CBD and the Consumer
It is no more a secret than the gold rush was; there is tremendous opportunity in Hemp CBD. While consumers are quickly becoming familiar with Hemp CBD, their understanding lags far behind their general familiarity.
Earlier this year, NEXT Data & Insights partnered with Nutrition Business Journal (NBJ) to analyze this opportunity in more detail. Together we surveyed a nationally representative sample of U.S. adult consumers to explore their understanding, perceptions and behaviors related to Hemp CBD.*
U.S. Hemp-Based CBD Supplement Sales
This survey revealed that there is opportunity:
- Nearly half of U.S. adult consumers are familiar with Hemp CBD (47%)
- 57% (of those familiar) considered purchasing Hemp CBD
- 47% (of those familiar) actively researched Hemp CBD
- 30% (of those familiar) purchased Hemp CBD
- Hemp CBD concepts tested in the NEXT Concept Lab perform above average
Among those familiar with Hemp CBD:
- 43% are unsure if Hemp CBD is legal
- 31% believe Hemp CBD will make them ‘high’
- 77% believe Hemp CBD may show up on a drug test
Among those who reported purchasing Hemp CBD:
- 66% reported that it was highly effective (while 21% said it was moderately effective)
- 76% reported that they will buy the same amount or more CBD in the coming months
*Note: This consumer survey was conducted in early Dec. 2018, before the U.S. Farm Bill approval.
The bottom line:
To be successful, the industry needs to address consumer confusion and the opportunity for continued exploration and repeat purchase is strong. Are you ready to be part of the next gold rush? Here’s a few ways you can learn more about the Hemp CBD market:
- Purchase the 2019 NBJ Hemp & CBD Guide
- Find quick answers to the most common Hemp CBD questions
- Partner with the NEXT Data & Insights team to conduct your own custom exploration of the market opportunity
