Words by Elisabeth King
The increasing use of CBD (cannabidiol) in a growing range of medical applications and OTC skincare emerged with a vengeance last year. Known for its smoothing and anti-inflammatory properties, CBD has become the hero ingredient of a wide range of face masks, moisturisers, serums and hair products, particularly in the US and Europe, and was declared the trending beauty ingredient of the year by the Kline Group.
According to the global market intelligence company, 2019 is expected to witness more luxury, mass and speciality players entering into their rapidly advancing market.
Kline Group reports: “With the ever-growing interest and preference toward more natural products, consumers look to expand their curiosity, turning to the advantages of cannabis as a key beneficial ingredient”.
Australia a leading hub of CBD lifestyle industry/beauty and skincare products to generate global sales of US$25 billion
There’s certainly many efficacious benefits as far as skincare is concerned, says Jo Patterson, CEO of Bod Australia, the skincare and health products developer.
“CBD is a total game changer. With its significant anti-ageing and antioxidant properties and ability to improve common skin conditions such as eczema, acne and psoriasis.”
Australia has become a hub for the CBD industry and is being hailed as the “new Canada”. The nation’s top 20 listed cannabis companies, including Bod Australia, have a market capitalisation of $1.8 billion.
Over the past year, the company has gained Special Access Scheme approval for its MediCabilis oil, used to treat pain, neurological conditions and stress. Another milestone was securing an export licence to build a stronger presence in the fast-growing European market.
We see ourselves as a biotech company rooted in research, says Patterson. “The global medical cannabis market alone is expected to reach US$55.8 billion over the next five years. We started in 2014 and listed on the ASX in 2016. Our core passion is health. Skincare is one of our major pillars, together with nutraceuticals and supplements, because of the exceptional anti-ageing properties of CBD and hemp seed oil for all skin types, including sensitive.”
The uptake of cannabis-infused skincare has been so dramatic that market forecasts are being revised just as quickly. According to a market report in March from the Jefferies Financial Group, beauty and skincare products containing CBD will generate global sales of US$25 billion over the next decade, capturing 15 per cent of worldwide skincare sales. Leading international retailers such as Neiman Marcus, Ulta Beauty and Sephora already have retail areas dedicated to CBD beauty.
For more on the CBD issue and to read this TREND report in full, see the October issue of esprit Magazine Australia. CLICK HERE to subscribe.