As of 1 February 2021, the European Union officially recognizes cannabidiol – (CBD), derived from cannabis extract or tincture or resin – among the ingredients used by the cosmetics industry and included in the CosIng, the reference document for cosmetic raw materials for countries in the European Union. Until now, only synthetic cannabidiol was recognized by the EU.Recognition and inclusion in the CosIng of cannabidiol of natural origin is a fundamental step for the development of this new branch of the cosmetics industry within the European Union and was strongly backed by the EIHA, the European association for industrial hemp. So-called CBD-Beauty is a growing phenomenon all around the world. In recent years, unbridled competition, and an ever-increasing emphasis on the use of natural ingredients in cosmetics has driven manufacturers to invest in research and development efforts looking at the properties of CBD. Extracts of low-THC Cannabis sativa L. have enormous potential: they improve skin conditions thanks to their antioxidant properties, restore balance where sebum production is excessive, regulate the quantity of collagen and elastin present. According to a study by Technario, published on businesswire.com this past October, the sector will grow by 31% annually over the 2020-2024 period and will be worth $3.09 billion by the end of the period. Cannabidiol is particularly prevalent in skincare products, and market research company Million Insights expects it to be worth €1.7 billion by 2026.The main market for CBD-Beauty is currently North America, but the official recognition of Cannabidiol by the European Union will certainly energize the industrialization and sale of products made with CBD within the Union. This is also a significant result for Cosmoprof Worldwide Bologna, which has for years highlighted the positive effects of Cannabidiol for cosmetic purposes by hosting innovative and cutting-edge businesses.
This report has determined the CBD skin care market in Europe to proliferate at a compound annual growth rate of 21.47% during the forecast period 2019-2028. The United Kingdom, France, Germany, Spain, Russia, Italy, and Rest of Europe together shape the market in this region.The use of medical cannabis has been legalized in France since 2013. The country is reported to have the cannabis consumption rate in all of Europe. Among the total 67 million people residents in France, 800,000 identify themselves as regular users of cannabis, and 17 million as experimenters.Considering skincare products, the French people are more vigilant about what they consume and how they consume it. Adhering to the usage of natural products is predicted to be an underlying trend in the beauty and personal care market in the years to come. Thus, it can be seen that there is a high demand for CBD products in the country. All these factors are shaping the growth of the French CBD skin care market in the coming years.In Spain, the production and use of CBD-rich products are considered completely legal, as long as these products are designed for topical use only. This includes skincare products and medicinal oils & balms., Khiron Life Sciences Corp, in March 2020, announced that it would be bringing the Kuida CBD brand to the country. Therefore, the Spanish market for CBD skin care is expected to flourish in the coming years.Major players engaged in this market include Fab CBD, Isodiol International Inc, Khiron Life Sciences Corp, Elixinol Limited, Endoca BV, Kiehl's LLC (Acquired By L'oreal), and Cronos Group Inc.
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