What consumers are driving this $20 billion market? A new study from Acosta offers insight.
As cannabidiol—a non-psychoactive component of cannabis known in the marketplace as CBD—has become almost ubiquitous in the retail space, franchises are adopting the magical cure-all for everything from dog treats to CBD massages.
Nation’s Restaurant News reported that Acosta, a privately held marketing agency that runs reports on consumer analytics, found that more than a quarter of U.S. consumers were using CBD products in some capacity. Acosta published a report titled “The CBD Effect: A Rapidly Emerging Consumer Trend,” and broke down the demographics and methods of CBD usage among consumers.
While millennials are leading CBD usage at 56%, a smaller percentage of Gen Xers and Baby Boomers are using CBD products to alleviate joint and muscle pain, according to the report.
Under federal law, CBD is still not allowed to be added to food or marketed at a dietary supplement in states where cannabis is still illegal, although CBD often still finds it way into beverages and cocktails. The burger franchise Carl’s Jr. even sold a CBD burger for one fateful day on April 20, 2019.
In spite of some controversy, more consumers are turning to holistic health solutions such as CBD for everything from muscle aches to anxious pups. According to the Acosta report, One in 10 pet owners has tried a CBD product for their pet, while 52% have made a purchase on their veterinarian’s recommendation.
Whether or not you think CBD is for the dogs, this growing industry is just getting started. See a more detailed breakdown of the Acosta report on Nation’s Restaurant News here.