How CBD Sales Have Been Affected By The COVID-19 Pandemic
CBD sales were predicted to skyrocket in 2020 but things didn’t quite go to plan.
According to Nutritional Outlook sales for immune health supplements rose, yet CBD sales were lower than previously expected.
Market research from BSA discovered that ‘ CBD sales did grow last year, yet growth wasn’t as high as had been expected before the pandemic.’ Predictions estimated a 70% growth, however, the market only grew by around 55%.
Experts believe that these figures do not indicate less demand, but only a disruption to normal customer behavior. From store closures to the prioritizing of essential items, COVID-19 can have a dramatic impact on consumer shopping trends. Although sales did not live up to the previous predictions, there were a few new trends in the market.
Who are the COVID-Commencers?
According to PR News Wire, there were ‘9 million new users of CBD during the year 2020, (nearly one out of four people). PR News Wire dubs these consumers the ‘COVID-Commencers’.
Despite economic problems, many new users turned to CBD throughout the pandemic. There may be several reasons behind this. First of all, CBD is praised as a useful supplement for anxiety and depression. CBD products have helped many people to support their mental health during the pandemic.
CBD allows people to manage stress symptoms, naturally. Secondly, the CBD market has been steadily rising over the last few years, CBD sales would likely have risen, regardless.
What’s interesting about the new CBD users is what they share in common. Research suggests that ‘Recent adopters are more likely to be women, many of whom are retired,’ (PR News Wire, 2021).
According to research from Hemp Industry Daily ‘women account for 57% of U.S. hemp-derived CBD users, and they are 30% more likely than men to have tried CBD products.’ In the next few years, we can expect to see many more CBD-based products that are targeted at women specifically.
From CBD skin care creams to health drinks and sports-based supplements, there are new products all the time. CDB is also discussed in the medical world, the supplement has been used to support individuals with both chronic panic conditions and epilepsy. More recently, many brands have focused on producing high-potency products to meet consumer demands.
How have people been using CBD during the pandemic?
When people try CBD for the first time they often start off with topicals or oils. Over the pandemic, an increasing number of new users have opted for CBD gummies.
Research also suggests that CBD vaping is growing in popularity. When choosing a CBD vape users can choose between ccell vapes or specialist cartridges produced by blinc.
Before trying CBD users are advised to research the brand, (not all products offer the same quality).
As the economy recovers from the pandemic we can expect CBD sales to keep on growing. If you take any form of medication you are advised to consult a health professional before consuming any CBD products.
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