April is bound to be another hot month for the marijuana and cannabidiol (CBD) industry. Not only is April 20th (or “420”) a widely observed counterculture holiday during which people “celebrate and consume cannabis." But as the coronavirus pandemic drags on, many Americans are also regularly consuming cannabis products to treat chronic conditions, manage anxiety, or simply to counter boredom. In fact, in recent weeks, as countless other businesses suffered dramatic losses, many cannabis dispensaries “saw their sales soar by double digits." Some states, like Oregon, 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." 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). Experts also cite the aging of the global population and the increasing prescription of marijuana to treat ailments like cancer, arthritis, glaucoma, Parkinson’s, and Alzheimer’s disease.
In light of these (and other) factors, models suggest that global legal marijuana sales will skyrocket from $17.7 billion in 2019 to anywhere from $66.3 billion to $148.35 billion 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.? To get the answers, governments, investors, and industry players are all investing in marijuana market research.
At Op4G, we are also getting in on the action. We recently conducted 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 CBD drops about 3 to 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.