Calabasas CA., November 9, 2020 – InnovateMR has worked to increase ease of researcher access to CBD users, an ever-growing market that has been booming in recent years. The CBD market is expected to capture $20 billion in the US by 2021 and businesses nationwide are increasingly focused on research to meet the new product demand and innovate against this category. Shown to improve physical and mental health by quelling anxiety, depression, insomnia, and stress, the CBD market has seen tremendous growth during the COVID-19 global pandemic. Further, traditional and long-established brands are demonstrating interest in this consumer segment to better understand the cross-functional implications on the food, beverage, beauty, pharmaceutical, and supplement categories and how consumption may impact their existing brand portfolios.
InnovateMR is working to help researchers better understand purchasing behavior in this emerging consumer base with effective targeting and a robust question library. Advanced access to this audience is giving clients such as High Yield Insights even more actionable data about the micro-behavior of CBD users and potential users.
“The cannabis industry has been faced with significant gaps in knowledge as it relates to category-level insights; working with High Yield Insights has afforded our company with a unique opportunity to understand the CBD consumer in an entirely new dimension,” Lisa Wilding-Brown, InnovateMR Chief Research Officer, said. “The large sample procured for this study has bridged this industry deficit significantly; brands will gain a unique understanding that hasn’t been available previously.”
In this first-of-its-kind study, over 4,000 diverse CBD users were interviewed as well as 35,000+ general population consumers to serve as a proxy and benchmark for the study. This targeted research produced compelling findings as to the rapid expansion of CBD demand:
- CBD users are younger and more affluent, 62% being Gen Z or Millennials with 33% hailing from households with incomes above $100k
- 60% have adopted CBD use during the coronavirus pandemic in the US
- 40% of users see CBD beverages as a preferable alternative to alcohol
- Nearly 40% of non-users are interested in trying out some kind of CBD product
“As insights and analytics experts in the cannabis industry, we needed a partner that shared our passion for this exciting and innovative market. We sought out a panel solution capable of reaching a complex mix of consumers,” Mike Luce, President and Co-Founder of High Yield Insights, said. “We found InnovateMR’s consultative approach, exceptionally high-quality panel, and best in class field services second to none.”
InnovateMR is a fiercely independent sampling company that delivers Faster Answers™ from business and consumer audiences. As industry pioneers, InnovateMR helps market research agencies worldwide answer business questions and uncover insights with online and mobile surveys. Established by industry forerunners who launched both goZing and uSamp, the company’s co-founders have spent over two decades in the online sampling industry developing innovative methodologies to harness research technology and survey audiences around the globe.
About InnovateMR – InnovateMR is a full-service sampling and ResTech company that delivers faster, quality insights from business and consumer audiences utilizing cutting-edge technologies to support agile research. As industry pioneers, InnovateMR provides world-class end-to-end survey programming, targeted international sampling, qualitative and quantitative insights, and customized consultation services to support informed, data-driven strategies, and identify growth opportunities. Known for their celebrated status in customer service and results, InnovateMR combines boutique-level service with extensive global reach to achieve partner success.