And, there’s a lot more to this topic than late night munchies; cannabis is having an impact across many categories.
“The expanding legalization of cannabis products is already a disruptive force in the CPG industry,” said Robert I. Tomei, president of market and shopper intelligence for IRI. “IRI’s consumer and shopper insights into the impact of cannabis on purchase motivations and behaviors provide critical opportunities for brands to understand the substitution effects and innovation opportunities created by this category-defying ingredient.”
The study, conducted in collaboration with MFour, a mobile market research firm, surveyed recent purchasers of cannabis products to find purchase-based insights, as well as a broader general population panel representing all markets to understand projected impacts of legal marijuana and CBD.
According to the study, cannabis consumers defy stereotypes demographically and they seek a diverse array of benefits from their purchase. And while legal marijuana purchasers reported that relaxation was their primary motivation for using cannabis, CBD purchasers were more likely to cite medical symptom treatment as a motivator.
IRI also reported that cannabis products replace consumer purchases of OTC medication. More than 45% of legal marijuana and CBD consumers reported that dispensary purchases in legal markets replace their purchases of over-the-counter medication.
“Findings like these illuminate the risks and opportunities created by the introduction of cannabis products to more consumers,” said Carl Edstrom, senior vice president and principal of survey solutions for IRI. “While over-the-counter medication brands risk losing market share as a result of broader usage, there are opportunities for brands to leverage the broad appeal of the legal cannabis attribute and incorporate cannabis ingredients into new OTC medication, and certain food products to capture greater value.”
More info: www.iriworldwide.com