CBD Market Set To Explode Over Next Decade, Nielsen Predicts
For cannabis curious consumers, CBD products have become one of the first goods produced by the cannabis industry that they try. Over the next decade, starting in 2020, the number of products is expected to increase rapidly, according to Nielsen.
That will result in even more options for those who want to try CBD products – an area that already includes a wealth of choices for CBD wellness and health products.
In a recent report, Nielsen projected that the total CBD market in the United States could reach $2.25 billion to $2.75 billion in 2020. Nielsen reported: “The next decade for the hemp-based CBD market has the potential to be a game changer for the traditional CPG (consumer packaged goods) and retail industry.”
Education of Healthcare Providers
One of the keys for growth in CBD will be education of healthcare providers. While many cannabis consumers look to CBD for wellness products, such as skin care lotions or workout products for those who exercise regularly, many also seek out advice on hemp-based CBD from their physicians.
CBD products derived from hemp contain only trace amounts of THC, the chemical ingredient in marijuana that causes the high. The U.S. Congress made hemp legal across the nation in 2018.
Nielsen found that while many healthcare providers are aware of the potential health benefits of taking CBD, only about 33% are aware of the laws surrounding hemp and CBD. Consumers can expect more education about CBD products directed toward the medical community, according to Nielsen.
That’s important, as Nielsen found 50% of consumers would try CBD products if recommended by a healthcare professional. That compares to 16% who would do so based on a family member’s recommendation, 17% on a friend’s recommendation and 15% based on the product being made by a familiar brand.
Other Predictions For The CBD Market
The study made other predictions about the CBD market in 2020 and the coming decade.
CBD Prices Will Drop. CBD products currently cost as much as four times the amount of other consumer packaged goods (CPG) used for the same issues, but that gap will close in the coming years.
More CBD Ingestibles. Consumer interest in capsules, gummies and beverages will increase. If the Food and Drug Administration approves infusing hemp-based CBD into edibles, Nielsen expects the CBD-infused ingestibles market to grow 250% to 375% in as little as one year.
More CBD For Pets. The market for pet CBD products is expected to also grow rapidly – Nielsen found that 37% of pet owners said they are willing to try pet CBD products with their animals.
Some of the most common uses for CBD products include managing pain, battling inflammation, improving sleep and even easing anxiety and depression.