A recently published report that focused on the burgeoning CBD market estimates that by 2028, the global legal cannabis market will have reached $70.6 billion. Marijuana is one of the largest growth industries on the stock market. However, not all cannabis business segments are equal, with estimates showing that in the near future, some segments will considerably surpass others. One specific segment to watch is the CBD-infused products market.
CBD, or cannabidiol, is the nonpsychoactive compound found in the hemp and cannabis plants. It is one of the two most abundant compounds found in the cannabis plant, with the other compound being THC, which is psychoactive.
Currently, the edibles segment makes up the biggest share of the CBD-infused market. However, the cosmetics segment is expected to occupy a larger share in the near future. CBD-infused products include salves, lotions, gels and balms, which can be applied directly to the skin. These topicals are used for various symptoms, including muscle soreness, inflammation and localized pain.
You may be asking yourself if CBD-infused personal care products can really do all that.
In fact, studies have shown that CBD possesses anti-oxidant and anti-inflammatory properties, which may help deal with skin issues such as acne. Research has also found that CBD-infused topicals can be used to treat other issues, including psoriasis, dermatitis, cramping, headaches and arthritis.
Many individuals want to feel and look younger and healthy. This is why the international personal care and beauty market is valued at roughly $420 billion, with projections showing that by 2026, the market will have hit almost $560 billion. The increased adoption of these personal- care products is a main facilitator of the global CBD market’s growth. The market is expected to expand at a compound annual growth rate of 26.5%.
Forecasts show that between now and 2028, the CBD-infused product market will reach $216.7 billion, expanding at a compound annual growth rate of 45.6%. Projections also show that in the period between 2020 and 2024, the cosmetics market will expand at a compound annual growth rate of about 25%.
Canada and the United States are leading this growth, with at least 35 states in the U.S. legalizing medical cannabis, and Canada legalizing both recreational and medical marijuana. Other key markets for CBD-infused cosmetics include the United Kingdom, Mexico, China and Germany.
Various companies have joined the CBD-infused cosmetics market, including Valens Company Inc., which is involved in the sale of health as well as wellness products such as CBD bath bombs. Flora Growth Corp. (NASDAQ: FLGC) has also entered the market and offers a line of CBD wellness products.
NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC
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