By Noah Tomares, Senior Analyst, New Frontier Data, and J.J. McCoy, Senior Managing Editor, New Frontier Data
Skincare represents a $136 billion global industry, with a $17.6 billion (nearly 13%) share of that generated in the United States. While the global CBD skincare market was worth an estimated $953 million in 2021, it is expected to grow nearly 8x by 2029, reaching toward $7.6 billion. THC topicals alone — which currently are subject to a more difficult regulatory process than is CBD — are projected to fulfill a $420 million market by 2030, nearly tripling their 2021 value of $153 million.
Savvy brands and marketers realize that fundamental questions arise when comparing differences between cannabis consumers and nonconsumers regarding their skincare behaviors and spending habits. While it may be hypothesized that those already consuming cannabis may be likelier to try a CBD or other cannabinoid-based, skincare product, are there other factors (e.g., gender, age, or skincare purchasing behaviors) to inform predictions about demand for cannabinoid-based beauty products?
Made in partnership with San Francisco-based Purissima, Inc., New Frontier Data’s latest report, Cannabis and Beauty: Opportunities in the CBD Skincare Market uses data from the 2022 New Frontier Data Consumer Survey to dive deeply into consumers’ quantifiable knowledge and use of skincare products, the routines, spending habits, and preferred products of consumers vs. nonconsumers, and the demographics detailing those most interested in cannabinoid-based skincare.
“While cannabis topicals have been perceived as primarily medical cannabis products, a huge opportunity exists for the development of cannabinoid-based skincare products for the general population,” explains New Frontier Data’s Chief Knowledge Officer Dr. Amanda Reiman, Ph.D., MSW. “Both cannabis consumers and nonconsumers report looking for natural ingredients in their skincare products, and gravitate towards products that can address myriad skin issues, making cannabinoids a natural choice for ingredient R&D.”
Register to join us for a free, Dec. 1 webinar with Rob Evans, Purissima’s cofounder/chief business & strategy officer, and Karen Raghavan, VP of brand development. They and Dr. Reiman will discuss highlights of the report and implications for the market.
Check out New Frontier Data’s complete video library on Equio®, our cannabis business intelligence platform. Download a complimentary copy of the report. Purchase an Equio® subscription to gain access to New Frontier Data’s entire library of Analyst Reports, and our five dashboards of interactive data widgets connecting you to the best-in-class retail, consumer, and market intelligence.