- A study conducted by Chicago-based Aclara Research has revealed that CBD’s popularity has steadily risen throughout the pandemic.
- Pain relief and anxiety were the top two reported reasons for people using CBD.
- It was calculated that the average CBD consumer spends roughly $900 per year on its products.
As if America’s growing levels of anxiety weren’t bad on their own, imagine the fuel to the fire that was added on when the country was suddenly facing a global pandemic.
While this may seem like a negative thing overall, it has been very beneficial for the hemp and CBD industry. In fact, a study by Aclara Research has shown that at least 20% of all CBD consumers are using more products due to the COVID pandemic.
The study demonstrates how the new and previous customers are developing a more proactive approach toward managing their mental health. It also takes a closer look at how the behaviors could continue to evolve after the pandemic is over.
The survey displays the top reasons for CBD use as:
- Pain Relief (58%)
- Anxiety (58%)
- Relaxation (48%)
- Sleep (37%)
- General Wellness (30%)
The participants were a group of roughly 3,000 consumers who use CBD in states where it’s legal (people use CBD for more than one condition, explaining why the total percentage reaches over 100%).
It was found that roughly 1 in 5 consumers reported purchasing more CBD products throughout the Coronavirus pandemic. Over half of the participants reported no change on the amount of CBD they purchased.
80% of the CBD study participants reported using both marijuana and hemp products, with 60% of marijuana users also reporting buying CBD products. Just under $1,000 is spent per consumer per year. The highest-grossing products included CBD beverages, flower, and CBD beauty products.
CBD Market On the Rise
So far, CBD is gaining the approval of consumers everywhere, especially as stress and anxiety levels continue to rise. This increased demand is allowing retailers to expand their shelf space, opening doors through the supply chain all the way down to an increased job market for hemp farmers.
“For retailers, consumer focus on integrated wellness solutions may increase retail space – and focus – on hemp-derived CBD products,” stated Carmen Brace, founder and principal of Aclara Research. “These products are on trend with consumer needs, play a strong role of profit generation and increase basket size.”
For now, the CBD industry is enjoying its steady growth that is being excelled by the legalization of marijuana in several states. If the U.S. Food and Drug Administration (FDA) happens to release permanent regulations for CBD, then you can expect even bigger strides to come in 2021