Don’t miss out on your chance to cash in on an emerging global cash crop with guidance from an Industry expert on how you can optimise your existing skincare range or gain fresh revenue with new cosmetic concepts.
There’s no denying the fact that Hemp is now very much on everyone’s radar. Whether you’re a consumer, a grower, or a business looking to explore new channels of revenue, Hemp yields a multitude of opportunity, now so more than ever in the European marketplace. Where the US has seen less federal regulation, companies vie for patronage in a landscape that has opened the door for cut-throat competition and market saturation. However, Hemp and its derivatives are relatively new to the EU with consumer awareness about Cannabidiol (CBD) and product libraries containing the natural compound only gaining noticeable momentum within the past 5 years. From a profit-making standpoint, all the more reason for a discerning business like yours to make the most of peaking public interest and stake your claim in a growing market that is said to reach €3.2 billion by 2025 according to Prohibition Partners, as cited in Key Insights from The European Cannabis Report: 6th Edition.
The Good, Bad and the Novel
CBD’s epic rise in popularity has seen businesses scrambling to identify the ways in which they can profit, nevertheless, exploiting the untapped goldmine before them hasn’t come without an equally epic set of challenges. The European Commission chose to classify CBD as a Novel Food in January 2019, suddenly applying a scrutinous set of governances designed to establish quality assurance on behalf of consumers, and liability on behalf of production teams originally targeting Genetically Modified crops. Though designed to favour safe consumption offering a sigh of relief for consumers, the application process for businesses to legally obtain a Novel Food Licence is complicated, costly and takes years to complete- which potentially puts off any eager capitalists hoping to ride out momentum of an exponential growth curve. So, you want to expand into CBD but find yourself stuck at Novel Foods? Here’s how you overcome adversity.
"CBD is just starting to take hold in Europe, with both product availability and consumer awareness still quite limited. This is a great opportunity for developed brands to enter and expand through Europe with far less competition…”
- Leading Chicago based consumer insights and market intelligence company Managing Director, Bethany Gomez, Brightfield Group
Changing the Face of an Industry with CBD Cosmetics
Did you know that CBD is only regulated by the Novel Foods Act for consumption? This means that you should only seek to obtain a licence if your company is in the business of tinctures, capsules or other consumable concoctions. What the Novel Foods Act doesn’t regulate is topical use in skincare or cosmetic application. A ray of hope! CBD is touted for its many beneficial properties when it comes to the skin and is a natural ingredient favoured enthusiastically by those with a problematic or confused complexion. It’s a sought-after addition that can be easily incorporated into existing skincare products or complete skincare ranges and offers to be a unique and advantageous additive to the foundation of fresh formulations. Despite fluctuations in other market areas, according to reputable New York based financial and business media advisors Bloomberg, as of 27 June 2022 the CBD infused products market is still booming. They cite:
“The CBD skin care market has been steadily growing over the past few years and is projected to continue to rise in the coming years. CBD oil based products are comprised of various types of properties including, anti-inflammatory, antioxidant, and skin soothing. The presence of such outstanding properties in one single blend make CBD oil as one of the key components in skin care and personal care products. CBD is highly effective and safe for use on every skin type”
How We Can Help
If you’re convinced your current brand could benefit from branching into the expanse of CBD but aren’t sure where to start or you find yourself suddenly inspired and need more information about how to bring your ideas to light, having a trusted contact in the industry is a crucial first step in beginning to navigate the ins and outs of all things CBD, which can otherwise be perplexing or downright overwhelming. With a plethora of false information circulating on the internet today, it’s best to put your confidence in an industry professional with accredited laboratory connections, successful sales experience, and a personal investment through her own transformative CBD experience.
Que Wellness Link CEO Laura.
To learn more about the possibilities that await you and the promising prospects that await your business, simply get in touch via our website. You can also find Laura on LinkedIn.