A non- psychoactive compound found in the marijuana plant, cannabidiol (CBD), infused with the wellness & beauty products is expected to be the next trendy thing in the skincare all over the world. Japan, South Korea, and China are gradually moving for grabbing the leadership in this emerging market segment in Asia.
But they will first have to get the marijuana’s use legalized.
According to financial services firm Jeffries Group LLC, all over the world, the market for beauty products made from cannabidiol is expected to be of worth $25bn by 2029, or 15% of the total global beauty market over the next decade.
Cannabidiol beauty products are already trendy in Canada & the United States where customers accept the fact that cannabidiol can treat a range of health ailments such as anxiety, epilepsy, insomnia and skin conditions because of its anti-inflammatory properties.
Already on the market shelves of the United States & China are cannabidiol-infused products like Murad’s hemp face serum (by Unilever) “Hello, Calm” hemp mask by Estee Lauder’s Origins, and Kiehl’s hemp-based face oil cream.
Upscale department stores of the United States like Nordstrom & Barneys, as well as, other mainstream retailer carry a range of cannabidiol-infused beauty & wellness products now, and there will be continuity in the growth of this trend. Over 35,000 retailers in the United States have shown eager interest in carrying cannabidiol products.
The legal marijuana industry all over the world is ready to grow from $150bn today to $272bn over the next ten years, according to Barclays. In addition to this, the legal market for smokable and edible marijuana is projected to be of worth $66.3bn by 2025, said consulting company Grand View Research.
In this regard, Asia has still a long way to go, however, Asian beauty movements like K-beauty (Korea) & J-beauty (Japan) will embrace the cannabidiol beauty trend.