Buzz around the “it” ingredient of 2018 continues into 2019, as negative perception continues to dwindle. Cannabis has taken over the wellness trend in all categories, including food and beverages, supplements, and personal care products. Our upcoming Cannabis Beauty: U.S. Market Analysis and Opportunities report dives deep into the regulatory status and key trends and product launches with the ingredient. The report breaks down the market by product category and competitor landscape while painting a detailed picture of the retail landscape.
One of the inhibitors of growth of the market is the confusion surrounding cannabis beauty products, properties of CBD and the related legal and regulatory issues. Marketers take it upon themselves to educate consumers on the properties of CBD. Brands such as Saint Jane Beauty and Cannabliss use social media to educate consumers on the soothing and anti-inflammatory benefits of CBD.
Despite greenwashing, retailers recognize the high growth potential of the cannabis market and seek to increase its product offerings. Beginning in 2018, Sephora sells Lord Jones’ High CBD Formula Body Lotion online. Since then, the retailer has expanded the range of products to include the Royal Oil-1000 mg of CBD and High CBD Formula Body Oil. In July 2019, the retailer makes waves by announcing the launch of the brand in stores, making it the first-ever CBD brand available in Sephora.
Another retailer embracing cannabis products is CVS Pharmacy. The retailer partners with Curaleaf Holdings, a U.S. cannabis retailer, to carry its private label line of CBD products. In eight states across the United States, stores are selling lotions, roll-ons, oils, and sprays. CVS does, however, make the point of having a third party test the products to prove their safety. In response, competitors of the retailer, such as Walgreens, begin selling CBD creams, patches, and sprays in about 1,500 stores.
While the legality of cannabis varies by state, the passage of the 2018 U.S. Farm Bill legalizing hemp is a bright spot for the future of the ingredient. With interest spanning multiple wellness categories, including beauty, consumers can expect to find more CBD lotions and potions in stores across the United States soon, so extensive knowledge on this topic is essential. Cannabis Beauty: U.S. Market Analysis and Opportunities is designed to guide in better understanding the legal and regulatory barriers to entry and grow in the segment, as well as to prepare you for potential threats from existing brands. It will also highlight brands that are winning in this space and opportunities that exist. For more learnings on this topic, request your free copy of The Future of Cannabis in Beauty.
