Over the past few years, the CBD market has grown exponentially, evolving from a mostly unknown product to most consumers into a burgeoning category all its own. The passage of the 2018 Farm Bill legalizing hemp farming set the stage for thousands of CBD products, which are now available in outlets ranging from Amazon to bodegas, and from Bed, Bath & Beyond to convenience stores.
To check the market pulse and what matters to consumers, NMI recently conducted a comprehensive research project surrounding the whole cannabis plant—including CBD, hemp and marijuana—and its impact on whole health across general population adults in North America, with a focus on pathway to purchase, product opportunities, market sizing and strategic marketing applications. Consumer research in the U.S. included nine focus groups and a quantitative study of 4,000 general population adults in February/March 2020.
CBD – a product on the rise
According to NMI’s recent study, U.S. adult general population awareness of CBD is extremely high—95% of consumers indicated they were aware of CBD. While awareness is extremely high, level of information and knowledge about CBD varies widely; regardless, trial is on the increase. One in four U.S. adults (over 60 million consumers) reveal they have tried CBD at some point, and nearly one in five have used CBD in the past six months (46 million Americans). The study equivalent of almost 80 million people indicate that while they haven’t used CBD yet, they are likely to try CBD products in the near future.
To read this article in its entirety, check out the CBD in functional foods – digital magazine.
NMI is a strategic consulting, market research, and business development firm specializing in the health, wellness, and sustainability marketplace. Jan Nash is vice president of research, and Steve French is managing partner.