How much do you know about CBD

The global cannabidiol (CBD) market size has been valued at $21.9 billion (USD) in 2019 and is expected to reach $39.9 billion by 2027. That figure represents a compound annual growth rate (CAGR) of 46.4% during this forecasted period.[1] The growth of CBD reflects a trend on the part of consumers to seek innovative and healthy products, such as those infused with CBD, to maintain health-life balance. [2] CBD oil has gained importance in the manufacturing of health products and these products help in treating pain, anxiety and other mental health disorders. [3]

While CBD continues to enjoy growing demand, a recent survey conducted by data analytics firm Invisibly[4] looked into exactly what people know about CBD and their interest in using CBD products. The survey included responses from 1,087 people.

How many have tried CBD

Among all the respondents, 62% had never tried a CBD product in any form. Of the respondents who had tried CBD, 14% used it in an ingestible form, 11% as a topical ointment or cream, and 13% had tried it in both ingestible and topical form.

Why use CBD

40% of respondents who have tried CBD said their primary reason was to reduce stress and anxiety while 17% said their primary reason was to reduce physical or chronic pain. 32% of respondents who have tried CBD use it for both reasons.

The difference between CBD and THC-containing products

Specifically, 58% of respondents did not know the difference between CBD and THC-containing products, such as marijuana; 42% did.

Men vs. Women Users

Women use CBD more frequently than men and non-binary respondents, in both ingestible and topical forms, with 59% of women saying they have tried both, compared to only 26% of men and 24% of non-binary respondents that have tried both. Women also tried topical CBD more than twice as much as their male and non-binary counterparts, with women making up 56%, compared to 24% of men and 20% of non-binary respondents.

While demand continues to grow, there still are people who have not yet jumped on the CBD bandwagon. Those who are on board have indicated that they take CBD to seek relief from anxiety and physical pain.

Over half of respondents (53%) would not consider using a CBD product. However, of the remaining 47% of respondents who said they would consider using a CBD product, 24% said they would use it to reduce stress and anxiety, 14% said they would use or consider using CBD to reduce both stress and physical pain, and 9% said they would use or consider using CBD solely to reduce chronic physical pain.

 

[1] “Cannabidiol (CBD) Market Size, Share & COVID-19 Impact Analysis, By Source (Marijuana and Hemp), Application (Food & Beverage, Pharmaceuticals, Pet Care, Cosmetics, and Others) and Regional Forecast 2020-2027,” Fortune Business Insights,” accessed May 23, 2021. https://www.fortunebusinessinsights.com/cannabidiol-cbd-market-103215
[2] IBID
[3] IBID
[4] “CBD Usage in America – A Snapshot,” Invisibly, Accessed May 23, 2021. https://www.invisibly.com/insights/cbd-products