Aerosol personal care and beauty products containing cannabidiol (CBD) could soon be widely available, according to a recent report. Leading cannabis market intelligence and consumer research group BDS Analytics and Arcview Market Research found that the collective market for CBD sales is expected to exceed $20 billion in the US by 2024.
CBD oils have soared in popularity in the wellness market, as the product claims to help with stress and anxiety, as well as other conditions. According to an article by aerosol and liquid products firm Precise Packaging, Congress' passage of the Agriculture Improvement Act of 2018, also known as the 2018 Farm Bill, helped to spark an increasing demand for FDA-regulated consumer products derived from cannabis, including in the personal care and cosmetics markets.
According to a report by Future Market Insights, the revenue generated from sales of CBD skincare products alone is estimated to be valued at more than $654 million in 2019. It's believed that CBD oil is being incorporated into deodorants, shaving creams, body sprays, shower foams and haircare products.
Precise Packaging recently enhanced its contract filling services to meet customer demand for the developments of personal care and cosmetic products infused with CBD. The company's CBD oil-based formulation and contract filling capabilities can help in this growing market and it is currently working with customers through product development stages, creating small samples and travel size CBD-oil based products.