The Hemp Business Journal speculates that the CBD-led global cosmetics and skincare market will become a $2.1 billion industry by 2020. The integration of cannabidiol and its derivatives is successfully beautifying the world and driving immense growth in the industry.
CBD, also known as cannabidiol, is considered a miracle compound because it has a myriad of benefits. Its anti-inflammatory and pain-relieving features are suitable to treat various skin problems like burns, skin irritation, acne, and eczema. Besides this, since CBD has a lot of anti-aging and antioxidant properties, many companies have created result-oriented cosmetic lines.
Products like CBD oils, vape liquids, and edibles have already been receiving a tremendous response in markets worldwide. However, CBD-infused lotions, creams, soaps, and other personal-care products will supplement growth in the cosmetic and skincare sector. Thus, many analysts expect that cannabidiol cosmetic and skincare products will push the industry to grow tremendously.
The rising demand for effective sunscreen and anti-aging creams is further pushing several companies to manufacture CBD oil infused products. Leafly, one of the leading reviewers of medical cannabis, reports that many companies are utilizing omega-3 and omega-6 fatty acids from hemp-seed oil to manufacture SPF lotions and moisturizers. However, these companies lag behind in positioning CBD-infused products in the market because of the absence of mass distribution channels.
Recently the biopharmaceutical MGC Pharmaceuticals, signed a deal with Varm Cosmo to expand its supply of CBD cosmetics in South Korea. The country is a major consumer of cosmetics and thus, can prove to be an important factor in promoting the growth of CBD products.
Witnessing growth in the industry, many established companies like The Body Shop are also stepping into the CBD industry. The company is already manufacturing products like the Hemp Soap on a Rope and the Hemp Hand Protector from CBD oil. Currently, the company is sourcing hemp-seed oil from local farms in England, which are expected to grow extensively.
More players are expected to enter the industry and attribute a significant portion of sales to cannabidiol.