CBD Skincare Products Market
Market Overview
CBD Skincare Product Market Size was estimated at USD 5,238.5 million in 2021. The CBD skincare products industry is projected to grow from USD 5,526.6 million in 2022 to USD 8,039.4 million by 2030, exhibiting a compound annual growth rate (CAGR) of 5.5% throughout the forecast period (2022 - 2030).
Sleep specialists primarily employ CBD oils as an active aromatherapy element. CBD oil's sedative qualities contribute to improved sleep in patients with OSA. Additionally, CBD-infused products are frequently used to treat acne and psoriasis owing to its anti-inflammatory qualities. The existence of multi-functional benefits in CBD-infused skin care products is likely to propel the overall CBD skin care market's revenue rise over the forecast period.
Market Dynamics
The primary market driver is the growing popularity of CBD professional skincare products. These skincare products contain antioxidants that aid in delaying the aging process in the population, which is a major driver driving the market's growth. The increased awareness of its anti-inflammatory and anti-itching properties has prompted producers to increase production. The market's size has increased as a result of increased demand for facial mask sheets and serums.
CBD products generated from legalized hemp present attractive growth potential. Competitors are investing significantly more to seize the opportunity. Due to the THC content in CBD-based skin care products, they are heavily controlled by authorities. Numerous developed countries lack clear guidelines for the use of CBD oil in the personal care market, which has resulted in the products' restricted sales. Australia, Germany, and France all have rigorous regulations regarding the usage of CBD in skin care products. These legal requirements imposed by governments stymie the expansion of CBD skin care products in developed regions. Despite their significant benefits, the wellness hemp and medical cannabis startup industries are under constant governmental pressure. Regulatory pressure is projected to restrain the CBD skin care market's growth over the forecast period.
If CBD professional skincare products have a bad effect on the skin, such as swelling, irritation, or skin peeling, they will almost certainly be banned, impeding the marketing field. Due to the scarcity of CBD products in the market, it has a lower demand in its marketing sector. The government's thorough rules and regulatory systems governing the usage of CBD products have limited its demand in a number of countries over the projection period.
Segmental Analysis
The market is categorized by product type into moisturizers & creams, oils, serums, and cleansers.
The market is segmented by category into Organic and Conventional.
The market is categorized by Distribution Channel into Store-Based and Non-Store-Based.
Region Overview
North America and Europe both have significant revenue potential in the sector. These countries represent a significant growth opportunity for both new and established businesses, owing to increased spending on personal care and cosmetic items, as well as an increase in the prevalence of skin illnesses such as psoriasis and acne. Additionally, favorable legislation and strict oversight of the manufacture of CBD-infused skin care products are boosting revenue growth for CBD-infused skin care products in these locations. Liberalization of hemp and marijuana growing in Canada is likely to boost demand for CBD-infused personal care products. Additionally, the constant efforts of top cosmetic businesses in terms of research and development are likely to drive the growth of new developments in the CBD Skin Care market. The sale of hemp-based personal care products manufactured in the United States has increased by a factor of two due to wholesalers, private labelers, and other importers accepting multi-channel distribution. These players are also developing a line of CBD-infused personal care products, which is expected to stimulate the regional industry.
Competitive Dynamics
The key competitors in the market are L'Oréal S.A., Cannuka LLC, Elixinol Global Limited, Medical Marijuana Inc., Endoca BV, Redwood Wellness LLC, Leef Organics, Green Growth Brands, The CBD Skincare Company, Kana Skincare, Vertly Hemp, Myaderm, Marijuana Company Of America Inc., CBD For Life LLC, Estée Lauder Companies
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Contact us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York, New York 10013, United States of America
