CBD stands for Cannabidiol. First isolated in 1940, CBD is one of the hundreds of cannabinoids found in cannabis. Unlike its famous cousin, Tetrahydrocannabinol (THC), CBD doesn’t cause the “high” associated with cannabis.
But like THC, CBD is a cannabinoid which mimics the endocannabinoids the body produces naturally. And thanks to ongoing research and increasing popularity, one can discern the changing trends in the US CBD consumer market.
Trends in the US CBD Consumer Market
Trends in the US CBD consumer market include most CBD consumers preferring gummies as their source of the anti-inflammatory cannabinoid. More women consume CBD than men and are willing to pay higher prices for premium products. That said, the industry is down slightly as consumers shift to lower-priced CBD products.
That said, the market for CBD flower continues to grow. This makes sense since flower isn’t just one homogenous category. Within the demand for CBD flower, there is product differentiation. From cultivation methods to the presence of other cannabinoids like CBG, the market for CBD flower is boundless.
As for reasons for consuming CBD, treating insomnia remains the most significant trend in the US CBD consumer market.
What the Data Says
At least 51% of US CBD consumers are willing to spend up to $100 a month on CBD products, according to data from the first quarter of 2022. 42% of CBD consumers are CBD at least once a day.
Despite growth within this price point, there is a downward trend in the US CBD Consumer Market. Average spending is down across the country. But CBD flower and pre-roll sales are up. 17.5% of CBD consumers smoked CBD flower in the first quarter of 2022. 16.2% consumed pre-rolls, compared to 13.4% from the same quarter in the previous year.
CBD consumers are also THC consumers. Nearly 3 out of 4 CBD consumers have purchased THC products. This figure hasn’t bulged much in the last four quarters.
Advertising Trends in the US CBD Consumer Market
Unlike in places like Canada, where advertising is banned, the American legal states have different rules depending on where you are. Most areas permit advertising, and CBD flower products tend to borrow from both THC and tobacco branding.
Mom Grass CBG Hemp Flower uses cannabis-like packaging but appeals to consumers looking for minor cannabinoids. Nearly 48% of CBD consumers say they’ve purchased CBG products in the first quarter of 2021.
CBD American Shaman produces a product that comes in a cigarette-like package and brands itself as hemp cigarettes.
Women Vs. Men
Ongoing trends in the US CBD consumer market include women spending more than men. This is true in both the sense that women buy more CBD products than men and purchase higher-priced premium CBD products.
Women are more likely to purchase CBD gummies than CBD flower (56% for women vs. 51% for men).
Men tend to look at CBD products containing CBC, CBG, CBN and CBT. In comparison, women prefer THC-CBD balanced ratios.
Many entrepreneurs are capitalizing on this gender difference. Hempworx, for example, appeals to their female consumers on their social media.
Many CBD products targeting women appeal to alleviating pain and stress caused by their menstrual cycle.
Insomniacs in the US CBD Consumer Market
Another trend in the US CBD consumer market is why people are consuming CBD. Up to 40% of Americans suffer from insomnia symptoms. One in five acute insomnia cases will turn chronic. Trends indicate that insomnia in Americans is becoming a more prominent issue as time passes.
For this reason, CBD companies are targeting insomniacs in their branding. For example, the “Go the F**k to Sleep” Exhausted Peppermint Tincture. At US$69 a bottle, it is one of the least expensive CBD products on the market. It has a whopping 1,450mg of CBD per bottle and is mixed with CBN. The tincture comes with the book the product is named after for an additional US$20.
CBN stands for cannabinol. It is the cannabinoid with the most excellent sedative properties. Consuming 5mg of CBN has been compared to taking 10mg of valium, but without any of the latter’s psychoactive effects.
For this reason, CBN has been finding its way into CBD tinctures designed as a sleep aid.
The US CBD consumer market trends are promising, despite the downward trend in the first quarter of the year. The growth of CBD flower and interest in other minor cannabinoids are encouraging; it shows an educated consumer base and interest in the medicinal and therapeutic uses of cannabis beyond THC and CBD.
Given promising findings (like CBD potentially blocking COVID infections) and satisfied consumers, US CBD consumer market trends will likely stay positive for the foreseeable future.