Hemp Marketing: Measuring Stated Demand and Preferences in an Emerging Market

Grants and Contracts Details

Description

The overall scope of work is to provide guidance on the survey development and analysis. Objective 1: To establish a cross-sectional, time series dataset that measures attitudes and preferences for value-added hemp products. This objective will be completed by collecting survey responses from 1,000 U.S. consumers every month for a three-year period. The majority of questions will be repeated every survey to develop a time series. However, each survey will allow some space for policy relevant questions related to hemp that may arise over the three-year period of data collection. Objective 2: To determine consumer attitudes and preferences for hemp-derived products. There is likely heterogeneous demand for hemp-derived products and heterogeneity in primary consumer segments across products. Furthermore, understanding differences in attitudes between consumers and non-consumers will provide insight into barriers to shifting demand outward. Objective 3: To assess changes in consumer attitudes and preferences for hemp-derived products over time. Since domestic production of hemp is an emerging market, it is possible that both consumption patterns and consumer segments will evolve. The unique time series nature of this project will allow the identification of any structural breaks that may occur. Furthermore, we can identify the effect of contemporaneous events (e.g., news story, policy change, etc.) on attitudes and preferences. Objective 4: To determine the importance of information (e.g., labels) that decreases uncertainty in quality of hemp-derived products. Hemp products, and particularly products like CBD or CBG oil, have qualities that can only be assessed after purchase and some qualities may never be assessable. Therefore, it is important to understand consumer confidence in hemp-derived products and how improving confidence affects demand. Objective 5: To determine the amount of consumer demand in order to assess the amount of production needed throughout the U.S. Given most hemp production currently in the U.S. is for CBD, there is a need to assess consumer demand to help producers make production decisions. Relating supply and demand will help mitigate some of the price variability within the market, especially as it relates to decreasing prices of hem
StatusActive
Effective start/end date9/30/209/29/23

Funding

  • University of Georgia: $4,712.00

Fingerprint

Explore the research topics touched on by this project. These labels are generated based on the underlying awards/grants. Together they form a unique fingerprint.