The Washington Post has published a story about the explosive growth of the global cannabidiol (CBD) market. To date, the CBD industry has gone largely unregulated. This week the US Food and Drug Administration issued revisions to their broad safety concerns about CBD products.
Grail Insights’ Melissa Bane was asked to comment on the FDA actions, which she believes will have little impact on growth. According to The Washington Post:
“Melissa Bane, managing director of market research and consulting firm Grail Insights, said the FDA crackdown will likely have little effect on the industry’s growth.
In the same week that a major report was published describing diminished life expectancy for Americans attributed to drug overdoses and suicides among young and middle-aged adults, she said people are clamoring for mechanisms to manage mood and stress.
“CBD is marketed as a more natural alternative to alcohol, sugar, tobacco and opioids. Sixty-two percent of younger users say they use it to manage stress. Do we see the demand changing? No, we don’t. But consumers want clarity on safety. This [the FDA’s statement this week] leaves the American consumer without answers," Bane said.
A recent survey by Grail Insights shows CBD awareness and usage at an all-time high. According to the study, one-in-five Americans have tried and/or are currently using CBD, while 85% are aware of CBD. Barriers to adoption do exist, including concerns about side effects and exaggerated product claims. However, it is likely that as usage increases and major brands and retailers introduce CBD-infused products, these barriers will likely erode. Grail's research suggests there is still a long and lucrative runway that remains in the CBD market.
For more on the CBD revolution contact Melissa Bane at email@example.com