It has long been a good period to be trading cannabidiol, and it appears that the numbers back it up. As per Brightfield research, cannabidiol drinks are expected to keep growing, as the momentum created after a 2020 dip shows considerable legs. There was a 50% growth in the market for CBD-infused drinks in 2021, and the metric is likely to hit 62% in 2022 and up to 65% the next year. Due to the scrutiny and attention that the cannabidiol category has gotten quickly, it is easy to overlook how young it is and the amount of room it has for further growth. It is especially the case given the federal status of the category.
Yet, the above statistics possibly obscure the fact that several leading cannabidiol beverage companies are no longer in the cannabinoid business alone. Even as the hemp derivatives of those companies are in early phases, they have already started to try and build brand awareness while burnishing product credibility with functional RTDs with components like adaptogens and magnesium. Meanwhile, the inaction of the FDA on cannabidiol also impacts distributors. Having had little effort for changes from Washington, premier alcoholic beverage suppliers have forayed into the cannabidiol category.
The Use Of Cannabidiol For Relaxation Rising
In the US cannabidiol market that created $4.70 billion in 2021 retail sales, beverages are among the most appealing product categories. Driven by solid adoption from Gen Z customers with higher disposable incomes, drinkable cannabidiol items represent the quickest growing product form since 2018, with sales of around $250 million last year.
Cannabidiol items that promise relaxation and anti-anxiety effects attract customers with more than average stress levels, but the aforementioned over indexes for beverages. In a study from the fourth quarter of 2021, 24% of CBD customers identified themselves as millennials with stress, versus 33% among cannabidiol drink users. Among the CBD drink group, around 10% identified themselves as people with chronic symptoms, versus around 8% for overall cannabidiol consumers. Around 50% of cannabidiol drink users in the recent study consumed it daily.
What do customers expect from 50 to 100 milligrams of cannabidiol? As per Brightfield data, depression-, joint pain- and anxiety-relieving effects are what cannabidiol drink users seek the most. It means that those users are ready to spend a premium amount when they look to buy CBD drinks online or offline.