Look around you, CBD is exploding. Yesterday it was unknown except maybe to those trailblazing Coloradoans. But now we see stores dedicated to CBD; there are CBD gummies, tinctures, sports supplements, beverages, and even skincare products.
The CBD market is projected to reach $2.1B by 2020 - 10x its value of $202M in 2015.
Neiman Marcus, Barney’s New York, and Sephora stock shelves with CBD beauty products. Yet, only 21% of people are very familiar with CBD, and among them only 19% think it has uses in skincare.
So we asked ourselves:
Does CBD really address an unmet need in the beauty market, or are brands just jumping on the CBD bandwagon? Are brands really making their products consistent with consumer demands? Using a people-first lens, where is the win-win for consumers and businesses?
So we surveyed 300 beauty consumers to learn more about them.
Although many beauty brands are significantly investing in and vying for a foothold in the growing CBD cultural phenomenon, most beauty consumers are unaware. Their interest is high after hearing a description about it, but key hurdles to actual purchase consideration will need to be addressed to set up a beauty brand to succeed. Any beauty brand that launches a CBD product without addressing the questions of a broad swath of consumers risks jumping into the market unprepared.
To learn more, email info@bovitzinc.com for the full report.