Image courtesy of New Frontier Data
WASHINGTON — The latest product segment that could blow up in cannabidiol (CBD)? Skincare.
The global CBD skincare market was worth an estimated $953 million globally in 2021, and it’s expected to grow nearly eight times by 2029, reaching about $7.6 billion, according to New Frontier Data.
Frontier worked with San Francisco-based Purissima Inc. on a report about cannabis and beauty opportunities in the CBD skincare market, using data from Frontier’s 2022 consumer survey.
Cannabis consumers are more aware and engaged with the general skincare space than non-consumers, the report found. But consumers and non-consumers prefer the same products (moisturizer, cleaner and lip balm) and use skincare for the same reasons (dryness, anti-aging and fine lines and wrinkles).
Also, according to the report, interest in CBD skincare is higher among men and younger age groups in both the cannabis consumer and non-consumer groups surveyed. This suggests that young, male cannabis consumers may represent a ripe target demographic for aggressive brands, Frontier said.
Another demographic to target is medical consumers. The non-intoxicating nature of cannabinoid-based skincare ingredients may appeal to medical consumers who look for consistent symptom relief, Frontier said.
That doesn’t mean there isn’t potential for non-medical consumers, too.
“While cannabis topicals have been perceived as primarily medical cannabis products, a huge opportunity exists for the development of cannabinoid-based skincare products for the general population,” said New Frontier Data’s Chief Knowledge Officer Amanda Reiman. “Both cannabis consumers and non-consumers report looking for natural ingredients in their skincare products, and gravitate towards products that can address myriad skin issues, making cannabinoids a natural choice for ingredient R&D.”
Washington, D.C.-based New Frontier Data is a data, analytics and technology firm specializing in the global cannabis industry.
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