What caused the changes that are predetermined in the EU hemp cosmetics market
EU buyers are willing to purchase products based on herbal CBD extract, i.e. Over time, the therapeutically active elements in cannabis, primarily drug-free cannabinoids, will become a common ingredient used in cosmetic formulations.
On the pages of the specialized electronic edition of Ukrainian cannabis growers, attention has already been focused on the fact that “CBD extract is approved for use in the formulation of cosmetics produced in the EU”. Extremely interesting is the reaction of European cosmetic companies, EU cannabis growers, as well as companies specializing in the extraction of therapeutically active elements of the hemp plant to the new rules introduced for cosmetics and regarding the possibilities of using herbal cannabidiol extract in the formulations of manufactured drugs.
The updated EU regulations allow cosmetics companies interested in using the herbal CBD extract to formally invest in new product development, opening up opportunities to market a range of exclusive products made using the herbal cannabinoid extract. Considering the fact how much in economically developed countries of Europe is already spent on cosmetic products that include synthetic CBD, we can say that EU buyers are ready to purchase products based on herbal CBD extract, i.e. Over time, the therapeutically active elements in cannabis, primarily drug-free cannabinoids, will become a common ingredient used in cosmetic formulations.
Market potential for CBD cosmetics in selected EU countries
You need to watch the market closely to understand which companies will drive exponential growth over the next few years for European cosmetics brands that are planning to launch cosmetic products containing plant cannabidiol extract. This issue is especially relevant due to the fact that the surplus of supply and the collapse of prices in the hemp raw material market in 2021 has already reached Europe and the issue of using plants grown on the ground or in greenhouses / premises will become very acute.
Commentary of experts of the Association "Ukrainian technical hemp"
During the 6th course of the "Hemp University" in the framework of the round table "Problems and prospects of the use of therapeutically active elements of hemp as a basis for nutraceuticals, medicinal cosmetics, animal feed or other products with the healing properties of a plant" in a separate panel "Medical cosmetics , the formulation of which includes various hemp ingredients ”will substantively consider issues related to the prospects of using therapeutically active hemp ingredients in the formulations of cosmetic preparations in Ukraine.
The adoption of the amendments to the CosIng rules implies an extremely simple logical question that every buyer in our country can ask sellers of foreign cosmetics - “If in the EU only in 2021 the use of herbal cannabidiol extract in the formulation of preparations is allowed and in the next few months will be registered and received the necessary permits for the implementation of the companies that plan to produce the appropriate cosmetic products, then what quality hemp cosmetics have been imported into Ukraine from the EU for several years, containing CBD extract ”.