CBD oil: a budding market?
CBD-infusion is the latest trend to hit the fmcg world, and CBD oil has quickly become one of the most versatile herbal supplements available.
From gummy bears and jelly beans to candles and moisturisers — the race is on for who can achieve market domination.
But do people really know what CBD is, and do they trust it in their food and household products? As ‘Weed Day’ (April 20) approached, over 1,400 of our bees — or users — in the US and UK told us what they really think of CBD and what — if anything — they’re willing to try.
It’s good news for suppliers — 7 in 10 people in the US and UK would be willing to try products with CBD oil in them, with Americans more likely to want to try them than Brits (77% vs 66%).
Clearly the public is intrigued — but is it just a fad or are people really interested in what the supplement has to offer?
Well, it’s the health benefits of CBD that are top of people’s minds — with its potential to help with medical issues (65%), relaxation (60%), and general wellness (55%) being the most common potential positive effects that people would be interested in.
CBD oil is often in the news over how it may help with medical issues — both physical and psychological — and the public has picked up on this. And it’s no surprise — according to the King’s Fund over 15 million people in England alone have long-term conditions or illnesses — so there’s clearly room in the market for prescription-free aids that might help.
The older people get, the more they think that CBD could help with medical issues too — 78% of over 45s believe this to be a benefit compared to just 57% of 18–25 year olds.
In terms of what types of product people would specifically try, creams (e.g. for skin) are the most popular option for our bees. As the beauty industry dips its toes into the world of CBD, could be huge demand for topical options that don’t need to be ingested orally.
As the main perceived CBD benefits are around health and wellbeing, it makes sense that creams are the top choice — it allows for more targeted therapy for aches and pains, and is easier to incorporate into daily life.
Edible options shouldn’t be ignored though, as sweet goods (e.g. cookies/biscuits), cooking oil/ingredients and drinks were the next most popular choices (63%, 50% and 50% respectively).
Only 16% of our bees weren’t sure whether they’d try CBD products or not, even though the majority of this group (62%) said they had at least some knowledge of what CBD oil is about — so, what’s stopping them from making a decision?
It comes down to lack of information about the products, with almost two thirds — 63% — believing that the unknown effects of CBD are a big disadvantage. Most of this group (92%) think there would be benefits and disadvantages, they simply don’t know what either of those would be — making it hard for them to choose which side is strongest.
In order to convert this group, CBD producers need to make clear what the scientifically proven benefits are, and the clear distinction between CBD and cannabis.
Even fewer of our bees — 14% — say they wouldn’t ever try CBD products — so, what’s putting them off?
Well, the main deterrent for people is the ‘drug’ aspect of CBD. Despite it not being a psychoactive ingredient — therefore, it won’t get you high — this group is opposed to all forms of drugs, legal or not.
Potential unknown side effects are an even greater concern for this group. In addition, over 6 in 10 of our anti-CBD bees believe these products could lead to an addiction of cannabis — and they’re also more likely to think these products will get you high.
Can this group be swayed? It’s highly unlikely — the association with drugs is literally toxic here.
So while not everyone is convinced, the majority is interested in seeing what CBD oil is all about.
And, social perception is a big part of that. Of those open to trying CBD products, over half of them (55%) would do it if their friends did too, compared to just 5% of those who said they wouldn’t try them.
As there is still a stigma associated with CBD, having some sort of social acceptance would make a big impact — but what about the worry of the unknown?
Well, brands already well established in the beauty or food and beverage industries will no doubt have the edge — they’ve already built a reputation of quality and trust — something that could alleviate the public’s concerns.
What’s the future of CBD? Maybe one day soon we’ll even see CBD-infused marmite or mayonnaise.
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A quick word on our methodology: The figures in the article are taken from Streetbees community members in the UK, carried out in April 2019. All of the data was collected by mobile and web surveys, and is accurate to within 3 percentage points 19 times out of 20.
CBD oil: a budding market?
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