The global CBD skin care market is experiencing a surge in popularity, with projections indicating a significant rise in market value. By 2033, the market is expected to reach a staggering US$ 32.859.5 million, reflecting a compound annual growth rate (CAGR) of an impressive 25.7% over the next decade.
Customers are now concentrating their expenditures on necessities as a result of the coronavirus epidemic and the lockdown procedures that followed. The market has also been disrupted by disruptions in the supply of basic materials.
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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%.
Key Players in the Market
- Cannuka, LLC
- CBD For Life
- Earthly Body
- Elixinol Global Limited
- Endoca Company
- Green Growth Brands
- Herbivorebotanicals
- IldiPekar Skin Care & Spa
- Isodiol International Inc
- Josie Maran Cosmetics
- Kana Skincare
- Kapu Maku LLC (POPULUM)
- Kiehl’s LLC
- Kush Creams
- Leef Organics
- Leela Body Care Company
- Lord Jones
- Medical Marijuana Inc
- Myaderm
- Peter Thomas Roth
- TESCosmetics
- The CBD Skincare Company
- VERTLYBALM
- Others
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 Skin Care Products Market Trends:
- Rapid Growth: The CBD skincare products market is experiencing rapid growth, driven by increasing consumer interest in natural and alternative skincare solutions. This trend is fueled by growing awareness of the potential benefits of CBD, such as anti-inflammatory and antioxidant properties.
- Product Diversification: There is a growing variety of CBD skincare products available in the market, including creams, lotions, serums, and masks. Manufacturers are innovating to cater to different skincare needs and preferences, offering products targeted towards specific skin concerns like acne, aging, and dryness.
- Legalization and Regulation: The legalization of hemp-derived CBD in many regions has led to an expansion of the CBD skincare market. However, regulatory frameworks vary, impacting product availability and marketing strategies. As regulations evolve, companies must stay compliant while navigating the market landscape.
- Consumer Education: Increasing efforts in consumer education regarding CBD and its benefits are driving market growth. Brands are providing information about CBD’s skincare benefits, ingredient sourcing, and product efficacy to build trust and credibility with consumers.
- Incorporation of CBD into Mainstream Beauty: CBD is increasingly being incorporated into mainstream beauty and skincare brands’ product lines. Major retailers and beauty conglomerates are launching CBD-infused skincare products, reflecting the normalization of CBD in the beauty industry and its integration into daily skincare routines.
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.
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Global CBD Skin Care Market by Category
By Product Type
- Creams
- Moisturizers and Lotions
- Balm
- Serums
- Face & Body Cleansers
- Others
By Price Range
- Economic
- Premium
By Packaging Type
- Pump
- Tubes
- Jar/ Bottles
- Sticks
- Others
By Source Type
- Natural & Organic
- Synthetic
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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