The new analysis estimates that 10 percent of Americans will be using CBD by 2025.
A new report reveals just how in demand hemp-derived cannabidiol (CBD) products are in the United States. First reported by Bloomberg, a new analysis by Cowen & Co. estimates that nearly 7 percent of Americans currently use CBD, and that number is expected to grow to 10 percent by the year by 2025.
To assess the widespread use of using CBD as a supplement, Cowen & Co. surveyed 2,500 adults. Cowen & Co. Analyst Vivien Azer and her colleagues found 6.9 percent of respondents said they take CBD.
“This initial response piqued our interest considerably, as it was much higher than we would have suspected,” said Azer.
The analysis from Cowen & Co. found that CBD use is currently highest among adults between 18 and 34 years of age. The most popular type of CBD product is CBD tinctures, or liquid CBD oil-infused extracts, which make up 44 percent of the market. CBD topicals, accounting for 26 percent, are the second most common CBD product used, followed by CBD capsules (22 percent) and CBD beverages (19 percent).
The percentage of adults who said they use CBD was higher than the 4.2 percent who reported using e-cigarettes, but lower than the 19.6 percent who acknowledged they were current tobacco users.
With CBD well on its way to becoming a household word, the New York-based financial services firm “conservatively” predicts that the CBD market will have an estimated 25 million consumers and grow to $16 billion by the year 2025. That projection is notably lower than the $22 billion by 2022 figure presented by cannabis market research firm Brightfield Group last September.
An Explanation of CBD
CBD, or cannabidiol, is one of more than 100 cannabinoids naturally found in cannabis plants, including both marijuana and hemp. CBD has distinct differences to its well-known cousin THC. Most notably, CBD is non-intoxicating and therefore doesn’t elicit any euphoric effects.
Hemp-derived CBD oil, available in the U.S. without a doctor’s prescription or recommendation, is made from high-CBD, low-THC hemp plants.
CBD supports the body’s major self-regulatory network, the endocannabinoid system, and has shown to naturally encourage health and wellness. With a growing acknowledgement of CBD’s array of natural health benefits, CBD oil products have grown in popularity as a daily supplement.
Hemp-derived products containing CBD are available in the United States and over 40 countries around the world. The 2018 Farm Bill, signed into law in December, recently eliminated any legal uncertainty around hemp-derived CBD products in the U.S. and is expected to fuel an already-growing market.
More on CBD
Get a more thorough explanation of CBD and its benefits through our comprehensive overview, CBD Oil: The Basics.
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