Acosta released a new research report titled The CBD Effect: A Rapidly Emerging Consumer Trend. The report indicates that 28% of consumers surveyed reported that they currently use CBD products on a daily basis or as needed. The report further indicates that it projects that sales generated from CBD products could reach $20 billion by 2024, according to the Progressive Grocer.
Colin Stewart, the senior vice president and business intelligence at Acosta stated,
“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. Consumer CBD sales are expected to reach $20 billion by 2024 — larger than the current annual sales of candy, gum and mints combined.”
In addition, several demographics lean toward using CBD. For example, the report indicates that 56% of millennials, 32% of generation X, 15% of Boomers, 48% of men, and 49% of individuals with a bachelor’s degree use CBD on a daily or as-needed basis. Further, some individuals use CBD for general wellness or to combat specific health ailments.
Based on these statistics, grocers may want to capitalize on the CBD trends. It appears that one grocery is already making the move. The Motley Fool reports that national grocery chain Kroger, which has over 2,700 branded food-retail stores around the country, will begin to carry topical CBD products in 17 states.
Kristal Howard, the head of corporate communications and media relations, did not identify the brands that will be sold. However, she did say in a statement,
“Like many retailers, we are starting to offer our customers a highly curated selection of topical products like lotions, balms, oils and creams that are infused with hemp-derived CBD. CBD is a naturally occurring and non-intoxicating compound that has promising benefits and is permitted within federal and state regulations. Our limited selection of hemp-derived CBD topical products is from suppliers that have been reviewed for quality and safety.”