The popularity of cannabidiol (CBD) oil continues to grow at extraordinary rates. Whether consumers are using it for anxiety, insomnia, joint pain, or many other needs, CBD is winning over consumers. The numbers backing this up continue to be updated, and we at Aspen and Fort Lauderdale-based public relations agency Durée & Company are happy to share the latest and greatest facts. After all, we work with several CBD clients, and love to keep up with the info!
New research from Acosta sales & marketing firm revealed the following about just who CBD product customers are. The study, titled “The CBD Effect: A Rapidly Emerging Consumer Trend,”* estimates CBD product sales to consumers to reach $20 billion by 2024. Following are some fun facts from the study:
- Top uses of CBD products: Joint pain, general wellness, muscle pain, anxiety, sleep issues and headaches
- Purchases planned or not planned? 59% of respondents’ first-time CBD product purchases were planned; 25% were an impulse buy and 7% were recommended by a doctor.
- Views on CBD: 55% agreed with the statement “CBD oil is/might be a new miracle treatment;” 35% were unsure what to think about CBD oil; 11% think the products are “just hype.”
- Who uses CBD products? Millennials (56%), men (48%), college-educated (49% have a bachelor’s degree), women (28%), Generation X (32%), Baby Boomers (15%)
- Why do they use CBD products? Millennials most commonly use CBD products to ease anxiety (31%) and for general wellness (30%). For both Gen Xers and Baby Boomers, CBD products are most frequently used to alleviate joint pain (31% and 36%, respectively) and muscle pain (both 23%).
- Why don’t consumers, who are open to trying the products, purchase them? Too expensive (26%), not enough studies (18%), don’t trust claims (14%), not enough regulation (13%), too difficult to find (13%)
- Why don’t consumers, who are not open to trying the products, purchase them? Lack of studies (29%), distrust of product claims (29%), moral issues (18%), price (7%), insufficient regulation (7%)
- How many pet owners have bought CBD products for their pets? One in 10. Fifty-two percent purchase based on a veterinarian’s recommendation.
- What are the top pet CBD products purchased, and why are they purchased? Treats/chews (48%), oil (27%), capsules (14%) and topical ointment (9%); mostly for anxiety (32%), pain (29%), and general wellness (29%)
Large and small retailers have been drawn to CBD products. These include the largest supermarket operator in the U.S., The Kroger Co., plus small chains such as Dierbergs Markets and online grocers like Thrive Market. Kroger is rolling out CBD topical products to more than 1,300 of its stores in 22 states, including the Kroger, Dillons, Fry’s, Fred Meyer, King Soopers, Mariano’s, Pick ‘n Save, QFC and Smith’s banners. In summer 2019, Kroger rolled out CBD lotions, balms, oils and creams to 88 stores in its Houston division, and even made CBD items available via its Ship.Kroger.com direct-to-customer service and Vitacost.com e-commerce unit.
There’s no doubt about it: The market for CBD products is growing at extraordinary rates. At D&Co, our Aspen office is close to the growing number of Colorado farms where hemp is grown, and therefore, close to the heart of the CBD industry. Due to this proximity, we have the knowledge and ability to serve CBD clients from all over the county. Want to know more about the CBD industry? Call our Aspen office at 970.452.2195, our Fort Lauderdale office at 954.723.9350, or email us at email@example.com.
*Research was based on a July 2019 shopper survey and internal subject matter experts and included projections from BDS Analytics, a cannabis market tracking firm.
About Durée & Company
Durée & Company, Inc. is an award-winning, full-service public relations, marketing and special events firm founded in 1999. The firm has offices in Fort Lauderdale, Florida and Aspen, Colorado. Durée & Company serves the corporate, agency and nonprofit arenas for local, national and international clients. Services include public relations, social media, marketing, content development, advertising, special events, branding, radio promotions and more. Durée & Company clients include well-known names in business, fashion, hospitality, travel, wellness and CBD, marine & yacht, art and culture, nonprofit organizations, legal and professional services and real estate. Durée & Company is a member of PR Boutiques International™ (PRBI), an international network of boutique PR firms. To learn more, go to https://dureeandcompany.com/, visit Durée & Company on Facebook at https://www.facebook.com/DureeCoPR/, Instagram at https://www.instagram.com/dureecopr Twitter at https://twitter.com/dureecopr or YouTube at http://www.youtube.com/user/DureeAndCompany, or call 954-723-9350.