, regulatory hurdles, market saturation, and concerns about the accuracy of some CBD product labels.
Sales of hemp CBD products in drug, food, mass, and dollar outlets across the US have declined by 10% during the latest 52 weeks ending on March 11, 2023.
This shows that the impact of inflation on CBD sales in traditional retail channels is evident in 2023.
Hemp CBD vitamins and supplements, which constitute almost 50% of total hemp CBD sales across traditional outlets, saw a sales decline of 9.5% in 2023.
In March 2023, Hemp CBD vitamins and supplements sales amounted to $29.3 million, which reflected a 9.5% decline from the previous year.
With the exception of beverages, all nine hemp CBD segments, namely vitamins & supplements, HBL, pain relief, first aid, deodorant, bath & shower, hair care, and facial skin care, experienced steep sales declines.
During the last 52 weeks ending March 2023, the sales of hemp CBD First Aid products landed at $1.7 million.
The sales demonstrated a decrease of 33.7% compared to last year.
The latest 52 Weeks of scanning sales in hemp CBD deodorant was $1.3 million as of March 2023.
This was a 39.4% drop in hemp CBD deodorant sales compared to 2022.
As of March 2023, Hemp CBD pain relief product sales were $7.4 million.
This signified a sales decrease of 19.8% from the previous year.
Hemp CBD beverage scanning sales for the latest 52 weeks, as of March 2023, amounted to $8.8 million.
This marked a notable increase of 36.5% compared to 2022.
The scanning sales of hemp CBD in hair care products for the latest 52 weeks, as of March 2023, amounted to $1.1 million.
This marked a significant decrease of 15.8% compared to 2022.
The sales of Hemp CBD Bath and Shower products amounted to $1.2 million.
This reflected a 16.2% drop from the previous year.
The sales of CBD products in the United States amounted to $5.9 billion in 2022.
The market for these products is predicted to experience a modest growth spurt, with its value expected to rise to $47.22b by 2028.
The 66% share of the CBD market that online sellers were able to capture in 2020 can be attributed, in part, to the impact of the coronavirus pandemic.
Online sales of hemp-derived CBD products far surpassed other sales channels in the United States in 2020.
In Q1 2022, the sales of cannabidiol (CBD) products in Nevada experienced a significant decline of 29% compared to the same period in the previous year.
In contrast, cannabinol (CBN) sales grew by 30%, and cannabigerol (CBG) sales increased by 1,105% in the state over the same period.
Note – The full term is cannabidiol, which is often shortened to CBD.
CBD Usage Statistics
There are various factors known to particularly influence the increased usage and popularity of CBD, and one is the myriad of potential therapeutic benefits associated with its use.
It is further worth mentioning that in recent decades, there has been an increasing interest in natural and alternative healing solutions, with more and more people opting for natural remedies to address their health concerns.
The use of CBD goes beyond medical benefits, as there are also many who turn to its use for recreational purposes.
The figures below will help shed light on why more and more people are using CBD.
In 2021, roughly 8% of Americans disclosed using a CBD product within the last three months, which corresponded to the number of individuals using supplements for immunity and women’s health.
Additionally, approximately 11% of Americans reported using melatonin, 4% using weight loss supplements, and 8% using immune supplements.
In 2021, approximately 18% of consumers who were not using CBD products admitted to not being informed enough about CBD to use it.
To increase usage and spending in the future, educating younger generations about the various types of CBD products and their use cases is crucial.
As of 2021, more than 71% of the CBD market in the United States was comprised of Millennials and Gen Xers, signifying a strong preference for CBD among these age cohorts.
This means that more than two-thirds of all CBD users were from these age groups.
The Millennial and Gen X generations make up over two-thirds (71%) of CBD users, with a higher frequency of daily usage among both groups.
However, Millennials tend to take more daily doses than Gen Xers.
In 2021, a notable percentage of consumers (17%) who were not inclined to try CBD were misinformed about its psychoactive effects despite the fact that such effects do not exist.
Furthermore, 16% of these consumers were doubtful about the efficacy of CBD.
As of 2022, approximately 48% of U.S. adults said that their cannabidiol use was due to a doctor’s recommendation as a medical intervention and/or treatment.
