April is bound to be another hot month for the marijuana and cannabidiol [I](CBD) industry. Not only is April 20th (or “420”) a widely observed counterculture holiday during which people “celebrate and consume cannabis”[ii]. But as the coronavirus pandemic drags on, many Americans are also regularly consuming cannabis products to treat chronic conditions, manage anxiety, “tune out media coverage”[iii], or simply counter boredom. In fact, in recent weeks, as countless other businesses suffered dramatic losses, many cannabis dispensaries “saw their sales soar by double digits”[iv]. Some states[v], like Oregon[vi], even set new records for marijuana sales.
But growth in the marijuana and CBD industry is not just a short-term phenomenon. Rather, it reflects broader, long-term growth. To account for this trend, experts point to shifting attitudes towards marijuana: “the stigma is being shed at a breathtaking speed”[vii]. This, in turn, is driving the legalization of cannabis for medicinal and recreational use (expected soon in jurisdictions like Mexico, Australia, New Zealand, New York, Spain, Italy, and Germany[viii]). Experts also cite the aging of the global population[ix]and the increasing prescription of marijuana to treat ailments like cancer, arthritis, glaucoma, Parkinson’s, and Alzheimer’s disease[x].
In light of these (and other) factors, models suggest that global legal marijuana sales will skyrocket from $17.7 billion in 2019[xi]to anywhere from $66.3 billion[xii] to $148.35 billion[xiii]by 2026. This raises many questions: where will most of the growth occur, how will medicinal sales compare to recreational sales, what products will be most popular, what will influence purchases etc.?[xiv]To get the answers, governments, investors, and industry players are all investing in marijuana market research.
At Op4G[xv], we are also getting in on the action. We recently concluded a national study of 500 regular CBD users focused on the purchase/use of CBD products in various forms including cosmetics . Among other findings, our research revealed that:
- CBD drops are purchased more frequently than CBD sprays, oils/lotions, capsules, cartridges, and food (32% purchase drops 3 or 4 times per month).
- CBD products are most often purchased online through Amazon (40%).
- The most important attribute driving the purchase of CBD products is the physical benefits.
- The most popular brand for CBD products is Garden of Life (29%).
- CBD products are most often used for relieving aches and pains (56%), followed closely by stress/anxiety reduction (55%).
- More than any other option, respondents agreed that a higher concentrated dose would improve CBD products (59%).
Through such studies, Op4G is developing a growing expertise in CBD market research. If your organization is seeking insights into this growing industry, please contact us at email@example.com.