In the last decade, CBD became a wildly popular ingredient in food, beverages and nutritional supplements. The CBD industry is still very new, which generates enormous opportunities for early adopters, companies that successfully tackle consumer and market challenges.
Regardless of the buzz, Gallup showed that just 1 in 7 American adults actually use CBD. For CBD companies, this should signal big opportunity regardless of how saturated the marketplace in the U.S. is now.
Content marketing has become a crucial driver for CBD sales. Online articles, for instance, prove to be a powerful method of discovering about CBD as 44 percent of international consumers said they heard about it from an internet resource. The CBD marketplace continues to evolve and new marketing and educational campaigns aim to reach those customers and gain their confidence.
One major obstacle for brands is credibility. Brands need consumers to be aware of the reliability, consistency and safety of their products. CBD products contain legal, concentrated cannabis extracts and they are stated to provide physical and psychological health benefits. When awarded that definition, over 40 percent of global consumers stated they’d be ready to try out those products. However, 29 percent of consumers stated they wouldn’t or were uncertain about trying products with CBD.
The biggest thing that makes people hesitant to try CBD is unpredictability. 41 percent of customers said they don’t understand enough about CBD. Furthermore, 38 percent were worried about possible side effects. Although customers revealed concern, if they had more knowledge regarding CBD, 42 percent stated they’d be more inclined to try it. This shows how important it is for CBD brands to invest in educating the public.
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The Rise of the CBD Industry and Where It is Headed
- April 8, 2020
- 5 Minute Read
- All Blog Posts, Industry Updates