The plant derivative CBD is becoming widely popular, and with its popularity, more and more CBD producers and sellers are popping up.
Are you looking to develop a CBD oil product or open your store? There are predictions that CBD sales in the U.S. will surpass $20 billion in 2024–so now is the time to get into the CBD industry!
Are you ready to learn more about the CBD market? Keep reading to find out statistics that are vital to the success of your future business.
Where Can You Buy a CBD Oil Product?
CBD is legal in all 50 states and many places around the world. But who is selling it and where do they live?
CBD can be sold in specialty stores, convenience stores, and online stores. It can be delivered directly to someone’s door, bought independently, or prescribed by a doctor.
Popular Brands
Some of the best brands in the CBD oil industry are Charlotte’s Web, Kiva, Secret Nature, Care By Design, and Bloom Farms.
Twenty-seven percent of CBD purchases happen online. So if you are looking to start a business that is location independent (maybe to become a digital nomad or to have more safety with the current pandemic) there is a market for online sellers.
States
California had $730 million in CBD sales in 2019. With this level of sales, California beats out every other state in the CBD oil business.
If you don’t want to set up shop in California (maybe there is too much competition?) Then there are possibilities for CBD business opportunities in New York and Florida.
Who’s Using CBD?
Believe it or not, CBD oil product use spreads across a variety of different demographics.
No matter the age, location, or gender, people are using CBD products regularly.
Ages and Generations
One out of every five U.S. adults aged 18-29 years use CBD (40% of the CBD market). The younger Millennials and the adult members of Gen Z are the demographic most likely to buy CBD products.
As the consumer ages, the percentage of that demographic using CBD declines. However, this does not mean that a business cannot find success by marketing to older consumers. Due to the health benefits of CBD, many people over 60 (8% of the U.S. population) use CBD products.
Women vs. Men
Women are more likely to use CBD, and they are also more likely to run their own CBD companies. Women are also more loyal to a brand when they find one they like.
Over 75% of CBD brands are run by women!
CBD for Pets
If people aren’t buying CBD for themselves, they might be buying it for their cat or dog. Researchers predict that the CBD pet product market will be valued at $125 million in 2022!
CBD pet products can be used for geriatric animals to help with aches and pains. It can also help to ease anxiety during transportation or other uncertain situations.
How Do People Use CBD?
One of the great things about CBD is that there are a variety of ways to consume it. This variety is advantageous for your business because you can diversify your product offerings.
Vitamins
CBD vitamins and sleep remedies brought in around $50 million in 2019. You can often find these in convenience stores, pharmacies, and grocery stores.
They are often the easiest form of CBD to find without shopping online or visiting a specialty store.
Edibles
CBD edibles come in the form of candy or other foods. Chocolates and lollipops being two of the most common forms. Around 17% of CBD users prefer edibles.
Vaping
Thirteen percent of CBD consumers prefer vaping. This can be done with disposable or refillable vape pens. Companies sell CBD cartridges for people who prefer refillable pens.
Oils, Lotions, and Balms
Fifty percent of consumers prefer to use CBD in oils, lotions, balms, and gummies. Lotions and balms can be applied directly to the skin and can help with pain management.
What Effect Does CBD Have on Health?
For years, people have been singing the praises of CBD. What are the benefits and side effects?
Benefits
In a study on anxiety and poor sleep, 79.2% of CBD users found that their anxiety was reduced and they were able to sleep better.
CBD helps to limit the effects of anxiety, depression, and PTSD. It can also help with pain management, seizures, and more.
The FDA is studying the benefits of CBD. While it is legal in all 50 states, some states place restrictions, so read up on the current laws before buying or selling CBD.
Side Effects
CBD is known to cause changes in appetite, fatigue, and dry eyes. However, 74% of CBD users say that they feel no adverse effects from CBD use.
The effects of CBD are currently being studied by the FDA, however, anecdotal evidence and scientific studies both continue to show that the negative effects of CBD are minimal.
Many people wonder, “Can you take too much CBD?”. The answer is yes, however, it would take an extraordinary amount of work to consume that amount of CBD in a 24-hour period.
Are You Ready to Break Into the CBD Industry?
If you are considering starting a business in the CBD industry–now is the time! Research a CBD oil product and CBD business opportunities, and then get to work!
The statistics don’t lie. They are showing an increase in interest and an increase in the sales of CBD.
Are you ready to start your CBD business? Check out our site to learn more about CBD, marijuana, and business.