Roughly 58% of American adults cited improved sleep quality as the leading reason why they used cannabidiol.
Roughly 35% of American adults reported that they used cannabidiol for fun or recreational purposes in 2022.
There were 26% of adult CBD users in the U.S. in 2022 who revealed that their use of cannabidiol was due to curiosity.
In 2022, the most frequent dose of cannabidiol (CBD) consumed in the United States was between 5 and 10 milligrams.
However, a considerable proportion (22%) of the participants either did not check the dosage or were unaware of how much CBD they consumed.
As of 2022, only 35% of the survey respondents had used CBD for over a year.
This suggests that a majority of the participants in the United States had only recently started using cannabidiol (CBD).
Since the COVID-19 pandemic, nearly 45% of current CBD users have amplified their usage of CBD products.
Furthermore, roughly 26% of existing CBD users were actively hoarding CBD items in anticipation of potential shortages caused by the pandemic.
Approximately 36% of individuals use CBD in conjunction with prescription medications.
Additionally, it’s worth mentioning that 32% of people use CBD in tandem with other natural remedies, whereas 19% exclusively rely on CBD as a substitute for other natural remedies.
Statistics On Opinions/Misconceptions About CBD Oil
Despite the growing popularity of CBD, it remains poorly understood.
Misconceptions and opinions surrounding this compound persist, with some people seeing it as a panacea while others consider it a dangerous drug with psychoactive effects.
Such diverging views have led to confusion and misunderstanding about CBD and its potential uses.
In an attempt to shed light on how people perceive CBD, we have gathered some data below. Check these out:
In 2021, 30% of the survey respondents in the United States had refrained from purchasing cannabidiol (CBD) due to the lack of appealing products.
Additionally, 13% of the respondents expressed concerns about potential side effects.
Approximately 26% of Americans believe that CBD and marijuana are interchangeable terms.
Nevertheless, CBD products derived from hemp do not have the same psychoactive properties that marijuana does.
Roughly 57% of Americans are under the impression that the usage of CBD products will lead to a positive drug test.
Although this is mostly untrue, pure CBD products labelled with 0% THC are not expected to show up on a standard drug test.
Nonetheless, due to inadequate regulation of these products, it is possible that they may contain small amounts of THC.
Products with 0.3% THC content are improbable but may lead to a positive drug test.
Approximately 47% of Americans believe that CBD is regulated by the government.
However, CBD is currently considered a supplement, not a medication, and thus, it is not federally regulated.
Nevertheless, laws surrounding hemp and marijuana are undergoing rapid changes, and this could change soon.
An estimated 22% of individuals who have never used CBD expressed distrust towards either the product or the manufacturer.
Additionally, approximately 22% of respondents believed that CBD would not provide any benefits to them, while 8% expressed concerns about the possibility of getting high from using it.
CBD Application Statistics
In recent years, the use of cannabidiol (CBD) as a potential treatment for various diseases has garnered significant attention.
While CBD has been reported to have numerous therapeutic benefits, its efficacy and safety in treating certain diseases remain unclear.
However, with more research studies being carried out on the potential therapeutic uses of CBD, our understanding of its medical potential continues to evolve.
The figures below depict the picture of how CBD is being widely used in the treatment of certain diseases.
Of the 878 fibromyalgia patients surveyed, more than 70% used CBD to manage their pain.
These individuals substituted CBD for opioids or other pain medications, with many reporting reducing or discontinuing these medications.
In April 2022, approximately 62% of the survey respondents reported using CBD to alleviate anxiety and stress.
In the same survey, 60% of the participants cited pain relief as their primary reason for using the CBD supplement.
As of 2022, approximately 60% of CBD users reported pain relief as a leading reason for their CBD use.
This suggests that CBD may offer a viable alternative to traditional pain management medications for a significant portion of the population.
A considerable percentage of 58% of CBD users reported taking CBD to enhance sleep quality in 2022.
This highlights the fact that a significant proportion of CBD users in 2022 believed in the therapeutic potential of CBD for sleep and insomnia.
Approximately 51% of American CBD users utilized CBD for anxiety in 2022.
