TEL AVIV, Israel, Oct. 5, 2020 /PRNewswire/ -- Leafreport recently conducted a comprehensive study of the major CBD brands on the market to understand discrepancies in pricing for 2020 compared to 2019. The purpose of the study is to help consumers understand how the rise in popularity of CBD is affecting pricing structures in the market.
"What surprised us the most was that 70% of brands lowered their prices in 2020," according to Lital Shafir, head of product at Leafreport. "This is great news for consumers but reflects the heat of competition that many brands are feeling as more and more players enter the CBD market."
The study also found a significant price gap of 5222% between the most expensive product and the least expensive. "A higher price does not necessarily mean you're getting a better quality product," according to Shafir. "The CBD market is unregulated so products are not being tested for safety, efficacy or potency, so it's somewhat of a roll of the dice for consumers." Leafreport's prior study on labeling (link) indicated that product labels are not a good indicator of quality and potency for consumers.
The report also found that pet CBD edibles prices increased a whopping 44% in 2020 as compared to last year. "This is the fastest growing segment of the CBD market," said Shafir. "For years, people have been spending dollars on their pets and many have found real relief with CBD products."
The report outlined the price differences for each product family and each brand name including full and broad spectrum tinctures, isolate tinctures, gummies, soft gels, topicals, vapes and isolates.
Leafreport's full study can be found here: https://www.leafreport.com/education/cbd-pricing-why-did-prices-drop-in-2020-does-price-equate-to-quality-who-are-the-most-and-least-expensive-within-each-category-7633
Leafreport is a science-based, peer-reviewed website designed to help consumers navigate the confusing landscape of CBD products. The company's mission is to introduce transparency into the CBD industry through its patient-focused, educational content and medical reviews. The company medical review team consists of physicians, chemists, nutritionists, pharmacists, chemists and naturopaths.
Head of product