Cannabidiol (CBD) products are changing all kinds of markets. From agricultural to pharmaceuticals and therapeutic treatments, CBD is everywhere. The latest trend is to add CBD to skincare products, and according to a Data Bridge Market Research report, this may be one of the largest growth markets within the cannabis sector.[1]
Benefits of CBD in Skincare Products
CBD is one of the major components of the cannabis plant. Without any psychotropic effects, it is possible to reap all the therapeutic rewards of this valuable compound without any mind-altering consequences. While CBD research continues today, there are many promising effects in skin care that may set CBD products apart. CBD is especially useful in treating dehydrated skin or even more severe conditions like eczema or psoriasis. CBD is also beneficial in treating inflammatory acne.[2]
The Current CBD Skincare Market
In 2021, the global CBD skincare market held a value of $952.91 million.[3] Many of the companies who hold market share in this industry reside in Canada, as their cannabis laws are more forgiving than the United States.[4] As laws in the United States move towards more cannabis and CBD acceptance, there is a large chance that the market will continue to open further.[5] Because of this, Data Bridge anticipates that the market will grow to be valued $7.58 billion by 2029, resulting in a compounded annual growth rate of 29.6%.
Factors Driving Market Growth
Several factors could drive market growth of CBD skincare products such as growth in CBD awareness, particularly in relation to its benefits, increased technology, and increased research and development stimulating the market. Of course, there are also challenges to overcome for this growth to succeed. The two primary concerns hampering markets are price fluctuations in the raw material and production, as well as regulatory concerns. It is impossible to predict with complete accuracy how the market will develop, but industry insiders hold more hope than despair at the growth potential of CBD skincare products.
References:
[1]Data Bridge Market Research. (2022, June). Global Cannabidiol (CBD) Skin Care Market – Industry Trends and Forecast to 2029. https://www.databridgemarketresearch.com/reports/global-cbd-skin-care-market[2] Peyravian, N., Deo, S., Daunert, S., & Jimenez, J. J. (2022). The Anti-Inflammatory Effects of Cannabidiol (CBD) on Acne. Journal of Inflammation Research, Volume 15, 2795–2801. https://doi.org/10.2147/jir.s355489
[3] Research, D. B. M. (2022, August 9). Cannabidiol (CBD) Skin Care Market Is Expected to Grasp the Value of USD 7583.91Million with Growing CAGR of 29.60 %: by 2029, Analyzed by Size, Shares, Trends, Growth and Revenue Outlook. GlobeNewswire News Room
[4] Cannabis Act. (2018). Justice Laws Website. Retrieved August 10, 2022, from https://laws-lois.justice.gc.ca/eng/acts/C-24.5/
[5] Justice Department Issues Memo on Marijuana Enforcement. (2018) https://www.justice.gov/opa/pr/justice-department-issues-memo-marijuana-enforcement
Image: https://pixnio.com/pt/media/bem-estar-spa-centro-esteticista-facial-mascara-cara
