The U.S. CBD market has experienced rapid growth over the past decade. In fact, according to data collected by Statista, CBD accounted for $108 million in product sales in 2014, and by 2022 that number has jumped to $1.9 billion.
But inflation appears to be hurting CBD sales in the US, based on insights from global measurement and data analytics firm Nielsen IQ (NIQ). From March 2022 to March 2023, sales of hemp-based CBD products decreased by 10% nationwide. (According to NIQ data, hemp-based CBD products are often significantly more expensive than non-hemp CBD products, and because they are legal in every state and therefore remain in greater demand, their prices are higher.) )
Popular CBD Products: Which are the most common?
According to a study by Forbes Health, U.S. adults consume CBD in a variety of ways, with the most popular ones including CBD gummies and other edibles. CBD capsules, CBD oil, and CBD tinctures are equally popular. When it comes to topical CBD applications, consumers seem to prefer CBD lotions.
How much do consumers spend on CBD per month?
Despite tough economic times, consumers continue to spend money on their favorite CBD products. According to a 2020 study collected by New Frontier Data, a data, analytics, and business intelligence company, 29% of CBD consumers spend at least $50 per month on CBD, making it the highest spender on CBD. are between 34 and 44 years old. CBD products.
A Forbes Health survey reported similar spending habits.
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