Useful Statistics About CBD for 2021
Whether you’re experiencing pain, stress, anxiety, insomnia, or some other form of chronic health condition, CBD oil may help you find some relief. Cannabidiol has become a phenomenon in the world of health and wellness. This is due to more and more people finding it to be effective at relieving stress, anxiety, pain, inflammation, and even possible symptom relief of epilepsy.
Many people look for natural alternatives to pharmaceutical drugs that are just as effective, but with fewer side effects. CBD fits that bill, with little to no additives. The CBD market is now an emerging industry, especially with much of the restrictions against it lifted by the 2018 Farm Bill being signed into law.
CBD is only expected to become more popular in the United States in the foreseeable future as the word on its effectiveness and lack of psychoactive properties spreads even further. Let’s look at the statistics that show how successful CBD has become and how much more it can be in the coming years.
Stats on CBD Sales in the US
The global CBD market reached $3.1 million in 2018. According to Forbes, it’s predicted that in the US alone, CBD sales will surpass $20 billion by 2024.
According to a survey by the Brightfield Group in 2019, around 44% of CBD users spend between $20 and $80 every month on CBD products, while 13% spend up to $160 per month.
US states with the most CBD sales include California, New York, Florida, and Colorado—states where legalization of cannabis has made it possible for the public to purchase CBD products.
California was the top US state CBD market in 2019, with an estimated total of $730 million. Second to that was Florida with $291 million, and third was New York with $215 million.
Stats on CBD Use in the US
Nowadays, according to Gallup, up to a third of American adults have used CBD, while two-thirds of Americans have heard of CBD. Among CBD users, 40% of them use CBD products for pain management, 20% of them use them for relieving anxiety, and 11% use them as sleep aids.
Around 28% of all CBD users take CBD products daily, and more people are now turning to CBD as an alternative to prescription or over-the-counter pharmaceutical drugs for various health conditions.
Among age groups, 40% of the CBD market are 18-29 years old, 32% are 30-44 years old, 23% are 45-59 years old, and 15% are 60 years old and over.
It does look like younger generations are more open to using CBD. Around 32% of CBD users are millennials who use CBD for stress and anxiety, while only 12% of baby boomers use it for the same purpose.
However, among baby boomers who do use CBD, 42% of them use it for joint pain, while only 15% are millennials who use it for that reason.
As for gender, 55% of CBD users are female. They’re the most likely to start using CBD oil and tend to be more loyal to a brand once they find something that’s effective for them, according to the largest CBD survey ever done to date.
Women also don’t just use CBD as 75% of CBD brands are either founded or managed by women, and 70% of CBD direct sellers are run by women.
An increasing use case for CBD oil is for pets and other animals. Yes, CBD also works for animals as well. The hemp pet product market went up to a value of $32 million in 2018 and is expected to reach $125 million by 2022. CBD products are expected to not just be limited to pets, but also to horses and other domestic animals.
Stats on CBD Popularity by Delivery Method
CBD vitamins sold $37.9 million all over the US in 2019, with sleep aids accounting for $10.8 million. Nearly 50% of CBD users prefer CBD oil, CBD lotions and balms, and CBD gummies.
Meanwhile, the market for CBD edibles has been growing, with 17% of users preferring CBD-infused foods like chocolates.
But the most popular form of CBD is capsules and tablets, accounting for 18% of CBD products sold. Vaping is also popular due to its speed, accounting for 13% of sales.
However, reports do differ on what they found to be the most popular form of CBD, with one survey finding it to be CBD gummies and edibles, while another showed CBD oil cartridges for vaping was way more popular at 54%.
CBD tinctures and oils are becoming increasingly popular as well, taken via sublingual administration, which is putting it under the tongue.
Stats on CBD Accessibility
A major reason for the unprecedented rise in popularity of CBD is in the greater availability of CBD products, reaching up to an 80% increase in availability in recent years.
CBD products are now provided by over 1,000 different brands on the market, including Charlotte’s Web, Bloom Farms, Care by Design, and Kiva. Even more brands are now joining the fray, such as evan37.
Among all the available sources of CBD products, 40% of sales are from a dispensary, while 34% are from retail stores, and 27% are from online retailers.
Over 6.4 million searches on Google for CBD were made in April 2019 alone.
Stats and Facts on CBD Popular Opinion
CBD is becoming more and more popular as cannabis legalization has made the plant less of a taboo topic in recent years.
According to a survey by Gallup in 2020, around 68% of Americans are now in favor of cannabis legalization, and that number is slowly but surely rising.
As of this writing, the FDA has approved one CBD product, which is Epidiolex. It’s a purified form of CBD that is meant for treating two severe forms of epilepsy.
While the FDA still hasn’t approved more CBD products at the moment, the approval of Epidiolex alone is a sign that they have acknowledged the medical viability of CBD.
These numbers are expected to grow as CBD becomes more popular through both medical research and word of mouth, as well as more proliferated through retail and online sales. It does seem like only the sky's the limit right now for the popularity of CBD as more people learn about its benefits.