The CBD industry is growing rapidly and is expected to grow to $20 Billion by 2024 (Forbes). This growth is driven by CBD’s adoption in industries as diverse as cosmetics, food & beverage and pharmaceuticals.
Though there is a strong interest in medicinal benefits of CBD, they haven’t yet been understood fully (Economist). However, consumers have started adopting CBD based products and have started reviewing them on various media. Just in the past 3 years, ~27,000 reviews were written in ~25 sources across the US, UK, and Germany. We have mined this rich source of user experiences to quantify how CBD is benefiting consumers and to uncover the emerging trends. This blog article summarizes the emerging trends over Quarter 2 (Q2) vs. Quarter 1 (Q1) of 2019.
More than a quarter of CBD reviews talk about how effective CBD is in addressing pain relief, stress relief, Insomnia and a dozen other benefits. Among these, Pain Relief and Migraine are emerging benefits in Quarter 2. A higher proportion of customers have used them in Quarter 2 than in Quarter 1.
Also, Customer Loyalty for CBD products has increased (from 9% in Quarter 1 to 11% in Quarter 2). Not only do customers intend to buy more, but more customers are recommending CBD to others.
CBD products are made in multiple formats – pills, powders, tinctures etc. In 2019, products in Tincture liquid format proliferated the market. However, in 2019 Quarter 2, there has been a considerable drop (vs. Quarter 1).
Among all the brands sold in the market, “CBD Armour” and “StarKit” has garnered a higher proportion of reviews in Quarter 2 than Quarter 1. For “Star Kit”, a specific product, “Startkit CBD E-Liquid”, has grown from 2% on Q1 to 4% in Q2.
Among the existing players, “Pure CBD Exchange” and “White and Fluffy” have witnessed a decrease in the number of Brand level reviews.
Among ~25 sources we covered, “Trustpilot” had the highest percentage increase in the reviews count while “Healthy Hemp Oil” had the highest percentage decrease in reviews volume.
“Ice Head Shop” is the review site that had the highest number of products being launched coming up every quarter. In Q2 alone, it had ~80 new products being launched.