The number of CBD consumers continues to rise
Cowen & Co. has released the findings of its latest study on cannabis use in the U.S. and the results show a steady, albeit slow, increase in consumption. 7% of all Americans now use cannabidiol (CBD) and the number could reach 10% by 2025, if not sooner.
Cowen surveyed 2,500 adults in its study and found that 6.9% of the respondents acknowledged that they use CBD. The research company stated of the findings, “This initial response piqued our interest considerably, as it was much higher than we would have suspected.” The amount was higher than those who use Juul Labs’ eCigarette devices, which were only found in 4.2% of the respondents, but lower than the 19.6% who said they are current tobacco users.
This led Cowen analysts Vivien Azer to assert that CBD use will grow to 10% by 2025 or sooner. She added that the market could potentially be worth $16 billion by then.
CBD use is highest among consumers 18 years old to 34 years old. As this is the youngest legal age group, it stands to reason that CBD use will continue to grow within the bracket, and that subsequent age groups, as they come into legal age, could also find better acceptance.
Tinctures were the largest segment of CBD use. They hold 44% of the market, followed by topicals (26%), capsules (22%) and CBD-infused beverages (19%).
There has been an attempt recently to curb CBD use and prevent it from being used in edibles, beverages and supplements. Questions have surfaced regarding the possibility that the Food & Drug Administration (FDA) has been working with states to force them to pull CBD products, an assertion lawmakers are now hoping to address.