CBD: The Consumer Report is the latest release in the suite of Prohibition Partners’ market-leading consumer research reports, providing proprietary data on over 15,000 adults from seven key global markets, exclusive product pricing databases and a detailed analysis of the competitive landscape and regulatory environment. In this article, we will break down some of the key findings and trends covered in our latest report.
October 9th, 2020
CBD: The Consumer Report demonstrates the underlying strength of the market and its potential to expand over the coming years, as highlighted by a 16% growth forecast by 2024, which takes into account the impact of COVID-19. In total the over-the-counter CBD market is expected to be worth US$5.8 billion in 2020 and US$6.79 billion by 2024.
CBD Use Increases During COVID-19
One of the major areas of study from CBD: The Consumer Report, was the impact of COVID-19 on the purchase and use behaviour of CBD consumers.
As highlighted below, a significant proportion of CBD and cannabis-infused goods users reported an increase in use as a result of COVID-19, mainly related to a number of health issues. Specifically, almost 30% of users in mature markets, such as the US and Canada, stated that they expected to increase their usage of CBD during the global pandemic, primarily to deal with stress, anxiety and as part of a wellness routine.
Interest shown in two of our features, focused on COVID-19 and cannabis, has been high over the past six months.
A number of clinical studies examining cannabinoids as a potential treatment for the symptoms of COVID-19 are currently underway.
If any conclusive findings are made and CBD is proven to alleviate the symptoms of coronavirus, a major boom can be expected in the industry.
New users powering continuous growth
The largest proportion of consumers are recent entrants with 28% of CBD users having been in the market for less than 6 months. Such significant adoption is likely down to the growing exposure to products as well as word of mouth recommendations focused on health-related issues.
Click below to read Report Highlights from prohibitionpartners.com
About Wellness BioSciences Rx (WBRx)
Wellness BioSciences Rx (WBRx) is a global innovator in the delivery of science-based wellness consumables in partnership with health care providers directly to their respective patient base. Our products specialize in the development of the highest grade 100% USA-grown hemp oil rich in CBD, CBDA, CBG, CBN, CBC, and terpenes. WBRx was founded by Barry Cocheu and Sean Baker.