Cannabis Prices Plunge Due to Lack of CBD Demand

The Development Trend of CBD Market in 2020 (Part 1)

Every way you slice it, the physical demand for the CBD market is much, much smaller than the supply.—Julie Lerner

CBD global market size

Recently, a market report released by market research company Packaged Facts shows that in 2019, the U.S. cannabis market and CBD product retail sales will reach US $ 14 billion, and will grow at an annual rate of 18%. It is expected to reach US $ 33 billion in 2024.

The exponential growth of the CBD market is driven by a variety of factors, including the desire for natural alternatives to drugs, the diversification of product application forms, and the increasing interest of consumers in CBD.

CBD Oil | Nectarsleep
CBD Oil | Nectarsleep

Currently, the fastest-growing dosage forms are expected to be edible and topical products. Major retailers, including food service agencies in certain states, are increasingly providing CBD-containing foods, beverages, cosmetics, etc. The key area for the rapid growth of the CBD market.

Other dosage forms include tinctures, pills and capsules, and edible oils. Hemp seeds (without CBD or THC) have been made into edible oil for decades. Health-conscious consumers will be more interested in this oil.

CBD global consumers’ market attitude and perception

In the past few years, the CBD market has developed rapidly. In 2018, the United States passed the Legalization of Cannabis Cultivation Agriculture Act, which opened the door for the sale of CBD products across the United States. These products have been marketed in large quantities.

At present, CBD products have been quickly added from a relatively “unfamiliar” raw material to a “unique” product category, which makes CBD products quickly fill the entire mall shelves, from whole food supermarkets to hair salons, from Amazon to farmers markets and other sales You can buy it at any point.

CBD-rich oil extracts

In order to better understand this phenomenon and what consumers value most, NMI Research recently conducted a comprehensive research project in North America, including the CBD’s overall health effects, purchase channels, product opportunities, market size, and strategic marketing applications. The consumer research conducted in the United States includes nine groups of concern, and a quantitative study of 4,000 ordinary adults was conducted in February-March 2020. At present, NMI has completed more than 3,000 investigations.

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Alina Xue
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