An education-focused online cannabidiol (CBD) products store in Southern California has shared predictions for the CBD market in 2021.
San Diego-based CBD.market predicts that the number of newcomers entering the CBD market will grow substantially throughout the year.
As a result, the demand for variety in CBD products will increase as the number of consumers grows, according to CBD.market.
CBD.market says that the increased growth and demand will also create a need for more online retailers.
According to CBD.market, industry predictions put CBD product market growth between 34 and 45 percent through 2024.
CBD.market believes that newcomers will flood the CBD industry in 2021 as demand increases.
“According to our own analytical data, the majority of new users in 2020 were between the ages of 25 and 34 as well as over 65; of these, 51% were female and 48.5% males,” says CBD.market CEO and co-founder Alex Malkin. “CBD.market predicts that more retired CBD users will be among newcomers in 2021. The store hopes new users will do extensive product research before selecting an item for purchase.”
According to recent research from High Yield Insights, nearly 25 percent of CBD users entered the category within the last six months.
High Yield Insights reports that more than one in three longer-term CBD users tried a new CBD product during the six months.
High Yield conducted the research from September to October in 2020, surveying 35,000 adults in 50 states.
Data from the research provided insight into lifestyles, attitudes, and usage habits of 4,000 former CBD users, 4,200 current users, and 13,500 who have not tried CBD but are interested.
A boom in organic ingestible products has helped push a surge in ones that contain CBD, including those in capsulated form, according to CBD.market.
Topical products are also gaining wide acceptance among buyers who do not want to ingest CBD.
CBD.market says that learning about CBD will gain more importance as the number of products and retailers grows.