Data and market research represents a growing industry in the United States and across the globe. With the capacity to inform higher-level business decisions with a shocking degree of accuracy, data is currently the most valuable existing asset on Earth. For this reason, market research companies like the Nielsen Company hold the immense potential to inform and predict trends in every American industry. With half a billion dollars in annual revenue, they’ve earned a place among the leading business on the planet, using a combination of market research and predictive algorithms to predict the trajectories of an expansive range of industries.
The Nielsen Company released several findings on hemp and hemp-based CBD products in the recent past – industries on the rise, and of particular interest given their relatively recent introduction and staggering rise in popularity over the past decade. They’ve predicted a revenue of $2.25 billion to $2.75 billion for hemp-based CBD products in the year 2020 alone.
With a new decade just beginning, there’s no better time to consider the road ahead for this developing market. Our writers have examined recent publications by the Nielsen Company on the projected paths of hemp and CBD, and put together their top projections on what to expect in the decade to come.
While other changes will impact the rate of growth in the hemp-based CBD industry, perhaps no change is more important than increasing the overall understanding of hemp and CBD, and combating the falsehoods that proliferate to this day. With the relatively recent introduction of legal hemp in the United States, its to be expected that everyday citizens may not be fully familiar with the substance, and the ways in which it differs from THC – which is perhaps the most widely-known derivative of the cannabis plant. However, the quest to correct misinformation in the hemp-CBD industry is central to the assurance of its continued growth.
Nielsen data predicts that manufacturers of CBD will become increasingly invested in setting the record straight on any lingering stigmas and inaccuracies. More specifically, hemp-manufacturers are expected to target those in the medical industry with their efforts to educate. This is due to the disproportionate rate of influence held by medical practitioners in spreading the good word about hemp and hemp-based products. According to Nielsen’s Health Care Practitioner Tracking Study, 70% of surveyed practitioners claimed they discuss CBD with their patients. However, of these same practitioners, only one in three were well-versed in the current laws surrounding hemp and CBD. This is an alarming disparity, which understandably limits the ability of medical staff to comfortably and accurately recommend CBD for medicinal use to their patients.
In contrast, the Nielsen Company states that a medical community well-versed in the advantages of hemp and CBD-based products should increase the popularity of hemp and CBD products. In fact, of their research participants, 50% of adults who professed an interest in hemp-CBD products said that a Doctor’s recommendation alone would encourage them to try a hemp-CBD product. The same recommendation from a friend would only inspire that confidence in 17% of users. Similarly, only 16% of those surveyed said they’d feel motivated to try a hemp-CBD product on the sole basis of a family member’s recommendation. With those numbers in mind, its clear that the opinions of medical providers speak volumes in our trust of substances like CBD.
Hemp-infused CBD products have become increasingly prominent in a number of markets – including those aimed at pets. Nielsen data reports that 37% of dog-owners who provide vitamins and supplements to their pets today say that they’re likely to try a CBD-infused vitamin in their pet’s wellness regiment in the coming calendar year. Furthermore, more than 20% of survey participants who confessed to giving CBD-based products to their pets say that the ones they shared weren’t designed for dogs.
As the variety of CBD and hemp-based products for (human) adults continues to expand, its only natural that we’d want to share our bounty with man’s best friend. It’s therefore increasingly important that businesses follow suit by developing quality brands to meet the expected demand for dogs.
Nielsen researchers anticipate a rise of up to 375% in the popularity of hemp and CBD drinks, foods, and capsules. They credit the popularity of these specific forms with the relative ease and familiarity of these forms for novice users. Additionally, the increase in related technological advancements - like the improvement of water-solubility and nano-technology research – are expected to benefit these product types as well. The daily use of all food and beverage types also lends itself to the growth of CBD-infused varieties of both, as they can be easily incorporated into the existing daily lifestyles of users.
Regardless of how closely Nielsen projections match with the eventual unfolding of these burgeoning industries, we couldn’t be more excited to watch these developing markets unfold - within the United States and around the world. In the meantime, we’ll be here sipping our hemp-infused soda products.
With so many changes just around the corner, the quality, credibility, and flavor of Colorado's Best Drinks is one constant you can count on. Our products all contain phytocannabinoid-rich, broad spectrum hemp extract and can be delivered right to your doorstep. All five flavors of our hemp CBD beverages are delicious and refreshing. Better yet, each sparkling CBD soda flavor is vegan, non-GMO, and free of gluten, sodium, and preservatives. PCR hemp extract is one of just five ingredients in every sparkling CBD soda can, and you’ll taste that sweet simplicity with every sip. We now carry 12-packs and 48-packs of assorted flavors - pleasing the palates of your loved ones all year long.