The American cannabidiol (CBD) products market is like a hydra-headed multi-state monster. Usability, research, access, insights, and regulatory changes (ongoing or missing) are areas where it is difficult to obtain reliable data.
Enter the CBD Consumer Report created by CBD Insider, an independent publisher specializing in industry news and analysis.
The online poll was conducted between December 2019 and January 2020 and included 1,055 respondents from 48 states.
Consumer Insights, Habits, & Uses
Among the surveyed people who use CBD products, nearly four-fifths of consumers said they use CBD products at least once a week or do not use them several times a week; more than one-third of people use them CBD products every day. Most consumers say they take about 5-25 mg per day, although about one-fifth of them are unsure about their dose.
The vast majority of people use CBD products in edible, tincture, or capsule form. About 30% of people use atomization and topical use; drinks are also trendy. The type of consumption also seems to be driven by income or product types such as soft gels or tablets. The report pointed out that the average monthly expenditure of most respondents was below US$75 per month, and only 2.5% said they spent more than US$200 per month.
Consumer reports show that CBD products can help relieve pain, relaxation, muscle aches, and recovery. About one-third of people reported withdrawal symptoms, although this phenomenon has not fully explored by scientific research.
Where & How CBD Consumers Buy
Most consumers buy CBD in physical stores, followed by brand websites and online retailers. Consumers can watch advertisements online, but the vast majority (about 48%) of users obtain information from friends and family. Social media is also essential, as is mainstream media.
However, consumers have minimal knowledge of the products offered. Only 20% of people reportedly understand the difference between full-spectrum, broad-spectrum, and CBD isolates.
- The most common reason why potential consumers do not use CBD products is that they do not know enough about CBD.
- Consumers often don’t know how many CBD products to take (and which method is best for them), so better guidance is urgently needed.
- CBD products are beginning to replace some traditional medicines, and about 20% of respondents said they had replaced more conventional drugs with CBD products.
- The high cost of CBD products also affects consumers. About 20% of the respondents said that they have stopped using CBD products due to the high price.
- Brand reputation is essential, but CBD product brand awareness is still deficient.
- Overall, consumers also find CBD products very compelling. Although they may not know much about certain aspects of the market or the products they consume, they certainly believe that the CBD product market urgently needs better supervision and regulation.