New Frontier Data Survey Reveals Increased Interest in Cannabinoid Topicals as THC Demand Rises
SAN FRANCISCO, April 28, 2022 /PRNewswire/ — Purissimaa leading, next-generation health and wellness biotechnology company, completed today a collaborative study with New Frontier Data that surveyed the behaviors and attitudes of the cannabis and non-cannabis consumer landscape. The study focused heavily on future opportunities within the cannabinoid-infused skincare sector. With the legal cannabis market exponentially growing in the US and 38 states now permitting medical or adult use , the survey also examined the current and projected consumer sentiment, awareness, and usage of topical CBD products. Ultimately, the joint survey signaled the vast growth potential for cannabinoid-infused skincare as consumer demand for THC rapidly rises. Key findings from the New Frontier Data x Purissima study includes:
The global demand for THC is projected to exceed $400B by 2025 and the global CBD skincare market is forecasted to reach $3.4B by 2026
Similarly, revenue from CBD-infused topicals is expected to surpass $400M annually by 2030
The cannabis consumer is maturing and evolving in lockstep with the industry. They are seeking novel form factors incorporating cannabinoids such as topicals in lieu of more traditional and popular use cases like inhalants
Moisturizers and cleansers are among the most popular topical CBD form factors with primary skin concerns being anti-aging and dryness
Topicals were the only CBD product which non-cannabis consumers were more likely to have consumed than cannabis consumers
Individuals most inclined to seek out cannabinoid-infused skincare are younger consumers, cannabis consumers and male consumers
“Our survey partnership with New Frontier Data further reinforced our prediction that the need for new bio-based technologies to produce pure and natural cannabinoids will only continue to accelerate as efficacy evidence becomes more widespread,” said Rob EvansCo-Founder, Chief Business and Strategy Officer of Purissima. “The study’s takeaways also point to an increased need for pure, safe, sustainable ingredients to formulate cannabinoid-infused products such as topicals and skincare.”
“The New Frontier Data survey is critical because it revealed that while most Americans believe in CBD’s therapeutic value, they also require additional education on how CBD and other cannabinoids improve overall health and wellness,” added George RudenkoCo-Founder, Chief Executive and Technology Officer of Purissima. “At Purissima, our platform enables us to produce compounds beyond CBD that are also substantiated and rooted in scientific findings to further instill consumer confidence and, ultimately, develop a broad spectrum of efficient consumer and therapeutic solutions using natural ingredients.”
Purissima currently utilizes a patented microalgae platform technology to recreate a broad portfolio of pure major and minor cannabinoids, including CBD, that are difficult or impossible to naturally source from plants. The patented technology Purissima employs to sustainably develop these compounds offers companies global access to the purest, most therapeutic, and efficacious form of an ingredient, without compromising the environment or sacrificing cost.
“Our survey findings support the work Purissima is pioneering in the biosynthesis space,” said John KagiaChief Knowledge Officer of New Frontier Data. “Not only does the data affirm the demand for cannabinoid-infused topicals, but the market for such products could increase tenfold as consumer awareness, product quality, and availability grows. To fulfill this forecasted demand, businesses will inevitably rely on innovators like Purissima to offer these ingredients while accounting for scalability, product consistency, and resource traceability.”
Purissima, Inc. is revolutionizing the way companies source and use plant-based ingredients, through the development and production of commercially viable, microalgae biotechnology. Purissima’s mission is to provide the world access to high-quality, pure, safe, and sustainable ingredients for products that improve the quality of life for millions. Purissima has sustainably and effectively biomanufactured 70+ natural ingredients, including those rare or hard to access, at a fraction of the cost and without adverse environmental, varietal, or supply chain impact. The brand’s patented and proprietary biotechnology advances critical plant-derived health + wellness solutions while preserving Earth’s biodiversity and natural resources.
About New Frontier Data
New Frontier Data is the premier data, analytics and technology firm specializing in the global cannabis industry, delivering solutions that enable investors, operators, advertisers, brands, researchers and policy makers to assess, understand, engage and transact with the cannabis industry and its consumers. Our mission is to inform policy and commercial activity for the global legal cannabis industry. We maintain a neutral position on the merits of cannabis legalization through comprehensive and transparent data analysis and projections that shape industry trends, dynamics, demand and opportunity drivers. Founded in 2014, New Frontier Data is headquartered in Washington, DC with a presence in Europe, Latin America and Africa.
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