Do you like reading CBD sales statistics? Cannabidiol-based products are regarded as some of the most popular drugs nowadays.
Whether it’s due to the fact they’re made from cannabis, or because they’re so efficient, more and more people are using them for various medical conditions.
The whole CBD industry is on a major rise. In fact, all the countries that legalized medical marijuana have experienced a shift in drug consumption.
Instead of using traditional drugs, the patients are turning to marijuana for certain issues that previously seemed incurable.
19 CBD Sales Statistics That Will Make You Go “WOW”
Today, this is a serious, lucrative industry where the companies are doing their best to maximize their profits. Here are some CBD sales statistics that tell us how impactful this industry really is.
- The US cannabis market grew by more than 700% in 2019. It is expected that the cannabis industry will continue growing at an even more rapid pace
- Although you might think that European and US manufacturers grow marihuana on their respective continents, the majority of CBD is grown in Africa, South America, and the Middle East
- One of the most astonishing CBD sales statistics tells us that more than 91% of all US citizens are for medical cannabis legalization. However, the percentage of people who actually used these products is much lower – 19%
- Although you might think that older people are the primary users of medical marijuana, it is much more popular among the younger generation. Around 39% of hemp-based CBD products are used by people between the age of 18 to 34. On the other hand, people who are older than 65 make for 9% of CBD hemp consumption. Furthermore, only 15% of 65+ age people have tried these products
- Medical cannabis has become so popular that a lot of people are using it on a regular basis as a supplement or a source of relief. According to one CBD sales statistics, around 10% of people between the age of 18 and 44 use it on a regular basis
- CBD products are becoming increasingly popular among pet owners who are more inclined to give their pets medical marijuana than any other drug. This particular market increased by almost 950% in 2018
- US consumers utilize CBD in various ways. It is most popular for chronic pain, and 40% of customers use it in this way. It is also used for anxiety (20%), insomnia (11%), arthritis (8%), and migraines (5%)
- As you probably know, there are lots of different types of CBD products. The most common ones are oils and tinctures (44% of the cannabis market in the US), topicals (26% of the market), capsules (22% of the market), and infused beverages (19%)
- The global CBD market has experienced sharp growth in the last several years. This mainly has to do with numerous countries changing their CBD legislation. In 2018, the global CBD market was worth $3,088 million. The CBD sales statistics and projections tell us that the market will grow by $3.52 billion in the period between 2020 to 2024
- According to CBD sales stats, we predict that the internet will be the most common CBD sales channel in 2022, amounting to 41% of all the sales. 28% of all the sales will be done through smoke shops, 20% through natural and specialty retail, 9% through drug stores, and 2% through mass-market retail
- CBD products are most common the Western countries, and in particular, North America and Europe. They are also more common in the Western US states. 27% of all people who have tried a CBD product live in a Western US state
- The cannabis-infused and beverage markets are also increasing in popularity among the regular CBD users. This market was valued at $173 million in 2018, and according to some predictions, it might go up to $600 million in 2022. These figures will likely increase even further as the time goes by possibly amounting to $1.4 billion in 2024
- In the US, medical cannabis is much more popular among Caucasians. Around 66% of the users are white. It is also very interesting that the product is more common among women who make for 55% of the market. Although you might think that medical cannabis is more common for singles, it is actually the opposite: 43% of users are married, and 61% live with their partners
- The interest in CBD products increases with every passing year. You can tell this by the increase in Google searches for the CBD term. The search for this term has increased 4 times since 2017. “CBD gummies” is also one of the most popular food-related terms in the US; it was the 3rd most searched term of this kind in 2018
- At this moment, there are more than 1000 medical marijuana companies in the US. The majority of them focus on marijuana-based medical products (850 companies), while the remaining 150 companies focus on hemp-derived products
- The US financial institutions are more receptive to the cannabis business nowadays. In 2018, there were around 400 banks that financed such projects. In 2019, this number increased to 633 banks and financial institutions
- One of the major challenges for the US cannabis industry is labeling and monitoring CBD content. Around 70% of the product provide incorrect data on their labels. 42% are showing to have more CBD than they do, while 26% of labels had more CBD than they claimed
- To facilitate a sharp increase in production, the companies are allocating more agricultural surface space for cannabis and hemp. In 2017, around 25 000 acres were used for this kind of crop. While in 2019, this number rose to 78 000 acres.
- CBD is often used to replace pharmaceutical opioids. In 36% of cases, people switched to this medication instead of opioids.
Everything tells us that the cannabis market has a bright future. There is a sharp increase in demand, not only in the US but in other countries as well.
As the markets become more flexible and the companies become more experienced, we will get a bigger number of products while the quality will also increase.