CBD made from hemp plants has only been legal since 2018. Prior legalization. CBD wasn’t very common and was only taken by those who knew where to find it. And they often kept that a secret.
But today, anyone across the country can purchase CBD oil and other CBD products that stem from the hemp industry. CBD has exploded in popularity, as you can use it to help with so many things, from sleep to soreness, and everything in between.
Wondering how many people are using CBD these days, what type of products they prefer, and other crazy statistics? Keep reading below to see how big the CBD oil industry is.
Before diving into the statistics, it’s important to understand CBD legalization. It wasn’t until 2018 that the federal government legalized CBD across the nation.
However, there’s an important distinction to make. CBD products that stem from hemp plants are totally legal and fine. But it’s possible to get CBD from illegal plants.
Cannabis is cannabis. CBD comes from the cannabis plant. Some cannabis plants have a lot of THC (the psychoactive component of weed), and some cannabis plants have a very small amount of THC.
Cannabis plants with less than 0.3 percent tetrahydrocannabinol (THC) are considered hemp. Hemp is now legal and planted, grown, and harvested by individuals as well as commercial farming operations.
CBD derived from hemp is safe and you can purchase it over the counter. It is not addictive or psychoactive in any way. We are even starting to see some doctors prescribing CBD to their patients to help with a variety of conditions.
How Big Is the Global CBD Oil Industry?
Knowing how old the industry actually is in the US (3 years), puts the current market size into context. In 2020, the CBD industry was valued at around $1 billion around the globe.
Studies show that the market is going to increase by another 40% over the next five years, putting the global market around $5.3 billion. Currently, North America amounts for the majority of purchasing and use. However, Asia-Pacific isn’t too far behind and is expected to see the most growth in the coming years.
How Many Americans Use CBD?
It’s estimated that most Americans are familiar with CBD, what it is, and what it can be used. And current studies suggest that about one-third of American adults use CBD on a regular basis.
The most common population in the US that uses CBD are those between the ages of 18 and 34. And it’s the West Coast that shows the most signs of use, as fewer people along the East Coast, the Midwest, and the South say that they use CBD. Women are also more likely to use CBD than men.
And people are the only ones benefitting from CBD. Many people give CBD to their pets for the same issues that people experience. As many as one in four pet owners say that they use CBD for themselves and/or give it to their pets.
Why People Use CBD
CBD is used for many different things. One of the most common is to support better sleep.
Insomnia is a condition that prevents people from getting a full night’s sleep, which ends up causing exhaustion throughout the day, along with plenty of mental issues. Countless people take CBD as a way to relax before bedtime and sleep better at night.
CBD is also widely used to treat anxiety and stress. CBD is known to relax both the body and the mind. Certain actions may also aid with stress relief, such as the act of vaping a CBD cartridge or smoking a CBD joint.
CBD is also used to provide physical relief to skin conditions, muscle soreness, and other chronic pain conditions. Sometimes CBD is taken orally, and other times a CBD cream can be applied directly to the affected area.
Why People Still Don’t Use CBD
Many Americans are still hesitant to try CBD, thanks to a slew of misconceptions. For example, many people think that taking CBD will get them high, or that their mental state will be altered in some way. But as we learned earlier, there are no psychoactive properties associated with hemp-derived CBD.
A handful of Americans think that CBD is going to show up on a drug test, but because CBD is legalized across the country, there aren’t issues with this. And some people just don’t think CBD is going to work, calling it the next great scam.
There are also stereotypes associated with CBD that many people still have not overcome. People associate CBD with marijuana, and thus have a certain picture in their head of who uses CBD and who doesn’t.
However, studies are showing that people who use CBD are more likely to be college-educated and employed full time than those who don’t use CBD.
CBD Products You Should Know About
There are some really popular CBD products, and there are newer products that still haven’t caught on with the mainstream users just yet.
Most people are familiar with CBD oil. This is CBD in its most basic form. You can take the best CBD oil directly, by placing a drop under your tongue. Or you can add it to food and beverages.
Other common forms of CBD include gummies and candy, vape cartridges, and rubs and creams.
Fewer people are aware of distillates. For example, you can get a true spectrum distillate, which is a highly concentrated form of CBD. With this, you would typically use it as an ingredient in other products, thanks to its high concentration of minor cannabinoids and virtually no trace of THC.
CBD tinctures are also catching on more and more. And we are even starting to see CBD products sold in places like restaurants and coffee shops. CBD latte to start the day, anyone?
Keep Your Eyes Peeled for More
The CBD oil industry is growing and evolving rapidly. We can expect CBD to become far more normal over the next few years, as we watch everyone around start using it for themselves.
It’s natural, it’s helpful, and it’s safe, so why not? Keep your eyes peeled for the new stuff coming out of the CBD industry in the coming years.
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