Jun 20, 2019
The CBD Market Shows No Signs of Slowdown
The CBD industry has arrived, and the market is exploding with new products containing the purportedly “magical” ingredient. One of the industries most influenced by the arrival of CBD is skin care, with consumers curious and eager to find out how it can improve their skin.
Experts say that the skin care industry will normalize CBD. Since some consumers still fear that ingesting CBD will make them high, skin care products are the perfect workaround for them to still experience the significant benefits that CBD provides. We are still discovering a lot about the benefits of CBD, but it is already being used in restorative and anti-aging skin care solutions and proves to be excellent for skin hydration as well. It also acts as an analgesic, reducing pain and inflammation. It is suitable for all skin types, and especially beneficial for acne-prone and sensitive skin.
Future Market Insights is a leading provider of syndicated and custom research reports. They also provide consulting services and competitive data analysis for a variety of industries. One of their newest reports titled “CBD Skin Care Market,” is a global industry analysis and opportunity assessment predicting the changes and growth of the market between 2019 and 2027. According to the report, the market is anticipated to expand at a Compound Annual Growth Rate (CAGR) of more than 33% until 2027.
At a global level, the fact that marijuana-derived or CBD-based products have not been legalized is a major barrier for the growth of CBD skin care market. Investment is happening largely in North America, with Canada also at the forefront of expected growth. The growing availability of application-specific CBD skin care products and product lines will have the largest impact on the growth of this market, according to FMI.
Because CBD oil and other products aren’t yet FDA approved (with the exception of one brand of pharmaceutical CBD oil), big companies tend to be hesitant to take advantage of the opportunity. This opens up the market for smaller and private label skin care brands. The smaller companies will own the market for a while before big companies have a chance to invest. For this reason, the most innovative products will arise from the hemp and CBD experts rather than larger household brand names.
Despite the lack of FDA approval, bigger retailers and department stores like Neiman Marcus, Sephora and Barneys have already launched some of their own moisturizers and body lotions containing CBD. Something that consumers should pay attention to as bigger brands get on the bandwagon, is the use of hemp seed oil as opposed to CBD oil. Consumers should not confuse the two, since hemp seed oil has been around for a long time and does not provide the same benefits as CBD.
The word “greenwashing”, known as the practice of making unsubstantiated claims about the environmental benefits of a product, is now also being used in the CBD market. Some brands that use hemp seed oil as an ingredient market their products in such a way that they fool customers into believing it has the same benefits as CBD oil. Just because it also comes from the cannabis plant, does not mean it has the same benefits as CBD oil.
Hemp seed oil is similar to other common oils like sunflower seed and jojoba oil, it is cold-pressed extract from the seeds of the hemp plant. It is sometimes also referred to as cannabis sativa seed oil, high in antioxidants and omega-3 and -6 fatty acids. It is generally viewed as a super food and excellent when incorporated into one’s diet, but it contains no cannabinoids (CBD, THC or CBN).
CBD is a potent, highly anti-inflammatory antioxidant, and numerous studies have shown that it reduces lipid production in the sebaceous glands. Overproduction of sebum in the sebaceous glands is what causes acne, which is why the discovery of cannabinoid benefits is so exciting for the skin care industry. CBD also aids in treating skin conditions such as psoriasis, eczema, rosacea, as well as sunburns and bug bites.
Some brands, however, are cashing in on the cannabis trend and making false claims about their products, since it also comes from the cannabis plant. When you are shopping around for a product that contains CBD oil, ensure that it clearly states its CBD content on the label. Look for the ingredient CBD, hemp CBD, or phytocannabinoid-rich hemp oil.