This is indicative of a growing interest in the potential therapeutic benefits of CBD for mental health and well-being.
Pet Use of CBD Products Statistics
With the popularity of cannabidiol (CBD) products surging among humans and pets alike, pet owners and veterinarians are increasingly exploring its potential as an alternative treatment option for various pet health conditions.
According to anecdotal reports, CBD may provide various therapeutic benefits for pets, such as pain relief, anti-inflammatory properties, and anxiety reduction.
To gain insight into the extent of CBD use among pets, refer to the statistics below.
By the end of 2021, experts predicted that pet CBD sales would grow to $629 million.
In the year prior to 2021, the pet CBD industry witnessed a remarkable surge in sales, reaching a total of $426 million.
Pet CBD has evidently established itself as a lasting trend in the market.
As of 2021, 77% of pet CBD buyers purchased CBD products for their dogs, which indicates a slight decline from the 82% recorded in the previous year.
On the other hand, roughly 21% of pet CBD buyers bought CBD items for their cats, which represents a notable increase from the 17% reported in 2020.
Millennials comprise most pet CBD buyers, with roughly 53% falling within this demographic.
Additionally, the remaining buyers are made up of 22% Gen X, 11% Gen Z, and 14% Baby Boomers, highlighting a diverse range of ages and generations in the pet CBD market.
As of 2021, 73% of pet CBD buyers reported using CBD themselves, which marks a significant increase from the 58% reported in 2020.
This suggests that more pet owners are becoming familiar with CBD’s benefits and incorporating it into their wellness routines.
The majority of pet CBD buyers, roughly 46%, lived in urban areas in 2021.
Additionally, 30% of buyers were from the suburbs, 15% from rural areas, and 9% from small towns.
As of 2021, 70% of pet CBD buyers were still conversing with their veterinarians about pet CBD.
Moreover, approximately 85% of these buyers received an enthusiastic response from their veterinarian during these discussions.
As of 2021, roughly 58% of pet CBD buyers were discussing the safety of CBD with their veterinarians.
Moreover, 51% of these buyers inquired about CBD dosages, while 44% discussed CBD types.
Additionally, 42% of buyers talked to their veterinarians about possible CBD reactions, and 43% discussed their pet’s specific condition.
In 2021, 52% of pet CBD buyers were actively seeking advice from their veterinarians to determine the effectiveness of CBD.
Furthermore, it’s important to highlight that approximately 32% of buyers consulted with their veterinarians to identify where to purchase CBD, and 31% discussed specific CBD brands.
USA CBD Brands Data
The CBD market is expanding rapidly, with new brands entering the market every day.
As competition heats up, CBD companies are working hard to capture the attention of consumers through innovative products and marketing strategies.
Despite economic challenges, the CBD industry has remained resilient, adapting to changing market conditions and finding new ways to reach customers.
If you’re interested in learning more about the CBD brand landscape, take a look at the statistics below for a comprehensive overview of the latest trends and data.
In 2022, 28% of the cannabidiol (CBD) brands did not conduct any pesticide contamination tests on their products.
Conversely, only 7% of the brands performed testing for contamination from pesticides, heavy metals, and microbes on all their products.
Sky Wellness generated revenue of $700K U.S. in sales in 2022.
The brand emerged as the leading cannabidiol brand sold in convenience stores in the United States last year.
In the second quarter of 2022, Charlotte’s Web maintained its position as the top-selling CBD brand online, accounting for 2.7% of the market.
Charlotte’s Web’s success in the market can be attributed to its strong marketing tactics based on values that resonate with its customers, such as trust and high-quality products.
Your CBD Store, also known as SunMed, captured 1.88% of the online CBD market in Q2 2022.
Your CBD Store (SUNMED) has adopted a franchise model, where SUNMED manufactures products exclusively for distribution through the company’s e-commerce website and retail stores.
In Q2 2022, Medterra held 1.72% of the online CBD sales market.
Medterra’s exclusive focus on CBD and THC-free products has garnered broad consumer appeal.
Their emphasis on quality and consistency throughout the entire production process has resulted in swift and significant consumer interest.
