Quick Look at High Yield Insight’s Report “The CBD Consumer Experience”
By Greenlight – June 28, 2019
High Yield Insights, a team of professionals with varied backgrounds published the “The CBD Consumer Experience”. A report that aims to deliver fact-based insights to conversations around the current state and future of the CBD industry with a comprehensive study on the motivations, uses and attitudes of CBD users as well as users of other cannabis products such as THC.
When December’s 2018 Farm Bill was signed by President Trump, the growth, cultivation and processing of hemp was legalized, with a bright future for CBD seemingly promised.
But CBD won’t be the only product to benefit, hemp has a multitude of other uses such as clothing, building materials, paper, biofuel and so much more.
In a survey performed by High Yield Insights of U.S. adults aged 21 and older taken between January 14th through the 23rd of 2019, 1,500 out of 2,000 participants reported that they are currently using CBD products.
Aside from the 75% who said they were currently using CBD, 12.6% were interested in using CBD, 2.45% have used CBD in the past but currently do not use CBD, and 9.95% have no knowledge of CBD nor are interested in using or learning more about CBD.
Over half of the current CBD users are within their first year of CBD use and 86% being in their first 5 years of use.
The conditions these new users are seeking to treat are below:
Chronic joint pain / arthritis (27%)
Chronic muscle pain (23%)
80% of users agree that cannabis can treat physical conditions, 79% agree that it treats mental health conditions while 83% agree that CBD can improve your overall health and wellness.
About 40% of U.S citizens over the age of 21 have an interest in using CBD. 64% of those being 35 or older. 56% being female, and 79% are college-educated. What seems to be stopping new users from adopting CBD use is sticker shock. 37% say that CBD is currently too expensive and that 27% prefer THC. Current and Potential users alike would both like to see more scientific research, primary care recommendations and more research on the long-term effects of CBD usage.
Now when it comes to the safety of CBD, High Yield Insights reports that 34% of users are confident in the safety of their CBD, 16% are confident in the accuracy of potency in their CBD product, and 19% claim they can distinguish between safe and effective CBD products. The industry seems to be responding these numbers with internal “stamps of approval” such as those provided by the U.S Hemp Roundtable.
For larger corporations looking to take advantage of the space, you’re in luck as 65% of current users report that they are open to products by larger, well known brands, with 37% being excited to use products more these larger brands.
Where are people currently purchasing their CBD products? See the graph below:
High Yield Insights reports that the above may soon change with the change in regulation, such as USPS’ change in policy to allow the shipment of CBD. Drug stores like CVS and Walgreens carry CBD topicals (in select markets). Krogers will sell CBD across 17 states and Walmart sells Bob Marley brand CBD infused beverages.
As edibles and vapes are a popular form of THC consumption, you’ll find that the same can be found for CBD. Ages 21-34 prefer disposable vape pens, those who are 35-44 prefer chocolate, 45-54 prefer topicals, and 55+ prefer tinctures.
The most popular forms of CBD usage among current users are as follows:
Baked Goods 40%
Vape Cartridge 23%
Beauty Care 23%
Concentrated Oil 23%
Vape Oil 20%
Vape Pen 18%
Vape pens, mints, chocolates, gummies and other convenient applications enable users to take multiple applications per day or in an as needed basis. These products tend to be very potent or require set uses per day. Currently brands make little impact when customers are choosing their CBD products. When asked for their preferred brand, the most common brand made up 5% of the total repsones.
What most consumers look for is the form that the CBD is consumed, the potency and price of the product.
Finally, the report takes a look at the THC consumption that CBD users partake in. High Yield reports that of the current users, 71% have consumed THC in the past 3 months and of that 71%, 89% have consumed THC in the past one month.