New Frontier Data Study Projects Increased Spending Despite Regulatory Uncertainty
WASHINGTON–(BUSINESS WIRE)–New Frontier Data, the global authority in data, analytics and business intelligence on the cannabis industry, releases the second volume in its U.S. CBD Consumer Report Series: Spending & Market Size, in partnership with payments innovator Square. Leveraging New Frontier Data’s 2020 U.S. CBD Consumer survey of more than 4,000 respondents nationwide, the report details the current size of the American CBD market and projected future spending of this quickly emerging sector.
“As CBD products become more mainstream, consumer intrigue and demand are increasing while their preferences and behavior evolve,” said New Frontier Data Founder & CEO Giadha A. DeCarcer. “The expansion of legal access to high-THC cannabis and clarified FDA regulation will further accelerate market demand, continuing to attract major CPG brands across Food & Beverage and Health & Beauty currently waiting to make their move into the space.”
Key findings from the report include:
- $14.9 billion – Estimated 2020 annual spending on CBD in the U.S.
- $318.88 – Estimated per capita annual spending among CBD consumers
- $121 billion – Estimated total cumulative spending between 2020 and 2025
- 29% – CBD consumers who spend $50 or more per month on CBD
- Consumers aged 34-44 are the highest spenders on CBD
Volume II of the U.S. CBD Consumer Report Series: Spending & Market Size is available for download at no cost at: www.NewFrontierData.com/USCBD2
About New Frontier Data:
New Frontier Data is an independent, technology-driven analytics company specializing in the global cannabis industry. It offers vetted data, actionable business intelligence and risk management solutions for investors, operators, researchers and policy makers. New Frontier Data’s reports and data have been cited in over 80 countries around the world to inform industry leaders. Founded in 2014, New Frontier Data is headquartered in Washington, D.C., with additional offices in Denver, CO and London, UK.
Neither New Frontier Data nor Square take a position on the merits of cannabis legalization, and do not recommend or endorse any products, tests, physicians, procedures, or opinions regarding the use of CBD. New Frontier Data’s mission and mandate are to inform cannabis-related policy and business decisions through rigorous, issue-neutral and comprehensive analysis of the legal cannabis industry worldwide. For more information about New Frontier Data, please visit: https://www.NewFrontierData.com.