CBD Opinion

Evolving CBD Skincare Market Expected to Grow

Lisa Rennie
Written by Lisa Rennie

The myriad benefits that cannabidiol (CBD) has for the skin has made it a popular ingredient in many skincare products currently on the market, and the options continue to increase.

Creams, oils, lotions, balms, and serums infused with CBD have become a mainstay in the cosmetic industry, with more and more skincare companies jumping on board with their own CBD products.

According to a recent report from ResearchAndMarkets, the worldwide CBD skincare market was valued at just over $273 million in 2019. The report says that an increased awareness of the benefits of CBD to the skin is further driving the market growth of the CBD skincare market.

Another recent report by Big Market Research revealed that the CBD skincare market is expected to hit $3.484 trillion by 2026, growing at an astounding rate of 24.8% from 2019 to 2026. The report considered factors such as recent developments and the size of the market.

As the popularity of CBD skincare products continues to grow, investors are flooding into this burgeoning market.

Growing awareness about the potential for CBD to promote healthier skin has boosted the inclusion of the cannabinoid in the personal care industry. Studies have linked CBD to the alleviation of skin conditions such as psoriasis, eczema, dry skin, and acne. [1] As these benefits continue to be solidified through ongoing research, the demand for CBD skincare will continue to grow, as will the market.

The ongoing legalization of cannabis on a state-by state level may be a driving factor in the popularity of CBD and experimentation with the cannabinoid in skincare products. The Agriculture Improvement Act of 2018 – also referred to as the Farm Bill – may also be behind the boost in the CBD skincare market as it solidified the legalization of hemp.

With hemp no longer considered an illegal substance under the federal law, hemp researchers will benefit from enhanced protections to study the plant and its cannabinoids with more liberty and less red tape.

Hemp farmers are also protected thanks to the passing of the Farm Bill, and are now protected under the Federal Crop Insurance Act that allows them to insure their crops from any unexpected crop losses.

Not only are consumers benefiting from the health properties of CBD in their skincare products, but cosmetics companies are adding new revenue streams and beefing up their bottom line thanks to a growing industry.

Image source: https://pixabay.com/photos/cream-lotion-hands-sunscreen-spa-4713579/

References:

  1. Palmieri, B. et al. A therapeutic effect of cbd-enriched ointment in inflammatory skin diseases and cutaneous scars. Clin Ter. Mar-Apr 2019; 170(2):e93-e99. doi: 10.7417/CT.2019.2116. 2.947.

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Lisa Rennie

Lisa Rennie

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