NEW YORK, July 25, 2019 /PRNewswire/ — New research from Grail Insights reveals how CBD is fast becoming a substitute for traditional products used to treat everything from anxiety to joint pain. CBD – the non-psychoactive cannabinoid, rumored to be the cure for nearly everything, is now found in a multitude of products.
A recent survey of 1,069 US consumers shows 85% of people are aware of CBD, and one in five have tried and/or are currently using CBD. And trial shows no signs of stopping. According to the study, over 60% of those who have not yet tried CBD are interested in doing so.
With CBD sales expected to hit $22 billion worldwide by 2022, the consumer research firm had to ask, what are consumers giving up in favor of CBD? What do industries stand to lose as a result of CBD adoption? And if they are fast and agile enough, what do they stand to gain?
You can find out more in Grail’s Top Ten Reasons Big Pharma and ‘Mood Management’ Brands Should Brace for Impact.
Not surprisingly, Big Pharma is in CBD’s cross-hairs, be it prescription or over-the-counter medications. The Grail study shows nearly one in six Americans diagnosed with either joint pain, migraines or insomnia uses CBD to manage the condition.
Millennials see CBD as an alternative or a supplement to managing common conditions of their generation. Amongst CBD users between the ages of 18-35, 65% use it for managing stress, and 51% use it for depression and/or anxiety.
Big Pharma is not alone. Alcohol, tobacco, beverages, personal care, and pet products are all feeling the impact of the CBD Revolution. Some alcohol users see CBD as a lower-calorie alternative to the relaxation benefits of alcohol. And take note big tobacco: one in three US smokers has already tried CBD, and 1 in 10 are regular users. An additional 56% are interested in trying it.
Want to learn more about these findings? Contact Melissa Bane at [email protected]
About Grail Insights
Grail Insights is a strategic insights consultancy helping clients seize opportunities and respond decisively to market change by applying insights to any aspect of their business.
SOURCE Grail Insights