Published: January 24, 2023
CBD Stats and Statistics 2022-2023
- The entire CBD market could reach $1.8 billion.
- Most CBD consumers don't use it daily.
- CBD's popularity is strongly correlated with age.
- Approximately 1 in 4 people are expected to take CBD this year.
- The CBD market is expected to reach $8 billion worldwide.
- The CBD market could hit $25 billion soon.
- One in three people could use CBD by 2024.
- CBD sales grew to $4.6 billion in 2020.
- Most seniors who have used CBD have said they experienced benefits.
CBD Facts 2023-2022
The US Market is Expected to Grow to a Whopping $1.8 Billion
After the passage of the Farm Bill, the CBD market has grown significantly. It's currently around $500 million larger than it was in 2018 when the bill was first passed. As a result of the Farm Bill, CBD is now legal in all 50 states as long as the product is derived from hemp and the total THC concentration by weight is under 0.3%. As a result, CBD isolate and total spectrum products are now legal nationwide. Not only can you find products that contain a full range of cannabinoids, but you can also find CBD products with other cannabinoids added. CBN and delta-8 THC are the most common compounds added to CBD supplements. (source)
Most CBD Users Don't Consume the Supplement Daily
Approximately 23% of men and 19% of women who take CBD do so daily. Furthermore, around 19% of men and 30% of women who have used this cannabinoid only tried it once or twice. Approximately 18% of CBD users only consume it a few times a year, and 17% use it once or twice a month. About 19% of consumers take it a few times a week. As the general public becomes increasingly aware of CBD's benefits for most people, some people may use it more frequently, which could help increase the market growth rate. (source)
CBD is Most Popular Among People in the 18-29 Age Group
Approximately 20% of 18-29 year-olds use CBD. However, the number of people 30-49 who use the supplement is similar. Around 16% of 30-49 year-olds consume the supplement. However, only 8% of people 65 and older use it. While the supplement's popularity is still significantly skewed towards the younger demographics, this may change as it becomes increasingly popular over time. Not only is this since cannabis is becoming more socially acceptable, but the fact that a broader range of available products may also increase the supplement's popularity among older age groups.
Approximately 1 in 4 People Will Use CBD This Year
Not only could the increased popularity of the supplement lead to job growth in the cannabis industry. According to recent market research, the number of people in the general public who use CBD may increase to 25%. If the supplement increases in popularity this much, significantly higher-than-expected market growth may occur.
The CBD Market May Grow to $7.8 Billion if the Entire Supply Chain is Taken Into Account
Considering the farming and production of CBD supplements, the entire market is expected to grow to a whopping $7.8 billion this year. As a result, significant job growth in the cannabis industry is expected. This could reduce unemployment in towns and cities with a strong job market in this field. Jobs have been created in the hemp farming industry, and there also have been new positions at cannabis dispensaries throughout the country. In addition, numerous jobs in the manufacturing segment of the supply chain have been created ever since the passage of the Farm Bill.
The CBD Market Could Grow to $25 Billion in 2025
The CBD market is expected to continue snowballing throughout the foreseeable future. It's likely to grow to a whopping $25 billion from 2023-2025, leading to significant career growth in the industry. CBD companies that sell both full-spectrum and isolate products have benefited from the expanding industry. Furthermore, due to the supplement's increasing social acceptance, more small business owners will likely begin selling it in the next few years.
The Number of People Who Have Taken CBD is Likely to Increase Dramatically
The number of people who have used CBD is likely to increase to around 35% of the population by 2023-2024. This could be because CBD is more easily accessible nowadays, and more products are likely to hit the market soon. This may play a significant role in the increasing use of this, what some users call, beneficial supplement.
CBD Sales Reached $4.6 Billion in 2020
CBD sales reached a whopping $4.6 billion in 2020-2021, and this increase may be related to the pandemic. That's because most CBD companies make it possible for customers to purchase their products from home. Furthermore, the growing number of CBD brands has made products more affordable. This likely played a significant role in the supplement's increased popularity.
Approximately 64% of Seniors Who Have Taken CBD Said That It Helped Them
Around 64% of seniors who have used CBD noticed improvements and a positive experience. (source) https://www.cannainsider.com/r...