Accounting for 1.26% of the online CBD sales market, CBD American Shaman maintained a significant presence in the second quarter of 2022.
Through their franchise, wholesale, and affiliate programs, CBD American Shaman has established a vast and expanding distribution network that has propelled them up the rankings of CBD companies in a short period.
In Q2 2022, cbdMD secured a noteworthy share of the online CBD market at 0.95%.
cbdMD is available at over 6,000 retail outlets as of March 2022. The company has adopted a unique marketing approach.
CBD Products Statistics
CBD has been touted for its therapeutic potential, attracting many individuals to explore its use.
However, the broad selection of CBD products in the market has also added to its allure, making CBD use engaging and appealing to diverse consumers.
CBD can be found in various forms, including oils, tinctures, edibles, topicals, and capsules, each offering unique features and benefits.
This array of products empowers consumers to select a consumption method that aligns with their personal preferences and needs.
The statistics below provide valuable insights into the widespread use of CBD products.
In April 2022, roughly 58% of survey participants consumed gummies or other edibles as a cannabidiol (CBD) product of their choice.
On the other hand, lotions were the preferred CBD product for 53% of the participants.
Electronic smoking devices were the leading sales category for CBD products, generating $75 million in revenue.
Cannabidiol (CBD) supplements emerged as the top-selling CBD products in convenience stores in the United States in 2022.
In 2021, CBD beverages accounted for only 5% of the edible CBD market in the U.S.
It is worth mentioning that candy products were the leading segment in the country’s edible CBD market, contributing to most of the sales.
In 2021, isolates were the cheapest cannabidiol (CBD) product in the U.S., costing only $0.023 per milligram of CBD.
On the other hand, creams and topicals were the most expensive cannabidiol (CBD) products in the country in terms of cost per milligram of CBD in 2021.
In 2021, tinctures emerged as the best-selling cannabidiol (CBD) product category in the United States, with a market value of almost $1 billion.
The second most popular product category was topicals, generating more than $800 million market value.
Electronic smoking devices were the top-selling category for cannabidiol (CBD) products in the United States, contributing to revenue of $74.6 million.
However, it’s noteworthy that in 2022, cannabidiol supplements emerged as the best-selling products in convenience stores throughout the United States.
Seltzers and sparkling waters dominated the cannabidiol-infused beverage market in the United States, holding a market share of 57% during the 52 weeks ending March 27, 2021.
In contrast, Kombucha only had a sales share of 5%.
Approximately 50% of CBD users prefer oils/tinctures, lotions/balms, and gummies.
Roughly 28% of people who have not tried using CBD are interested in consuming CBD gummies, while a considerable percentage of 29% of CBD non-users are fascinated by lotions and balms made with CBD.
Additionally, an estimated 26% of individuals are thinking of trying CBD oils, tinctures, or drops as their first usage of CBD.
A rough estimate of 13% of individuals considering CBD for the first time are drawn to CBD vaping products.
Approximately 18% of individuals who are considering using CBD for the first time are interested in exploring CBD capsules and tablets.
Of individuals who have not tried using CBD, 11% are eyeing CBD-infused nonalcoholic drinks.
Further, approximately 9% are interested in CBD-infused alcoholic drinks.
Among individuals who have not tried using CBD, 17% are attracted to CBD-infused food, such as CBD chocolate.
Approximately 9% of individuals without any experience using CBD are open to using CBD bath bombs and bath salts.
Furthermore, roughly 12% of individuals who are considering using CBD for the first time are interested in CBD soap.
There are roughly 8% of individuals who are open to the idea of trying CBD skincare products as their first use of CBD.
Additionally, 18% of CBD non-users also consider the use of CBD topical oil sprays.
Another 8% of CBD non-users are open to using CBD patches.
CBD Oil Marketing Channels Statistics
As interest in CBD products continues to grow, an increasing number of individuals are seeking information about CBD and its potential health benefits.
People learn about CBD through various channels, such as word-of-mouth referrals, social media, online searches, and educational content from CBD companies.
Effective marketing channels are vital for promoting and selling CBD products, enabling companies to reach their desired audience and enhance brand recognition.
If you’re curious about how CBD information is disseminated to consumers, explore the statistics provided below.
