We’ve been reporting on the health benefits for higher immunity during COVID-19 and predicted and increase in CBD sales at this time whilst people are looking for innovative ways to protect themselves during the pandemic. Well, the stats are in!
Research published this week by Alphagreen.io, the UK’s largest marketplace for certified CBD products, suggests that more than 8 million Britons are now buying CBD products, with spending exceeding £150m in the first four months of 2020 alone. That puts the market on target to achieve revenues of £450m over the year as a whole, which would represent 50% growth compared to 2019.
Alphagreen.io CEO Alexej Pikovsky explains to Forbes that the marketplace commissioned the research after noticing a sharp spike in demand for CBD products in the UK from the beginning of March onwards. He said: “The key here is that with people feeling anxious, having trouble sleeping and, in some cases, feeling let down by the traditional health system, they have looked for alternatives.”
Alphagreen.io’s study is based on a survey of 5,000 adults and found that 8.4 million Britons had either bought CBD products this year or intended to do so. 42% of purchasers are focused primarily on relieving or managing pain, with 21% seeking to tackle their insomnia, and 19% hoping to address anxiety. The study also showed that 38% of purchasers were taking CBD products alongside conventional medicines.
Dr Dani Gordon, a specialist in medicinal cannabis and CBD products, suggests the research suggested the increase in demand was part of a plant medicine movement. “People are increasingly turning to more natural health and wellness solutions to add to their self-care routines. 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.”
The further we destigmatise the cannabis plant and the more that awareness that there is about the benefits of CBD, the more mainstream we can expect this movement to go and we have the potential to experience quite exponential growth in the UK.