The FDA And Hemp CBD: What's Next?

The Development Trend of CBD Market in 2020 (Part 2)

1. Americans have higher awareness of CBD than Europeans

According to NMI research, the average adult in the United States has a high level of awareness of CBD. 95% of consumers say they know CBD; more than one-fifth of adults have tried CBD; I used the CBD in the month, which is equivalent to over 40 million consumers. Another 60 million people said that they might try CBD products in the near future.

Compared to the US, the European CBD market is not very mature. New Frontier conducted a survey of CBD consumers in Europe in 2019. The report involved 17 countries and a total of 3,100 consumers participated. 16% of European adults say they have used CBD, and most of them (58%) used it for the first time in the past six months. In addition, nearly three-quarters (74%) of consumers said that CBD has had a positive impact on their lives.

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2. Consensus: CBD can relieve pain

There are currently over 100 million potential buyers in the United States, so what is the interest that drives people ’s interest in CBD?

7/10 consumers believe that CBD can bring some health benefits, and daily health needs prompt consumers to start accepting CBD. NMI found that the most common reasons for using CBD are a wide range of health needs, such as chronic pain management, anxiety reduction and relaxation.

Similarly, research conducted by New Frontier in the European market found that the main factor for consumers to buy CBD products is pain relief. When asked to recommend CBD to others, pain relief and stress relief are the mainstream.

All groups, from millennials to older people, recognize the effectiveness of CBD in relieving chronic pain. Millennials, especially young Millennials, and Generation X are more likely than other generations to mention relief from anxiety, depression and headaches.

People in Generation X are most likely to view inflammation reduction as a health benefit. In addition, adding CBD to exercise recovery and inflammation treatment products may provide pain relief for this population.

Compared with consumers over the age of 40, consumers under the age of 40 are more likely to use improved sleep as a benefit of CBD. This may be the result of the dual pressures of daily occupation and parenting. Millennials are most likely to help relax as a A health benefit of CBD.

Most consumers think CBD is different from traditional medicine because it has no side effects. Many of these consumers are looking for alternatives to OTC and / or traditional medicines to treat or manage their health conditions.

The benefits of CBD are consistent with the most important health issues facing consumers. The consistency of this health demand, coupled with consumers’ desire for natural remedies, makes CBD a good choice for many consumers to self-treat. This is a relatively unexplored market opportunity.

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3. Edible CBD becomes mainstream

Consumers have many choices when consuming CBD. In states like California and Massachusetts, the legalization of marijuana has led to the mainstreaming of CBD in products, including coffee shops and bakeries. CBD is easily available as an additional product.

Consumers like edible CBD products because they are more cautious (for example, others do not know that they are ingesting CBD) and portability, and people who do not use CBD will find these dosage forms attractive for the same reason .

Products in the form of food such as fudge, chocolate, honey bars and coffee are popular among CBD users in NMI’s focus group.

In the NMI National Online Consumer Survey, the most popular foods to eat with the CBD are chocolate and sweets such as cookies, brownies, cupcakes and other baked goods, as well as non-chocolate sweets, including fudge, mints and chewing gum .

Other popular product dosage forms also include nutrition bars, ready-to-drink beverages, CBD-fortified foods or protein bars and other functional products.

4. Third-party certification of CBD dosage

CBD users urgently need clearer guidance on the dosage and purity of CBD products, especially in the category of dietary supplements.

According to the NMI national attention group survey, many doctors do not support the use of CBD, so consumers do their own research on dosage, product information and reviews. Currently, consumers are guessing the correct CBD dose through online surveys, word of mouth, and trial and error to determine which products are trustworthy and effective.

CBD users need to get more guidance on form and dosage requirements from medical and academic experts. Non-users need proof of safety and effectiveness, preferably from the medical community, before they try CBD.

Those who have not tried CBD yet worry that it will not be completely safe without FDA supervision. For these consumers, it is especially important to provide scientific research from reliable third parties who say that CBD is safe and beneficial to their health rather than mental dependence.

Clear, easy-to-understand information delivery on packaging, dosage education, third-party certification of quality and efficacy are the keys to guiding current users and appeasing relevant parties to promote the CBD market.

5. CBD products are more lifelike

CBD is currently the most popular ingredient on the market, and around its market topic prompts stores to make inventory decisions and provide consumers with a variety of options, including tinctures, capsules, topical preparations, food, beverages, and other forms.

Mainstream drug retailers such as CVS, Rite Aid and Walgreens are launching popular CBD products in selected states. Grocery stores like Wegmans sell CBD chocolate, nutrition bars, water, tea and tinctures, while convenience stores like Sheetz will Provide CBD special drugs, tinctures, capsules, etc.

Many of these channels have not yet begun to provide CBD food and beverages, and they may consider these as future supply channels. Other retailers wishing to enter this field are paying close attention. In the case of accelerated market entry, CBD may become a traditional health product and a functional food.

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Alina Xue
xuexiaorou@gmail.com
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