Approximately 18% of survey respondents reported knowing about CBD from doctors or healthcare professionals.
Participants who learned about CBD from doctors or healthcare professionals were more likely to view it as a safe and effective treatment option compared to those who learned about it through other means.
Roughly 42% of survey respondents indicated that their awareness of CBD came from recommendations by friends, colleagues, and family.
This indicates that word-of-mouth recommendations significantly spread awareness about CBD, with almost half of the surveyed individuals learning about it through friends, colleagues, or family.
An estimated 25% of the participants learned about CBD from seeing it in retail.
In-store retail displays and advertisements may not be as effective in promoting CBD awareness as other sources, such as word-of-mouth recommendations or online advertising.
The knowledge of CBD among roughly 16% of the surveyed individuals was attributed to TV advertising.
This indicates that TV advertising may have a limited impact on CBD awareness, with only a small fraction of the surveyed individuals learning about it through this channel.
Online advertising was the source of CBD knowledge for approximately 33% of the survey participants.
This indicates that online advertising is a significant factor in promoting CBD awareness, with approximately one-third of the surveyed individuals learning about it through this channel.
Social media contributed to the CBD knowledge of roughly 36% of the survey respondents.
It suggests that social media platforms such as Instagram, Facebook, and Twitter may effectively reach a younger and more digitally-savvy audience and increase CBD awareness.
CBD Distribution Channels Statistics
CBD consumers have a range of options when it comes to purchasing CBD products, including brick-and-mortar stores, e-commerce websites, and wholesale distribution.
The decision on where to buy CBD products can be influenced by several factors, such as convenience, product selection, price, quality, and brand reputation.
Online shopping is often preferred for its convenience and affordability, while physical stores allow for a more hands-on approach to assessing the quality of the products.
To gain a deeper understanding of the CBD industry’s distribution channels, below are some statistics that may be of interest:
As of 2021, the CBD market’s offline distribution channel segment held a 52.4% business share.
The distribution channels for cannabidiol (CBD) products are classified online and offline, with the offline segment sub-segmented into hospital pharmacies and retail stores.
In the first quarter of 2021, 8% of CBD users preferred gas stations or convenience stores as their source of CBD products.
This reflects a year-over-year decrease of 11% from the 9% of CBD users who obtained their CBD products from these locations in 2020.
In Q1 2021, approximately 13% of CBD users opted to get their CBD products from pharmacies, which marked an upswing from the 8% in the previous year of the same quarter.
This represents a percentage change of 63% increase from 2020 to 2021.
In 2021, e-commerce emerged as the most preferred sales channel for CBD products in the United States, generating more than $2 billion in sales.
Following closely, pharmacies were the second-highest-selling channel for CBD products in 2021.
The proportion of CBD consumers who obtained their CBD products from a dispensary increased from 30% in Q1 2020 to 32% in Q1 2021.
This represents a 7% increase in the number of people who opted to get CBD products from dispensaries.
In 2021, approximately 32% of CBD users purchased their products from specialized CBD retailers.
This demonstrates a substantial increase from Q1 2020, when only 26% of CBD consumers obtained their products from these retailers, reflecting a 23% surge.
The first quarter of 2021 saw a considerable decline in the number of CBD consumers who obtained their products from smoke or vape shops, with only 18% of users choosing this option.
This marks a significant decrease from the 27% of CBD users who purchased from these retailers in Q1 2020, representing a 33% decrease in sales.
In Q1 2021, 19% of CBD consumers chose natural food/vitamin stores as their source for CBD products, reflecting a 12% year-over-year increase.
Notably, in Q1 2020, approximately 17% of CBD consumers preferred natural food/vitamin stores as their CBD source.
During the first quarter of 2022, E-Commerce continued to be the primary distribution channel, representing 39.2% of total sales.
E-commerce remains a dominant distribution channel for CBD products due to its convenience, wide selection of products in one place, and easy comparison of prices.
With a 19.5% share of overall sales during the first quarter of 2022, pharmacies emerged as the second most influential distribution channel.
Pharmacies are well-established and trusted institutions that have a reputation for providing safe and effective health products.
