A Budding Industry: CBD Statistics & Trends (Infographic)
What is CBD all about and why are cannabis and hemp oil all over the internet? To help you understand this rapidly growing industry, we’re going to present you with some interesting CBD statistics and facts.
CBD or cannabidiol is one of the most important active substances in the cannabis (marijuana) plant. It can be obtained from different cannabis species, but it can also be synthetically produced. There are divided opinions on whether it works better on its own or joined with other cannabis compounds, yet one thing is for sure — its positive effects on human (and pet) health are undeniable, as CBD statistics are clearly showing. At the moment, only CBD derived from hemp is legal under federal law while we wait for more research on the substance to begin.
We can observe CBD as an amazing cure, but we can also watch the changes in the industry. That is one serious venture and a lot of people would like to get a piece of that $20 billion pie (this is the prognosis for US sales of CBD by 2024).
With that in mind, here is our pick of:
Top 10 CBD Facts and Statistics
- The sales of CBD are predicted to reach about $1.8 billion by 2022.
- At the moment, there are over 850 brands of CBD products in the US market.
- With over $1 billion, Colorado is the state with the highest cannabis revenues.
- Data on CBD user demographics show 40% of Americans are interested in trying CBD.
- A cannabis worker earns more than an average American.
- The demand for employees in the CBD oil industry rose by 76% in one year.
- Statistics on CBD direct sales show that the majority of direct sellers are women.
- Women are founders or general managers of over 75% of CBD brands.
- Pure CBD is perfectly safe for usage and you cannot get addicted to it.
See what we mean? Take a look at the following infographic for more mindblowing CBD trends.
General CBD Statistics and Facts
1. CBD is only the first substance among equals within the cannabis plant.
The cannabis plant has over 100 substances, yet it is CBD that gets most of the praise due to its power to fight against a plethora of illnesses and conditions.
2. You cannot get addicted to CBD.
Having analyzed numerous studies, the World Health Organization confirmed that CBD does not have any addictive features, as opposed to THC.
3. Pure CBD is perfectly safe for usage.
Despite the fact that CBD benefits are officially recognized and it has no psychoactive effects, cannabis/marijuana is still proclaimed as a Schedule 1 drug by the US government. This fact alone makes a lot of people doubt its safety, but there is no scientifically based justification for it. CBD is approved by the World Health Organization.
4. CBD effects are not universal.
Even though CBD is not harmful by itself, that does not mean we all react to it in the same way, especially if one is already using some kind of medical treatment.
5. CBD health statistics about the entourage effect confirm CBD has a better effect when it is combined with other cannabis or hemp substances.
While it is possible to purchase CBD without any other marijuana or hemp ingredients, CBD products are more effective when CBD works in synergy with THC, terpenes, and other substances found in the cannabis plant. Whether the THC level is higher than the federally legal amount of 0.3% is not always important for the overall effect (depending on the percentage).
CBD Industry Statistics and Facts
6. At the moment, there are over a thousand brands of CBD products in the US market.
This includes 850 brands of marijuana-derived and 150 brands of hemp-derived CBD products. As the industry develops and the laws change, it is highly likely we are going to have even more of them.
7. Women are founders or general managers of over 75% of CBD brands.
This is one of the few industries, or maybe the only one in which female entrepreneurs clearly dominate.
8. CBD sales are predicted to reach about $1.8 billion by 2022.
This is even more impressive if one knows that in 2018 the sales were “only” half a billion dollars.
9. The CAGR of the global CBD market will be 26.9%.
The compound annual growth rate of almost 30% tells us CBD business should be a pretty safe investment.
10. Global CBD market is divided into hemp-derived and marijuana-derived types.
Judging by the current trends and the staggering CBD industry growth, marijuana-derived products will own 80% of the total CBD market, even though hemp-derived CBD is legal everywhere as it is guaranteed not to contain over 0.3% of THC.
11. Besides CBD oil, products that are expected to increase their sales are cannabis edibles and beverages.
According to a survey, 58% of cannabis consumers are interested in edibles. In addition, CBD infused juices, coffee, water, etc. could be advertised as healthy and go hand in hand with the wellness movement.
12.CBD online sales make up 60% of the sales channels.
This statistic refers to hemp-derived products. Ordering online seems to be the easiest way to get the desired merchandise, so investing in CBD e-commerce would be very profitable indeed.
13. The market is filled with CBD products of questionable quality.
In a study from 2017, almost 70% of the analyzed products were mislabeled. With the market brimming with new CBD products and an increasing number of cannabis retailers popping up, it is hard to supervise and control all products of CBD industry, and track them from the field to the shop. The major reason why this is so lies in the fact that the FDA is not in charge, so the standards are shifting.
14. Most CBD oil products are made in the Middle East, Africa, and South America.
Even though we are mainly focused on the surge of CBD within the country borders and expecting a multitude of hemp fields once all states regulate its production, CBD is largely produced and imported from some other corners of the Earth.
15. CBD statistics about companies’ revenues show that CBD oil production or distribution is a brilliant business opportunity.
