Legalization of Cannabis Widening Acceptance for CBD Skincare Products Globally
CBD, a substance known for its many therapeutic and medicinal benefits, has founded a skincare company. The World Health Organization’s Drug Dependence researchers have confirmed that CBD in its natural condition is unlikely to harm the body. It guarantees to find the market’s untapped opportunities and warns businesses of potential dangers. Every product now contains a significant amount of CBD, which is famous throughout Europe. By 2030, the market for CBD skincare products is projected to be worth USD 8.86 billion, growing at a CAGR of 5.50 percent between 2022 and 2030.
Growing customer base to drive market growth
The increasing popularity of CBD professional skincare products is the main market-driving factor. These skincare products’ antioxidant capabilities assist in preventing population aging, which is a key driver boosting the market’s expansion. The makers have been inspired as people become more aware of its anti-inflammatory and anti-itching properties. The market size has increased due to consumer demand for facial mask sheets and serums.
One of the main factors boosting the demand for cannabidiol (CBD) skincare products is the surge in the legalization of cannabis for both medical and recreational uses. Tetrahydrocannabinol (THC) is not present in the product, which is predicted to increase demand among customers interested in using skin care products for recreational and therapeutic purposes. In 2018, a US bill legalized hemp and hemp-based products nationwide and excluded hemp from the Controlled Substances Act’s classification of marijuana (CSA). The US Department of Agriculture (USDA) approves the accordance with the proposed legislation before harvesting for monitoring and production regulation purposes.
North America to be the largest market
The most significant market share was held by North America, which is also predicted to increase at the fastest rate over the projection period. The United States currently has the largest cannabis market in the world, thanks to the legalization of the drug in around 33 states and the District of Columbia. Over the following years, market growth is anticipated to be aided by the legalization of cannabis and well-known manufacturers of beauty products. Due to a sizable client base and the legalization of marijuana in the US and Canada, demand for CBD skin care products from North America is predicted to remain high.
The CBD skincare products market is highly competitive owing to the strong presence of prominent players globally. The key players have adopted various strategies, including expansions, launching new products, joint ventures, agreements, mergers and acquisitions, partnerships, and other approaches to tap a more extensive customer base in the market.
Significant businesses also focus on launching CBD-based goods to attract new clients and growing their sales supply chain. For instance, the firm Sephora introduced a remarkable line of CBD-infused skincare items. Avicanna Inc., a biopharmaceutical firm specializing in the discovery, production, and marketing of medicines based on plant-derived cannabinoids, also announced in May 2021 that it would introduce CBD dermo-cosmetic goods under the name “Pura Earth.”