This makes customers feel more confident about purchasing CBD products from them.
CBD speciality retailers secured 10.7% of overall sales in the first quarter of 2022, making it the third most favoured distribution channel.
CBD speciality retailers often have a deep knowledge of CBD products and their benefits.
They can advise customers on dosage, usage, and which products are best suited for their needs.
During the first quarter of 2022, natural food stores and vitamin retailers represented 7.2% of total sales, ranking as the fourth most significant distribution channel.
Natural food stores and vitamin retailers typically attract health-conscious customers interested in natural or alternative health remedies.
CBD products align well with this customer profile, as they are often marketed as a natural and holistic approach to wellness.
The Covid-19 Pandemic and CBD Oil
The COVID-19 pandemic has undoubtedly presented significant challenges for many industries, including the CBD market.
However, amidst the difficulties, the global health crisis has also brought about positive changes for the CBD industry.
The demand for CBD products has increased with more people seeking natural ways to manage stress, anxiety, and other pandemic-related issues.
Innovative companies have even developed CBD-infused hand sanitisers and other wellness products to help promote health during the pandemic.
Despite the obstacles, the pandemic has created opportunities for the CBD industry to grow and thrive.
To have a closer look at how the CBD industry has thrived during the pandemic, see the insights of our research below:
In Q1 of 2020, 23% of CBD consumers purchased CBD products from online outlets.
However, this number increased significantly in Q2 and Q3 of 2020, with 47% of CBD consumers turning to online outlets for their CBD needs.
In Q1 2020, 26% of CBD users purchased their products from speciality retailers.
This percentage increased to 35% in Q2 2020 and further rose to 40% in Q3 of the same year.
In Q1 2020, only 8% of CBD consumers chose to purchase their CBD products from pharmacies.
However, this number increased to 11% in Q2 2020 and further rose to 18% in Q3 of the same year.
CBD beauty and skincare topicals were a popular choice among CBD consumers in Q3 2020, with approximately 33% of CBD users opting for these products.
This represented a significant increase from the 30% of CBD consumers who purchased beauty and skincare topicals in Q2 2020 and the 18% who did so in Q1 of the same year.
The usage of CBD therapeutic topicals increased significantly from Q1 to Q2 of 2020, with 34% of CBD consumers opting for these products in Q2 compared to 25% in Q1 of the same year.
However, this percentage decreased slightly to 28% in Q3 2020.
CBD tinctures were the preferred choice of new CBD consumers or those who had been using CBD for three months or less in Q3 2020, with 56% of users opting for this product.
This represented a significant increase from the 47% of new CBD consumers who chose tinctures in Q2 2020 and the 33% who did so in Q1 of the same year.
In the first quarter of 2020, CBD gummies were 32% of new CBD consumers preferred.
However, the percentage of CBD consumers who chose gummies decreased to 28% in Q2 2020 and further dropped to 23% in Q3 of the same year.
In the first quarter of 2020, 27% of new CBD users were unsure about their CBD dosage.
However, this percentage decreased to 21% in Q2 2020 and reached an all-time low of only 14% in Q3 of the same year.
In Q3 2020, approximately 61% of new CBD users had children in their households.
This percentage represented an increase from the 54% of newbies who had children in Q2 of the same year.
During Q3 2020, 30% of new CBD consumers reported an income above $150,000.
This indicated a notable surge in affluent CBD newbies.
During Q3 2020, 58% of CBD consumers used CBD products five or more days per week.
This was an increase from 55% of heavy CBD users in Q2 2020 and 52% in Q1 of the same year.
Forecast – The Future of the US CBD Industry Statistics
With the legalization of hemp and CBD in many countries, the market has seen a surge in demand for CBD products, including oils, edibles, topicals, and more.
As with any industry, the CBD market continues to prosper, yet its future is uncertain and subject to change.
However, we can anticipate some potential developments in the CBD industry based on current trends, such as regulatory changes, CBD product innovation, and shifting customer preferences and demand.
Below are the projections experts made for the CBD industry in the coming years:
By 2024, it is predicted that the usage rate of CBD among the adult population in the U.S. will experience a substantial surge, climbing up to 35%.
