The CBD skin care market value is estimated to clock a revenue of US$ 32,859.5 million by 2033. CBD skin care providers expect the market to expand at a CAGR of 25.7% through 2033, with a present valuation of US$ 3,327.9 million in 2023.
The coronavirus outbreak and subsequent lockdown measures have pushed consumers to focus their spending on essential commodities. Disruptions to raw material supplies have also impacted the market.
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However, strong demand for CBD skin care products is helping in recovery of the industry, particularly through online distribution channels. As per newly released data by Future Market Insights (FMI), the CBD skin care market is anticipated to display a staggering 26% CAGR during the forecast period between the years 2020 and 2030. On the other hand, the market reflected a CAGR of ~21.1% from 2013 to 2021. The share of the CBD skin care market in its parent market (skin care market) is close to ~1%-2%.
CBD Skincare Market- Critical Takeaways
- CBD-infused serums and masks are witnessing high demand, owing to higher efficacy and easy application.
- Hemp based skin care products are witnessing relatively higher demand than marijuana alternatives owing to high efficiency as emollients, surfactants, conditioner, and cleansers.
- North America remains the leading market for CBD skincare products owing to widespread legalization efforts in Canada and the United States.
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CBD Skincare Market- Drivers
- Legalization of marijuana and cannabis based cosmetic products is a critical factor aiding market growth.
- Niche application potential for psoriasis and acne issues, derived from anti-inflammatory characteristics drive create lucrative opportunities.
CBD Skincare Market- Restraints
- Fluctuation in the prices of raw materials is a key challenge faced by CBD skincare product manufacturers.
- Lack of legalization and lobbying for marijuana particularly in Asian countries restrains market growth.
Coronavirus Impact on CBD Skincare Market
With the coronavirus affecting countries around the globe, potential buyers for CBD skincare products are focusing their expenditure towards essentials. Further, the fear of recession has impacted investments into the CBD skincare market. In addition, CBD and hemp shipments have taken a hit. CBD skincare product manufacturers are focused on the optimization of global, national, and local supply chains to process shipments, while being in compliance with strict safety standards.
Global CBD Skin Care Market by Category
By Product Type, Global CBD Skin Care Market is segmented as:
- Creams
- Moisturizers and Lotions
- Balm
- Serums
- Face & Body Cleansers
- Others
By Price Range, Global CBD Skin Care Market is segmented as:
- Economic
- Premium
By Packaging Type, Global CBD Skin Care Market is segmented as:
- Pump
- Tubes
- Jar/ Bottles
- Sticks
- Others
By Source Type, Global CBD Skin Care Market is segmented as:
- Natural & Organic
- Synthetic
By Region, Global CBD Skin Care Market is segmented as:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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