It’s been a big year for the U.S. CBD industry. Growth, projections, and statistics show that the industry isn’t going anywhere. And thanks to an increase in legislation passing across the country, the market continues to develop and evolve.
Keeping up with the latest information is critical for understanding how to improve your CBD business. In this post, we’ll break down some of the biggest CBD industry statistics from 2022. Let’s get into it.
CBD Sales Statistics in 2022
In 2022, annual CBD sales reached approximately 4.17 billion dollars. According to projections from Statista, the market will continue to grow until 2024, when it is expected to peak at 4.4 billion dollars. The same CBD sale projections predict the U.S. CBD industry will be worth 4.2 million in 2026.
Projections of this nature depend heavily on the progressing regulation of CBD across the country. As it currently stands, CBD derived from hemp is legal across most of the U.S. but laws vary by state.
CBD Use Statistics in 2022
According to a survey from Statista, an estimated 26% of Americans have used CBD as of 2022.
The leading reasons for CBD use among American consumers are listed below:
- 62% used CBD to reduce stress
- 60% used CBD to relieve pain
- 58% used CBD to improve sleep quality
- 51% used CBD to alleviate anxiety
- 48% were recommended CBD by a medical professional
- 35% used CBD for recreational purposes
- 26% tried CBD out of curiosity
Another interesting usage trend in CBD was the emergence of even more nontraditional products including CBD drinks and other ingestibles, which outperformed all other forms of consumption this year.
In a survey conducted by Statista, gummies and edibles were above capsules and oils as the most commonly purchased forms of CBD. The list is broken down below:
- 58% preferred edibles
- 55% preferred capsules
- 55% preferred oils
- 53% preferred lotions
- 42% preferred topicals
- 32% preferred vapes
- 16% preferred flowers
- 2% preferred another form of CBD
CBD Product Testing in 2022
Despite the push for regulation and pressure from governmental authorities, an alarming 28% of CBD brands did not test their products for pesticide contamination. A small minority of survey participants—only 7%—tested for all major contaminants, including pesticides, lead, mercury, other heavy metals, and microbial bacteria.
These numbers come in the same year as the FDA posted 34 warning letters against CBD companies for various issues concerning noncompliance including mislabelling and false claims.
Ongoing issues such as this contribute to a negative stereotype of the industry as untrustworthy and dangerous. As such, the issue of quality assurance and compliance will likely be a key concern for CBD companies going into 2023.
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