Categories: CannabisGeneral News

What is the Potential of CBD Products Market, and Who are its Customers?

Reports suggest that there is an increasing trend of using CBD-based products in the United States of America. According to a recent report from Acosta, “The CBD Effect: A Rapidly Emerging Consumer Trend”, almost a quarter of the United States of America customers are using cannabidiol (CBD) products.

Among 28% of consumers, 19% of them are using CBD-based products depending upon their need and 9% of them daily. Acosta also predicts revenue of $20 billion through CBD-based products by 2024.

The consumption of CBD products is getting popular across the globe because of its health benefits. It is one of the constituents of the hemp plant along with tetrahydrocannabinol (THC).

Colin Stewart, vice president at Acosta, says that the increasing sales of CBD-based products depict the consumer’s trust in it. As individuals from all age groups try to avoid chemicals when it comes to their health, CBD products provide a perfect alternative to cure certain diseases.

In comparison, customers usually think positive regarding CBD-infused products. According to an interesting study from Acosta, 55% of the users are of the say “CBD oil is a miracle medication”, while only 11% of them consider these products just a hype.

Top barriers and Farm Bill

Some top barriers of consumer’s mistrust on CBD products are limited research (29%), moral issues (18%), cite pricing (7%), limited regulation (7%) and lack of faith in the product’s claim (29%). The users mostly consume these products to diminish joint pain, relieve anxiety and general wellness.

After the ratification of Farm Bill in the USA last year, the central administration had changed the categorization of cannabis. It eliminated industrial hemp from the classification of marijuana in the Controlled Substances Act of the United States.

Hence, the production of hemp is legal in the United States of America now. On the other hand, marijuana is still a Schedule I drug on the list of FDA.

Under the United States Food and Drug Administration (FDA), both THC and CBD cannot be mixed with food. Also, they can’t be sold under the category of dietary supplements. The FDA regulates products including cosmetics, food, and drugs that have THC or CBD as an additive.

The retailers have shown a great interest in CBD products as well

The popularity and the potential of CBD-infused products have attracted a great deal of both small and large scale retailers including Kroger CO., which is the substantial supermarket operator of the country. Other small scale retailers including Dierbergs Markets and online retailers like Thrive Market have also shown a great interest in CBD products.

Till now, CBD products are available in more than 1,300 stores of the Kroger across 22 states of the USA. It includes Fred Meyer, King Soopers, Pick ‘n Save, and QFC. Kroger also has balms, oils, and creams of CBD in its stores of the Houston division. Additionally, it also provides customers with the facility to shop online.

According to Stewart, the sales of CBD-infused products would be larger than the current sales of gum, mints, and candy combined annually by 2024. The research also indicates that one in 10 owners of the pet purchase CBD-infused items for their pets.

Simon klink

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