Use of CBD Products Grows to 74 Percent and Market Has Room to Grow
The CBD company Green Element conducted research on CBD usage and reports that 74 percent of Americans are now using CBD products. This is an increase of 40 percent compared to 2020 and 60 percent compared to 2019. There has been an increase of over 200 percent each year for the last two years.
The Green Element research project presents findings on a number of aspects concerning CBD. The study investigated consumer perceptions and CBD use, but it also evaluated survey results based on user demographics. Interestingly, the results indicate more people who are educated, professionals and affluent are buying and using CB products. Over one-third (34.4 percent) of CBD users have an annual income of $150,000 or more. On the lower-income level, half (50 percent) of the people who earn less than $25,000 use CBD products. The higher the income, the higher the percentage.
The survey asked respondents why they use CBD products. The top response was 39 percent said stress, followed by 36 percent for pain, 34 percent for skincare and 31 percent for sleep/insomnia. Many other health issues were mentioned, including gastrointestinal problems.
Doug McHart, CEO of Green Element, says,
“We can now say that three out of four of Americans are using CBD products. That’s great news for our industry but it’s better news for those CBD consumers who are alleviating pain, reducing stress and improving their quality of life.”
The statistics offer insights into changing consumer perspectives, partially driven by positive changes in state laws but also due to increasing consumer knowledge about CBD and CBD products. People now understand CBD is not psychoactive but may convey a number of benefits based on research to date and anecdotal reports by CBD users. In addition, the variety of CBD products has expanded in all categories, including CBD gummies, oils and tinctures, edibles, topicals and the growing line of CBD for pets.
The projection is that CBD sales will continue to grow from the $5 billion spent in 2020 to $17 billion by 2025. If the CBD brands continue to expand product lines and develop or use new types of legal industrial hemp grown for the manufacturing of even higher quality CBD, it would not be surprising if the sales projections are low. In addition, 87 percent of CBD users are males, but 57.14 percent are females. This leaves a lot of room for sales growth due to new female users.