Who's Using CBD and Why?
What does the latest survey tell us about CBD users?
What are the most popular reasons people are turning to CBD? Anxiety? Muscle Pain? Sleep? Joint Pain? Well if you guessed any of these you are in the top percentile. Harris Poll / Quartzrecently polled 2,000 Americans about their perceptions of CBD. The results showed that 86% of the survey takers had heard of CBD, 11% had tried it, and 7% use CBD regularly.
The majority surveyed perceive CBD as a wellness aid, rather than a recreational drug like its counterpart marijuana. More than half said they used CBD for relaxation or to reduce stress and anxiety. 45% said they used it to help them sleep, while an equal amount said they used it to relieve muscle and joint pain.
CBD was also found to be most popular with younger Americans between the ages of 18 and 44. Over 10% in this age group say they use CBD regularly. Anxiety amongst millennials may be the main reason as they are experiencing anxiety at twice the average rate in the U.S. A growing demographic is in the age group between 45 and 64. About 5% in this group use CBD regularly. Topicals for joint pain and muscle relief are popular in this age group.
In regards to gender it’s pretty much split down the middle as to why Men and Women try CBD. The number one reason being relaxation or to relieve stress and anxiety. The secondary reason varies between the sexes. Women try CBD to improve their sleep, while men try CBD to relieve muscle and or joint paint. According to the Harris Poll, 16% of women have tried CBD and 4% use it regularly. While 21% of Men have tried CBD and 10% use it regularly. Analysts suggest that the Women’s market will experience huge growth. As CBD gains popularity in the skincare and beauty markets, more women will have access to CBD as part of their daily regime.
The survey also found that CBD was more popular in West. Over 25% of those that live in Western States have tried CBD. While fewer than 20% of the those living in the South, Midwest and Northeast have tried CBD. One reason is that some of the largest brands are based out of the West, Colorado and California being the more popular. Therefore marketing, awareness and retail are more present to consumers. Overall 80% of Americans that have heard of CBD support its use, and over 50% support using CBD as a replacement for prescription pain killers.
Even though it seems like everyone is already using CBD the market is on track for rapid growth. According to Statista, data suggests that CBD generated $.5 billion dollars in sales in 2018. Analysts suggest that the business of CBD could be worth $16 to $23 Billion by 2025. If this is the case then CBD would average about $3.25 Billion dollars in business for the next 6 years. Much of this data will depend on research and regulation. More clinical studies on the effects of CBD need to be done and the FDA needs to clear the path for CBD regulation.