It is worth mentioning that six years before 2024, the estimated usage rate of CBD among the adult American population was 6%.
By 2026, the CBD market is expected to grow to $4.23 billion in value.
Notably, in 2022, the sales of CBD products in the country reached $4.17 billion.
In the upcoming years, the CBD pharmaceutical market is expected to surge in size, with estimates projecting it to reach $1.01 billion in 2023.
The growth trajectory is expected to continue, with sales forecasted to reach $1.33 billion in 2024 and $1.75 billion in 2025.
The CBD oil market is anticipated to expand at a CAGR of 28% between 2022 and 2027, with a projected increase of $5 million in market size.
The growth of the market is influenced by various factors, such as the increasing millennial population in essential cannabis markets, the health-promoting properties of CBD oil, and the rise in new product launches.
The total market for cannabidiol (CBD) products distributed through pharmacies in the United States is projected to exceed $3 billion in 2026.
In contrast, the market for such products distributed through medical practitioners is expected to be significantly smaller, approximately $203 million.
The CBD pharmaceuticals market is poised for continued growth, with projections indicating that it will reach $2.05 billion by 2026.
This represents a four-fold increase from its current size, highlighting the strong demand for these products.
The global market size for CBD consumer health products reached $15.88 billion in 2022.
Moreover, it is projected to reach approximately $62.41 billion by 2032, with a compound annual growth rate (CAGR) of 14.67% from 2023 to 2032.
USA CBD Statistics Conclusion
The CBD market has seen significant growth due to increasing consumer demand for natural health and wellness products, fueled by the legalization of hemp and CBD in many countries.
Though regulatory debates persist, the industry is projected to continue expanding rapidly.
As the market matures, we can expect changes in consumer preferences and demand, leading to increased competition and innovative product offerings.
With the potential for further growth and innovation, CBD companies can benefit from staying informed about current trends and projections to develop effective distribution strategies.
How big is the cannabidiol (CBD) market?
It is projected there will be a substantial increase in the global cannabinoids market, with an anticipated growth from $27.47 billion in 2022 to $32.94 billion in 2023.
This growth is expected to occur at a significant compound annual growth rate (CAGR) of 19.92%.
Which age group is most likely to use CBD?
The age group most likely to use CBD is adults aged 18-29, with 20% reporting that they use CBD products.
This is followed closely by adults aged 30-49, with 16% reporting CBD use.
The survey also found that CBD use decreases with age, with only 8% of adults aged 50-64 and 3% of adults aged 65 and older reporting CBD use.
What is the use of CBD products in treating chronic pain?
CBD products are commonly used to alleviate chronic pain due to their ability to interact with the body’s endocannabinoid system, which plays a critical role in regulating pain, inflammation, and other physiological processes.
CBD’s anti-inflammatory properties make it a useful tool in the reduction of pain and swelling.
What makes North America a viable market for CBD products?
North America’s legalization of hemp and CBD has created a favourable regulatory environment for the CBD industry, leading to increased regional investment and product development.
The large and diverse population’s interest in natural health and wellness products has created significant demand for CBD products without psychoactive effects.
North America’s robust healthcare industry has also led to increased research and clinical trials exploring the potential therapeutic uses of CBD.
What was the market size of the CBD Product Manufacturing industry in the US in 2022?
The CBD industry’s revenue reached $2.4 billion in 2022, a growth that can be attributed to the legalization of hemp and CBD in many countries, which has facilitated the development of a thriving CBD market.
Has the CBD product manufacturing industry in the US expanded or contracted over the last five years?
The market size of the CBD Product Manufacturing industry in the US grew by an average of 45.9% per year between 2017 and 2022.
Is CBD legal in the US?
In the US, the legality of CBD products is determined by their source and the state in which they are sold.
Federal law permits CBD products derived from hemp containing less than 0.3% THC, while marijuana-derived CBD products remain illegal under federal law but are legal in some states where marijuana is legal.
What types of CBD products are popular in the US?
There are numerous CBD products that are gaining popularity across the US, available in multiple forms.
The most sought-after CBD products include oils and tinctures, edibles such as chocolates and gummies, topicals, capsules, pills, beverages, and pet products.