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Consumer Study from Grail Insights Reveals Huge Impact of CBD on Big Pharma and Other Industries
A new consumer study confirms CBD to be the next big industry disruptor for pharmaceuticals and more. Grail Insights reveals that CBD is becoming the go-to treatment for a variety of ailments and is slowly dropping the term “alternative” in alternative medicine. There are countless testimonials proving that CBD is extremely effective in treating everything from depression and anxiety to arthritis and joint pain. A recent survey determined that 85% of people are aware of CBD and that one in five people have either tried or use CBD. It was also found that over 60% of those who haven’t yet tried CBD are interested in doing so.
With the CBD market expected to reach over $20 billion in sales by 2022, the market research firm wanted to understand what products consumers would be leaving behind for CBD. They warn that big pharma and mood management brands should prepare themselves for the phenomenon that is CBD. With more and more consumers looking for more natural and safer relief, one in six Americans is turning to CBD to treat joint pain, migraines, or insomnia instead of prescription or over-the-counter medications. What was also determined is that Millennials are more likely to adopt CBD than older generations. CBD users between the ages of 18 and 35 use CBD to manage stress at 65% and for depression and/or anxiety at 51%.
The firm also discovered that not only are prescription and over-the-counter medications feeling the impact of CBD, but other industries as well. The alcohol, tobacco, beverages, personal care, and pet industries are also being affected. The beverage industry, in particular, has seen consumers look for CBD-infused beverages instead of alcohol as they can receive the same relaxing effects without the health risks. Tobacco has also seen a huge decrease as consumers are becoming more aware and one in three smokers have tried CBD and one in ten are regular users. In addition, more than 50% are willing and interested in trying CBD.
