Connect with us

Marijuana Movement

New Acosta Research: CBD Market to Hit $20 Billion by 2024, Provides Consumer Stats



New Acosta Research: CBD Market to Hit $20 Billion by 2024, Provides Consumer Stats

In a report dubbed, “The CBD Effect: A Rapid Emerging Consumer Trend,” Acosta Research projected that the CBD market could hit the $20 billion ranges by 2024.

The report gave several breakdowns which look closely at consumer uses and what is preventing certain individuals from trying it out reports Acosta Research.

The first includes the reason for use. As per the findings, 28% of consumers retorted to CBD uses “as-needed”, with 9% using it on a regular basis. The common issues that consumers were trying to better include joint and muscle pain, anxiety, restlessness and headaches among others. 59% of consumers planned to use it, while 25% went on a whim and 7% relied on doctors’ recommendations.

A good 55% have a positive view point on CBD, while 35% are unsure of its uses and 11% believe the current trends are just a “hype”. When assessing numbers in terms of the lack of confidence, 29% of consumers deem that the lack of studies is what pushes them away from CBD uses, while 29% do not trust product claims, and 18% find that its uses conflict with moral values. Interestingly, weak regulation seems to have been troubling as little as 7% of consumers.

When considering those who are actually open to CBD uses, it seems like very similar concerns were expressed as the aforementioned. This includes pricey products (26%), lack of studies (18%), distrust (14%), lack of regulation (13%) and difficulty with access to products (13%).

Speaking regarding the findings is Senior Vice President of Business Intelligence at Acosta, Colin Stewart, who noted that consumer preference for “one-size-fits-all treatment” are becoming a norm to the point where “demand is growing rapidly.”

This appears to be applicable to pets, as 1 in 10 pet owners have purchased CBD. Captivatingly, 52% of purchases are supposedly those that have been recommended by veterinarians! Some of the products that appear to be popular include pet treats (48%), oils (27%), capsules (14%), and topical ointments (9%).

Given that many supermarkets and department stores are beginning to introduce CBD to their shelves, the report suggested possible ways to onboard consumers in the conversation. This includes possibly offering samples, promoting “entry-level pricing,” or even educating consumers on the spot to name a few.

Alex Ramsteen plugs his content writing microphone in all the way from Kenya and has been a professional writer for over a handful of year nearing a decade soon. While the skill of writing is apparent naturally, TOC is delighted to leverage Alex’s strengths into an array of interests including technology, science, fitness, yoga, meditation, traveling, electronics, reading and more.

Continue Reading

Ultimate CBD Guide


ultimate-cbd-products-company-guidepopular-cbd-health-benefits best-cannabidiol-guide-resources hemp guide

TimesofCBD is the most active daily CBD news publication featuring the latest cannabis industry stories and marijuana market trends. As the leader in CBD-centric content curation, we invite all readers to come for the headlines and stay for the insights. Quality is the top priority when presenting user guides, analyzing product reviews and reporting fact-checked news announcements. All information is for educational and informational purposes only. Disclaimer.

Got news? Email

Copyright © 2020 | Latest CBD News, Cannabis Guides and Marijuana Trends
Note: Always seek real additional medical advice and consultation with a professional healthcare practitioner before considering any CBD. No statements found on this website have underwent Food and Drug Administration evaluation. The efficacy of any products or claims made have never been approved by the FDA either. No products shall ever be intended to diagnose, treat or cure any disease or prevent any ailment.