health Prohibition Partners estimates that the global CBD skincare market will be worth US$959 million by 2024.
CBD (Cannabidiol) is one of the many cannabinoids in the cannabis plant. The addictive hallucinogenic component in the cannabis plant is tetrahydrocannabinol, also known as THC as short. THC has no function particularly to increase or decrease the CBD effects. “Cannabinoids” act on the human body’s “endocannabinoid system” through “receptors”, thereby regulating various functions of the human body. Cannabinoid receptors are not only distributed in internal organs such as the brain, but also in the surface layer of the skin, which provides a prerequisite for the development of CBD external products.
Several studies come up with the conclusion that CBD has high chances of improvement in anti-epileptic, pain relief, anti-depressant, and insomnia. So CBD was originally used in medical care in the form of “oil”, now due to its anti-inflammatory, anti-oxidant, anti-bacterial, etc. Efficacy has gradually become an advanced ingredient in cosmetic formulations.
Before people paid attention to the skin care effects of CBD, “hemp seed oil” was used for skin care, mainly for nourishing and moisturizing. Since 1992, the American skin care brand Body Shop has been using hemp ingredients. In 1998, the company launched a series of hemp dry skin care products, which attracted widespread attention. In HongKong recently allowed to sell CBD without THK, CBDonline.hk has also launched its CBD cosmetic products that leads the market and set trends.
United States: The passage of the American Farm Bill in December 2018 legalized industrial hemp across the United States, triggering a wave of CBD product outbreaks. However, because the bill retains the FDA’s right to supervise the CBD market, and the FDA has not issued a clear regulatory policy, many retailers and big brands dare not rush into it.
Hong Kong: CBD is not categorized under a dangerous drug. Therefore, it is not controlled by the Dangerous Drugs Ordinance. However, it is essential to know that THC must be zero percent within the CBD material for consumption. CBD containing THC is illegal in Hong Kong and anything with such THC substances is prohibited.
EU: CBD cosmetics are regulated by EU No. 1223/2009 (Cosmetics Regulations). Industrial hemp seed oil and flower leaf extract can be used in cosmetics because of their relatively low THC (tetrahydrocannabinol) content. The European Industrial Hemp Association (EIHA) has called for further opening of CBD because “CBD has many health benefits” and “even when taken at the highest dose, there are no side effects.
Canada: In October 2018, Canada legalized recreational marijuana nationwide, but still banned CBD derivatives. Until October 2019, Canada’s revised regulations came into effect, entering the “marijuana 2.0 era” including marijuana non-CBD products. Derivatives are allowed.
Australia: Cannabis is strictly regulated in Australia. Starting in 2016, CBD oil used for medical purposes can only be used with a prescription. Hemp seed oil can be used for external products, but the cannabinoid content cannot exceed 50mg/kg (1.005%), and the THC content cannot exceed 20mg/kg (0.002%).
China: The “List of Names of Used Cosmetic Ingredients” issued by the State Food and Drug Administration (CFDA) in 2015 included “Cannabis (CANNABIS SATIVA) Leaf Extract” as a raw material. Up to now, the contents of “CBD or cannabidiol” have not been clearly listed in the catalog. However, the state does not give a strict definition of the ingredient “cannabis leaf extract”. This allows CBD to enter the cosmetics field with the “identity” of “cannabis leaf extract”.
Prohibition Partners estimates that by 2024, sales of CBD skin care products may account for about 10% of global skin care products. As a new ingredient and category in the beauty field, CBD is growing rapidly. More beauty brands keep on launching their CBD cosmetic product lines in 2021, including skin lotions, creams, essences, sunscreens, soaps, hair care products, etc.
In the United States, a survey conducted by ATKearney of 2,000 consumers showed that 76% of consumers would try a legal, cannabis-infused, curative, and non- “hi” product. More than half of the consumers said they would especially try cosmetics with hemp ingredients.
Two major US pharmacies have now indicated that they will sell CBD cosmetics in certain states and penetrate the Hong Kong market, such as CBDOnline.hk. The popularity of CBD is also reflected in the increase of international conferences and expositions with CBD as the theme. For example, the 2019 World CBD Expo and so on.
Studies have pointed out that CBD has anti-oxidant, anti-inflammatory, anti-microbial, anti-sebum secretion and collagen promoting properties. Due to the several powerful effects, CBD has become a “super raw material” that is replacing traditional chemical-based cosmetic products.
Currently, CBD, as a beauty ingredient, has no industry or government-led regulations in all regions of the world. Questions about the source, dosage, and quality of CBD will seriously affect consumers’ acceptance of CBD beauty products. Without a third-party certification body with widespread credibility, consumers of CBD beauty products will be even more confused.
The investment company LB Equity seems to see the future development potential of CBD. In 2019, it acquired part of the equity of Standard Dose.
Standard Dose, like its literal meaning “standard dose”, tries to establish industry standards and norms. Standard Dose is a multi-brand CBD product online market, including more than 60 CBD products for edible or external use. And these products have been tested for measurement quality and other aspects to ensure high quality and effectiveness.
Anthony Saniger, founder and CEO of Standard Dose, said: “The goal of Standard Dose is to promote honest conversations about CBD and help consumers understand a confusing and unregulated industry.”
Entering the CBD beauty industry, skin care products are a basic angle of entry. Among the large number of CBD beauty brands that have emerged, CBD skin care products account for the majority. Starting from the health care tool, gradually CBD has penetrated to an advanced formula for skin care. Manufacturers use CBD to for producing skin care products for many skin treatments and improvements, such as calming, anti-wrinkle, nourishment, and freckle.
Mark Paschke, the founder of My Insomnia Fix LLC, predicted that CBD will enter the cosmetics field in a big way; he was absolutely right. “We have started to see CBD-infused cosmetics gaining popularity. Imagine CBD cosmetic blush & foundation, CBD mascara, eyeliner Pen and eyebrow gel etc.”
CBD bath products are also an important category of CBD beauty. CBD soap, CBD bath bomb, etc. usually have the effect of reducing muscle soreness and enhancing sleep.
