Coresight Research, New York, released “Coresight on Cannabis: The CBD Consumer,” which surveyed 2,271 U.S. consumers (aged 18 and over) of CBD and/or hemp-based products to collect, analyze and publish data and insights on CBD’s current position and future market potential.
“Now that CBD is a less risky legal move, more and more big brands are incorporating it into their offerings, and CBD is arguably on the brink of going mainstream. And, with this, there is a huge amount of opportunity for brands to enter the CBD space,” says John Mercer, head of global research.
Coresight Research’s analysis of consumer data helps to characterize the average CBD user, but goes deeper into the details, such as:
- The “medical vs. wellbeing” age divide between CBD customers, with 85% of the 65-plus demographic citing pain relief, and younger consumers citing reasons such as stress relief, relaxation and sleep aid.
- How customers use CBD (topical creams, oral tinctures, etc.), and how that use varies based on intended effect; similarly, what demographics are interested in “pure” CBD products, such as oils, and who uses products containing CBD as an “extra” ingredient (such as beauty products)
- The link between CBD and marijuana—58.2% of respondents revealed marijuana use within the past 12 months, and CBD use was highest in regions with legalized marijuana.
- Where consumers bought CBD, how much they spent and how much are they projected to spend in future recurring purchases?
Currently, most consumers reported making their purchases from specialty or health-oriented stores or online. However, the report shows a lag in the offerings of more mainstream locations, such as beauty stores and supermarkets. This signals an opportunity for mass-market big brands to move into the space and offer such products both in their physical stores as well as online. In fact, 44% of CBD/hemp users report wanting to see more mainstream brand and retailer offerings, and 41.4% would prefer to buy from “trusted brands,” if available.