For example, Charlotte’s Web Holdings, the leading manufacturer and distributor from Colorado, reported $40 million in revenues in 2017. CV Sciences from Nevada, which deals with synthetic CBD medicines, had an increase in revenues of 87%.
16. With over $1 billion, Colorado is the state with the highest cannabis revenues.
Ever since the legalization in 2014, Colorado has been breaking records in CBD sales statistics. Overall, Colorado has earned over $6 billion over this period, with this year’s April cannabis revenue of $24.2 million.
17. When it comes to CBD products, the US industry had a growth of an amazing 40% in 2017.
What is especially interesting is the fact that the CBD market is relatively new, and it is absolutely blooming. Should cannabis become legal in the whole country, all the present forecasts would seem too low.
18. The retail position in CBD sales jobs is called a budtender.
They work behind the counter and have to be well-prepared to answer a myriad of questions about all the different strains and types of products they are selling. The average salary for a budtender is $32,240 and that is almost $5,000 more than an average shop assistant.
19. The availability of CBD has increased by 80% in 2018 in the USA.
(Direct Selling News)
As for 2019, its growth remains to be seen. Even with the present state, the CBD industry will continue to dominate the economy with its revenues. The Farm Bill has certainly done its magic, and there are already plenty of ways how to use CBD and how to buy it (online, delivery service, dispensary, etc.)
20. A cannabis worker earns more than an average American.
Business CBD statistics report cannabis workers’ wages are 11% higher than the median wage, and certain positions are paid even more. A CEO of one of the top five cannabis companies has an average salary of over half a million dollars, for example. Dispensary managers earn $11,000 more than regular food service managers.
CBD Demographics Stats
21. Women are more likely to start using CBD oil than men.
According to the largest conducted CBD survey, the female population is more adventurous when it comes to trying out CBD products and more loyal, too. If they find them useful, women will most probably say goodbye to traditional medicine.
22. Baby Boomers adore marijuana.
(Washington Post) (Philly Voice)
Namely, Americans who are 55 to 64 years old have a higher probability of using marijuana than teenagers. Also, out of all age groups, they are willing to spend the most on both medical and recreational marijuana.
23. Data on CBD consumer demographics show 40% of Americans are interested in trying CBD.
(Cannabis Business Times)
Under certain conditions, of course. To become regular consumers, they wish for easier access and more explanations about its qualities. Moreover, some would first ask for a recommendation from their doctor. Therefore, there is a lot of interest with big potential for exploitation.
24. Vaping is the most preferred method of consuming CBD oil.
(Infinite CBD) (Mary Ann Liebert)
According to one study, the main reason for CBD oil sales was anxiety and insomnia, and women made the majority of consumers (59%). A different study named pain as one of the major factors, too.
25. Colorado and Kentucky farmers are most keen on hemp and CBD production.
(Hemp Industry Daily)
These two states have the highest number of acres that were licensed for hemp production. In 2017, Colorado alone was responsible for over 50% of the national hemp production.
26. The demand for employees in the CBD oil industry rose by 76% in one year.
The number of job vacancies is extremely high. Also, more than half of the openings are for skilled or technical workers such as product managers, audit insurance managers, and marketing managers. With the marijuana industry’s progress, we can expect some new industry-specific occupations to appear.
27. Statistics on CBD direct sales show that the majority of direct sellers are women.
(Direct Selling News)
As it turns out, job flexibility is very appealing to mothers who find it easy to balance work and family obligations in this way. For instance, Zilis company has 30,000 brand ambassadors, and 70% of them are female. The company is extremely successful, with a growth of over 500%.
28. Americans love shopping for cannabis on holidays.
The highest sales are reached on Green Wednesday (the day before Thanksgiving), 4/20 holiday, and Halloween.
29. CBD usage statistics say 7% of US citizens are CBD consumers.
The number is expected to increase to 10% by 2025, which equals 25 million people.
30. CBD consumers are more keen on gummies than any other type of CBD edibles.
Gummies are selling like hotcakes. According to CBD sales stats, CBD gummies experienced a growth rate of 98%, and high-CBD gummies are especially popular. Consumers prefer them for their great taste and convenience. They come in a variety of flavors and colors, and it is relatively easy to consume CBD gummies. In addition, CBD is released slowly over time when you eat it, which may be very suitable for some, especially those dealing with chronic pain.
To sum up, we can say that the latest CBD statistics paint a very attractive picture. The industry is advancing at an astonishingly rapid pace, making it difficult to keep track of all the increases in sales and revenues. Interestingly enough, it is dominated by women, and they are on both sides of the counter. Women are very much present as entrepreneurs, and as consumers as well. The industry’s growth is followed by new vacancies, many of which have never existed before. The progress made is amazing beyond comparison, and above all, CBD health benefits are proving to be real.
List of Sources:
- Harvard Health
- Mayo Clinic
- Green Entrepreneur
- Market Watch
- Washington Post
- Market Watch
- Direct Selling News
- Washington Post
- Philly Voice
- Cannabis Business Times
- Infinite CBD
- Mary Ann Liebert
- Hemp Industry Daily
- Direct Selling News
- Green Entrepreneur
- Press Herald
- BDS Analytics