Key takeaways
- CBD is legal in 49 countries (Wikipedia).
- There are approximately 219 million CBD users in the world (Statista).
- A total of 6 out of every 10 Americans uses CBD products (Statista).
- CBD use is most popular amongst seniors and the elderly with no distinction between male and female (Statista).
- Most people use CBD for relaxation, improved sleep and anxiety (Single Care).
- 60% of US adults used one or more CBD products in 2023 (Single Care).
- 64% of Americans are familiar with CBD and/or CBD products (Staista).
- The global CBD market was estimated at $9.4 billion in 2023 (Yahoo Finance).
- The most popular uses of CBD in the US are pain relief (64%), insomnia (42%), and anxiety (49%) (SingleCare).
- There was no gender difference in CBD use in 2023. Men and women used CBD similarly (Forbes).
- People between 18-29 years recorded the highest use of CBD in 2023 (Forbes) .
- 24% of people with pets used CBD for their animals and themselves (Single Care).
- CBD oil sales grew by 28% since after COVID-19 pandemic (Cross River Therapy)
- CBD is federal legal in the U.S (Forbes)
- States that have legalized CBD recorded a 28% decrease in opiate use (Cross River Therapy)
- The market value of CBD foods is expected to grow to $5.4 billion in 2023 (Cross River Therapy)
- The U.S CBD market is expected to hit $49.22 billion in 2038 (Market Data Forecast)
- While 39% of all CBD users are married, with 44% being college graduates (Cross River Therapy).
- CBD-infused products for pets will consist of 3% to 5% of CBD oil sales in the US by 2025 (Cross River Therapy).
- CBD has assisted over 22% of Americans to replace prescription or over-the-counter drugs or supplements (Enterprise App Today).
How many countries are CBD legal?
CBD as one of the most common cannabis-based products is legal in 49 countries. Countries that have legalized CBD in 2023 includes but are not limited to The United States, Malawi, Israel, Thailand, United Kingdom, Uruguay, South Africa, Brazil, Canada, Costa Rica, Czech Republic, Spain, Zimbabwe, New Zealand and Mexico.
Although CBD may be legal in these countries, the laws guiding its possession, use and medical application may differ from country to country. However, most of the countries share the same view on the total concentration of THC allowed in each product. THC is the compound that makes users high. You can read our previous article on THC vs. CBD to know the difference between CBD and THC.
How many people use CBD in the world?
Information from Statista shows there are approximately 219 million CBD users globally, with the Americas having the largest number of users, followed by Asia and then Africa. The increased use of CBD varies across countries and regions due to differences in the laws guiding its sales and consumption.
Information from research shows that over 6 out of every 10 Americans have tried CBD products in 2023. These products are commonly sold as capsules, flowers, tinctures, oils or edibles and they provide users with relief from several conditions from chronic pain, to managing the side effects of chemotherapy, improving mental health and more.
CBD use varies by age, gender and reason. Let’s break it down so we can have a better understanding of how people use CBD.
- CBD use by age
CBD use is most common among seniors or people between the ages of 60 and above. This is because they tend to have a diminishing immune system and will require cannabinoids to help them fight against diseases. Note that people within this age group are prone to several disease conditions which can be healed with pure, authentic CBD and CBDa products.
- CBD use by gender
Women reported using CBD more than men in 2023. In a research carried out by Forbes Health survey on 2000 American adults, it was discovered that both genders used CBD in similar ways. Results of the research shows that 6 out of 10 men and women attested to using CBD products in 2023.
- Why do people use CBD in 2023?
Most people use CBD to reduce stress, relax, improve quality of sleep and to manage pain. Other possible uses of CBD that topped the chart include, using it to deal with anxiety, depression, and out of curiosity.
What is the Global market value of CBD?
The global market size of CBD was valued at $6.4 billion in 2022. However, this number was estimated to increase to $7.7 billion in 2023. The estimated growth was predicted due to the increased adoption of CBD as a medicine by several regions of the world. Experts believe the CBD market may hit $22.5 billion by 2030.
What are the most common CBD products in 2023?
CBD products exists as capsules, oils, tinctures, salves, gummies, flowers and edibles. Statistics based on products used in 2023 shows CBD users consumed more CBD capsules, gummies, oils and tinctures than any other types of CBD products. There is also an increasing interest in CBD lotions possibly due to its pain relieving and skincare effects.
What CBD companies have the highest market share in 2023
The CBD companies with the highest market share in 2023 include
- Canopy Growth
- Cresco Labs
- Jazz Pharmaceuticals
- The Valens Company
- Charlotte’s Web Holdings.
How Much Do Consumers Spend Per Month on CBD?
Although the economy is tough, people still choose to buy their favorite CBD products. Research from 2020 by New Frontier Data, a company that studies data and business trends, shows that 29% of CBD users spend at least $50 each month on CBD. Also, people between 34 and 44 years old spend the most on CBD products.
Consumers view on CBD’s Safety
Over 60% of American adults believe CBD is safe for consumption and use for medicinal or recreational purposes.
CBD predictions for 2024
The market for CBD-infused foods and beverages is marked for substantial growth, with a projected value of $5.9 billion by the year 2024. This increase in market value reflects the increasing popularity and demand for products containing cannabidiol (CBD). Moreover, the trend extends beyond market value, as by 2024, it is anticipated that 35% of individuals in the United States will be CBD users. This signifies a notable expansion in the consumer base for CBD products, indicating a widespread acceptance and adoption of these items into mainstream lifestyles.
The cannabis and hemp CBD market is expected to exhibit an impressive 49% compound annual growth rate (CAGR) by 2024. This robust growth explains the dynamic nature of the CBD industry and its potential to become a significant player in the broader market. The anticipated increase in market share aligns with the growing acknowledgment of CBD's potential health and wellness benefits, contributing to its rising prominence among consumers.
In connection with the overall market growth, the percentage of CBD users is predicted to see a significant increase, with an expected increase of 35% by 2024. This further supports the notion that CBD is becoming increasingly integrated into everyday consumer choices, reflecting a broader cultural shift towards embracing CBD-infused products for various purposes, including relaxation, stress relief, and overall well-being. As the CBD market continues to evolve, these projections suggest a transformative impact on both consumer behavior and the economic landscape of the cannabis and hemp industry.
Want to Learn More?
- Healing Herbs and Holistic Ingredients: Hemp Oil Recipes for a Sustainable Kitchen
- Green Beauty — Making DIY Skincare with Organic Hemp Skincare
- CBDa, CBD, THC, and Drug Tests: What You Need to Know
- What are Cannabinoids?
- Benefits of CBD Oil for Athletes
Sources
Total Global Cannabis users (Statista); https://www.statista.com/statistics/264734/number-of-cannabis-users-worldwide-by-region/#:~:text=There%20are%20currently%20around%20219%20million%20cannabis%20users%20worldwide. Accessed 12/18/2023
Most popular CBD companies in 2023. https://www.fool.com/investing/stock-market/market-sectors/healthcare/marijuana-stocks/cbd-stocks/. Accessed 12/18/2023
