Say the word ‘cannabis’ and you immediately conjure thoughts of Dazed and Confused. The association most people have is with the smokable plant popularized by celebrities like Snoop Dogg and Willie Nelson. But, recently the cannabis space has become big business.
In the skin care market, CBD has been making a name for itself as a premiere active ingredient. The growth this sector has seen is undeniable. That immediate reaction of stoners and tie-dye actually has little connection to this skin care market. While smokable cannabis contains THC, the element that gets the user “high;” hemp-derived CBD doesn’t contain any of this.
What CBD does provide is abilities to help reduce irritation, fight acne, protect against UV radiation, offer pain relief, and more. CBD also has a tremendous amount of buzz as a trending topic, which means there is plenty of market demand to take advantage of.
Hemp’s Evolving Legal Status is Lowering Risk
While hemp may seem like a risky ingredient, it’s important, to note that there is a significant difference between hemp (used for industrial purposes, including CBD oil that is used in skin care products) and cannabis.
Hemp farming is now legal in nearly half the country as more local and state governments understand the significant benefits these plants offer for a wide range of industries, including skin care. This is opening even more avenues to begin utilizing this powerful plant in a wide range of products. In fact, according to MarketWired, a NASDAQ subsidiary, “The hemp industry was worth about $688 million last year, according to Hemp Business Journal and Vote Hemp, which included sales of soaps, seeds, oils, protein powders, shampoos, cereals, and many other products.”
Private Label Skin Care Products Are Gaining Traction
According to Statista, the global skin care industry is currently generating $128.1 billion in annual sales and that number is expected to climb to $180.3 billion by 2024. We, as a nation, are invested in our skin care, and products that deliver measurable results and are safe (with minimal ingredients) are some of the rising stars of late.
As customers have become more discerning about the ingredients they consume or use on their skin, a growing demand for all-natural products has developed. Yet, since many of the larger skin care companies have been reluctant to use hemp-based ingredients in their products (due to misunderstanding and misconceptions), it’s fallen to smaller private label skin care companies to deliver CBD skin care products to consumers.
Research studies highlight the actual and measurable benefits the hemp plant offers for a wide range of uses. Hemp has been utilized for many purposes for thousands of years. For innovative, forward-thinking individuals that understand these benefits, the market is wide open.
Some CBD Lotion Products Focus on Pain Relief, But It Offers Much More
Celebrities, fashionistas, and even beauty retailers note the effect CBD-oil based topical lotions can have on relieving soreness and pain, in the feet, hips, and other parts of the body, especially after long workouts.
CBD oils are also being found to have incredible benefit to the skin itself, and it’s even been noted to have a dramatic impact on fighting against acne. Almost everyone has memories of how acne can affect us psychologically, especially during those all-important formative years of high school. And, if you’re like me, you still have to deal with acne breakouts from time to time.
Some private label skin care companies are turning to cannabis, especially CBD oils, to include in some of their lines simply because of the aroma.
What Does This Mean for Business Owners?
The bottom line is that the market for CBD oil is growing, not just in small increments, but by leaps and bounds. Smaller companies are staying out in front of the cannabis and CBD oil movement, and that translates into incredible benefits for consumers, especially those who are actively seeking all-natural ingredients.
It’s important that we, as businesspeople, look ahead and see the benefits that some new product lines can offer so we take full advantage of them. CBD skin care is more than a simple trend; it’s a new wave that brings amazing benefits to those who want the best, most effective, and healthiest products for their skin and body.