2022 CBD Market Trends – Cannabidiol (CBD) is the 2nd most popular cannabinoid behind Delta 9 THC. It is the most popular non-psychotropic cannabinoid.
CBD continues to rise in popularity since the 2018 Farm Bill made it legal at the federal level. CBD products are available in multiple forms including tinctures, topicals, vape cartridges and liquids, gummies, concentrates, and CBD flower.
However, finding good information on 2022 CBD Market Trends and how many people use CBD, how the industry is progressing, concerns consumers have, and other facts can be challenging.
CBD is a chemical compound obtained from marijuana and hemp plants and is commonly used for medical purposes. Cannabidiol is used for treating pain, anxiety, muscle disorder (dystonia), Crohn’s disease, Parkinson’s disease and many other medical conditions. Hence, cannabidiol is gaining widespread popularity across regions.
2022 CBD Industry Trends
Use of CBD in the US has been increasing over recent years, but based on data from 2020, around 18% of the population has ever tried CBD. This can also be broken down by frequency of use:
- At least once a day 21%
- Once to a few times a week 19%
- Once to a couple of times a month 17%
- A few times per year or less 18%
- Only tried once or twice 25%
How Do CBD Users Break Down By Age
It probably won’t come as much of a surprise that CBD users skew a little young overall:
- 18 to 34: 23%
- 35 to 54: 21%
- 55 and older: 14%
You can see there’s a huge dip in usage for those aged 55 or older, with the younger age groups being roughly equal. However, when you look at frequency of use by age, it suggests that the older people who use CBD are much more likely to be doing so every day:
Why Do People Use CBD?
CBD has tons of potential uses, ranging from easing the symptoms of specific medical conditions to more general uses like easing anxiety or for general wellness. But what do the statistics say about why people use CBD?
When people were asked to choose their primary reason for using CBD, they responded:
- Medical: 9%
- Pain: 41%
- Unwinding: 33%
- General wellness: 18%
- In 2021, cannabidiol (CBD) generated over $5.3 billion USD in product sales revenue through both online and in-store transactions.
- By 2024, the market is expected to develop exponentially, with estimated sales amounting to $12 billion USD – an increase of $6.7 billion USD from 2021.
- California sold the most CBD products across the United States in 2021. With sales reaching $24.9 million USD (36% of market share) by May. However, it’s worth noting that sales are declining in California and other states with recreational cannabis.
CBD beverage sales are projected to pass CBD edible (gummies, confectionery, snacks, etc.) sales by 2025. Likely due to the growing trend of CBD cafes appearing across the country.
The majority of online CBD sales come from specific CBD brands. While many companies strive for customer retention, this is likely due to the fact that customers can learn about brand-specific information (i.e. CoA, manufacturing process, etc.) through a company’s website.- A brand’s website also usually provides customers with the most deals (i.e. coupons, subscription services) for savings.
- As runner-ups, CBD sites selling multiple brands and Amazon.com likely found a market by offering a versatile selection of products. Notably, specialty CBD products (such as CBD inhalers, lollipops, etc.) cannot be purchased through the majority of large brands.
CBD coffee has developed a small market for itself as many people use CBD to offset the anxiety brought on by caffeine. However, CBD-infused coffee likely isn’t as popular as some may imagine due to the fact that you can simply add CBD oil drops into coffee (allowing for a more precise dosage).
SOURCE:
The team at Green Forest Brand assists companies in developing infused products that enhance the medicinal value as well as the value proposition of their products. >>Click here to connect with the Green Forest Brand team.<<
