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.