Tue, 09 June 2020 10:08
The regulatory landscape for the utility of cannabidiol (CBD) in beauty products remains stringent. As inspections are set to increase, manufacturing sectors are laying emphasis on compliance. The global CBD skin care products market was valued at USD 422.5 million in 2019 and is expected to grow at a CAGR of 32.4% during the forecast period, 2020–2029.
Regulations Regarding the Use of CBD in Beauty Products
The utilization of cannabidiol in the beauty care segment is harmonized within the European Cosmetic Regulation 1223/2009, under entry 306 Narcotics, Natural, and Synthetic. The regulation prohibits the use of cannabis extract in cosmetics as it is a banned substance in Schedule 1 of the single convention on Narcotics Drugs.
Australia strictly regulated the use of CBD in the personal care industry, limiting the sales of CBD skincare products in the country. Under the Australian Law, plant growers cannot harvest the hemp plant unless it is licensed by the Federal Office for Drug Control under stringent security conditions. Officials claimed that CBD skincare products prescribed by physicians do not achieve accurate results, which eventually led to their discontinuation.
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- CBD skincare products have been in the spotlight for several years due to the official legalization of marijuana- and cannabis-based cosmetic products. Currently, CBD infused skincare products attract a vast consumer base due to their calming properties.
- CBD infused skin care products are gaining traction among consumers owing to their calming properties. Their anti-inflammatory and anti-oxidant properties possess high potential in relieving common skin issues. CBD is helpful in reducing inflammation owing to its anti-inflammatory properties; it aids the skin’s natural healing process.
- CBD is still illegal in several countries; therefore, it continues to face slow demand growth due to limited regional availability. Complicated rules and regulatory frameworks limit the sales of CBD products, and the scenario is expected to persist throughout the forecast period.
- Asia-Pacific (APAC) is expected to offer substantial growth opportunities in the coming years. Key countries in APAC regions, such as India, China, Japan, and others, are expected to offer promising opportunities for the overall market. Currently, Japanese and Korean beauty products dominate the global skin and personal care products market. Hence, APAC is expected to observe the fastest growth in the global CBD skincare products market.
- CBD skincare products, especially in North America, are observing an upsurge in sales owing to high acceptance on the consumer end. Further, stakeholders are developing separate product lines for CBD infused skin care products, comprising hand care, skin care, and lip moisturizer products. Such innovative approaches and product positioning of CBD infused skin care products are expected to boost the North America regional market in the coming years.
- Kiehl’s LLC, Cannuka LLC, Elixinol Global Limited, Medical Marijuana Inc., Endoca LL, Lord Jones, VERTLYBALM, Kapu Maku LLC, and Leef Organics are some of the key players identified in the market.
- On March 09, 2020, Cannuka, LLC announced the official launch of the CBD Purifying Gel Balm Cleanser Face Wash. The product gently removes impurities and infuses rich moisture to make the skin glow.
- On June 11, 2019, Elixinol Global Limited entered into a strategic partnership with RFITD Holdings, LLC to expand its portfolio of CBD skin care products and possibly, cater to the future demand for CBD in the F&B and pharma industries.
CBD Skincare Products Market: Segmentation
By Product Type
- Lotions and Creams
- Masks and Serums
By Distribution Channel
- Departmental Stores
- Retail Pharmacies
- North America
- South America
- The Middle East and Africa
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast Periods
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