Alphagreen.io, the UK’s largest marketplace for certified CBD products, reports that 7.8m UK adults (15%) have bought a CBD product1 in 2020, having spent £155.6m on purchases. These findings2 come as an additional 8.4m people have brought (or are intending to buy a product) since the onset of COVID-19 lock down as they seek to strengthen their immune system.
The vast majority are using CBD products to relieve pain and for pain management purposes (42%), whilst others to tackle insomnia (21%) and to address anxiety (19%). Interestingly, 38% of people are taking CBD products alongside their prescription or conventional health medicines to manage their health and well-being.
Alexej Pikovsky, co-founder and CEO of Alphagreen “As much of the UK population is homebound with some time on their hands, clearly many are focusing on their well-being and self-care. Our survey points to a heightened awareness of alternative health remedies. Based on these trends, the CBD product sales in the UK are likely to hit £450m this year, a 50% increase from 2019 (when sales were £300m3).
“The true test for the market will be repeat customers and this will only be driven by the value that products present. We estimate that more people will turn to CBD products for pain and insomnia related health concerns but also for ageing, PTSD and other health conditions.”
Despite the growth trajectory for CBD products, there remains a lot of confusion among consumers in distinguishing these from medical cannabis or cannabis, itself. The survey suggests that only 41% of respondents understand the difference between cannabis, medical cannabis, and CBD. Moreover, only a quarter (25%) of CBD product users feel well informed when buying CBD products, with the majority of these (55%) pointing to the lack of reliable information on CBD products.
World leading expert in medicinal cannabis and CBD Dr Dani Gordon MD, CCFP, ABOIM, ABIHM added: “People are increasingly turning to more natural health and wellness solutions to add to their self-care routines, and often as an alternative to OTC and prescription medications which can have many side effects. Patients are looking towards natural remedies to mitigate and soothe symptoms of common conditions such as anxiety, as well as other mental and physical health concerns. Health consumers are savvier than ever and want to know what they are buying and how to use products for maximum effectiveness, which helps them feel empowered and secure in their purchases. On top of seeking advice from doctors, patients are increasingly turning to alternative healthcare products, and the CBD movement has been at the forefront of the shift towards natural and evidence-backed ingredients.
Of those adults using CBD products most (53%) only started in the past 12 months. The majority (41%) indicated that they make purchases at least once a year. People going online (38%) to buy, while some go to a dedicated health shop, like Holland & Barrett (14%), and others to a pharmacy (13%).
Alexej Pikovsky, co-founder and CEO of Alphagreen added: “We want people to make confident purchases of alternative health remedies. We have demystified and provided clarity to people by curating the best products in the market. These brands are certified by our medical researchers and provide clear guidance to users”
Other research insights from the UK:
- More women are using CBD products than men to strengthen their immune system and to tackle stress and anxiety disorders.
- Most adults in their 30s and 40s are convinced that present CBD products present a health benefit. However, this conviction declines for those in their 50s and 60s as they become sceptical of reliable information on the products