Keeping in the know is but one of the ways to get ahead of the competition, and CBD is no different. The CBD market is one that is hotly contested with similar products often competing in the same space. Making your products stand out and tailoring your products to the needs of your market, are key to creating a popular brand.
Here are some important CBD statistics that may help you make an informed decision when deciding on your next CBD product range. Or, if you have yet to hit the CBD market, these stats may soon incite your enthusiasm for developing your own CBD brand.
CBD statistics for the UK
- In May 2021, it was estimated that the UK CBD industry would generate £690 million in annual sales for 2021. This was up from the previous estimation in 2019 which estimated it would reach £526 million in 2021.
- It is currently estimated that the UK CBD industry is valued at £700 million.
- The UK is the 2nd largest CBD market in the world, with the US leading the charge.
- Between 8 and 11% of UK adults have tried CBD
- The highest age group of users was 25- to 29-year-olds at 15%
- CBD usage is higher among women
- Users of CBD typically report using it for better well-being, sleep, pain management and anxiety.
- 54% better health & well-being, 54% sleep, 42% pain, and 38% anxiety.
- 24% of all adults prefer to manage their mental health holistically with methods like CBD
- 50% of millennials would prefer to use CBD oil over anti-depressant
- UK market growth from 2018 to 2019 was up to 6 times greater than expected – £300 million compared to the forecasted £100 million.
- British CBD users spend approximately £25 per month on CBD products
- Consumers prefer to buy CBD online
CBD statistics in the US
- 26% of Americans are using CBD in 2022
- 64% of these use CBD for pain
- 21% of men and 16% of women have tried CBD
- 50% of pet owners use CBD for their pets
- 40% of users used CBD for pain, 20% for anxiety and 11% for sleep
- CBD consumers are an average age of 40
- 44% of CBD users spend between $20 and $80 a month on CBD products
- Non-users open to trying CBD said price (25%), lack of studies (18%) and distrust in claims (14%) were the biggest barriers to usage.
Important CBD statistics to ensure reputability
Only 34% of CBD products tested from a UK sample were correctly labelled. It was found from testing 29 CBD products that 10 of them had less than 50% of the advertised CBD content and one product even had 0% of CBD.
Similarly, 55% tested levels of THC above the allowed threshold for UK CBD products, which therefore meant these products were in fact illegal.
It’s become a worrying problem in the CBD market, not just for the UK, as these products reflect negatively on the market. Responsible brands should strive to ensure their products are safe and regulatory. Testing samples of products before they go to market can help reduce any potential discrepancies and cement your brand as a trustworthy and reputable addition to the market.
At Xyfil, all of our CBD products go through strict laboratory testing to ensure that they adhere to regulatory standards. This also means reaffirming the quantity of CBD, THC and other cannabinoids. Our CBD is sourced from organically grown, certified hemp farms in Colorado, US. This helps to create a premium basis for our CBD products which then go through extraction and further testing to remove any potential contaminants.
With a range of CBD products that we can cater for, we can tailor towards the regulations for the country you wish to sell in. Contact us today to find out how we can help you.