COVID commencers’ add 9 million new users to US CBD market
ALMOST ONE IN FOUR US CBD CONSUMERS HAVE STARTED USING CBD IN THE LAST SIX MONTHS, EQUIVALENT TO NINE MILLION NEW USERS, WHILE OVER ONE IN THREE LONGER-TERM CBD USERS (AN ESTIMATED 13.4 MILLION ADULTS) SAMPLED AT LEAST ONE NEW PRODUCT TYPE DURING THIS TIME.
This is according to a US study of CBD users by research firm High Yield Insights.
The October 2020 survey reflects the attitudes, usage habits and lifestyles of over 35,000 US adults, including 4,200 current CBD users at the category level, 4,000 former users, and 13,500 people who expressed an interest in learning more or trying CBD.
The findings explain why the CBD industry continues to thrive despite the broader economic challenges posed by the pandemic in attracting new consumers and with existing users expanding their product preferences:
- 50% of US CBD consumers have tried at least one new product format in the last six months
- 46% of longer-term CBD users purchased least one new type of CBD product in the last six months
- 17% of longer-term CBD users added two or more product formats to their regimen since the pandemic began
The survey also indicated CBD newcomers have a distinct profile. Recent adopters are more likely to be women, many of whom are retired.
