New York, US, March 06, 2023 (GLOBE NEWSWIRE) -- CBD Skincare Product Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), CBD Skincare Product Market Information By Product Type, Source, And Region - Forecast till 2030'; the market will reach USD 8,039.4 million by 2030 at a 5.5% CAGR.
Market Synopsis
Cannabidiol is a non-intoxicating substance that is often powdered from marijuana or hemp plants and utilized for a variety of skin care procedures. The cannabidiol (CBD)-infused cosmetics and personal care items have a variety of positive skin-soothing, calming, anti-anxiety, pain-relieving, moisturizing, antioxidant, and anti-inflammatory characteristics that help treat dry skin or some inflammatory skin problems. The e-commerce market will grow at the greatest CAGR throughout the projection period. To boost their product awareness among consumers, businesses have launched their items on internet sites and shopping applications, resulting in a rapid rise of e-commerce in the beauty and personal care sector. Due to its success in treating various skin conditions, cannabidiol skincare has become increasingly popular. The market expansion in the initial half of the projected timeframe is large to be credited for this transformation in growth rate. This is because more people are working worldwide, which has increased spending power and consumer awareness of the various products on the market and, consequently, is driving up sales of high-quality goods.
Since artificial personal care products include hazardous components, consumers choose greener products more frequently. Also, they improve a person's physiological and cognitive functioning and regulate mood, pain, and memory. They are also more effective in treating inflammation, anxiety, and sleeplessness. Increased literacy rates and the use of social media platforms are educating consumers about the advantages of goods like CBD skincare items, which include adding CBD oil to their daytime beverage, applying CBD oil topically for pain relief, ingesting CBD gummies topically for anxiety relief, and using CBD products to liven up their sex life. A growing understanding of the advantages of organic and natural components is causing a substantial shift in consumer preference for clean-label personal care products. Moreover, thanks to numerous social media platforms, customers are now better informed about the advantages of adopting natural components. Because natural skin care products provide the nutrients needed to enhance skin health, using them enhances skin texture, tone, and look.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 8,039.4 million |
| CAGR | 5.5% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Source, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rise of Skin Conditions |
| Impact of Social Media |
Market Competitive Landscape:
The important companies in the CBD skincare market are:
- Cannuka, LLC (U.S.)
- Elixinol Global Limited (Australia)
- Medical Marijuana Inc. (U.S.)
- Endoca BV (Netherlands)
- L'Oréal S.A. (France)
- Redwood Wellness, LLC (U.S.)
- Leef Organics (U.S.)
- Green Growth Brands (U.S.)
- The CBD Skincare Company (U.S.)
- Kana Skincare (U.S.)
- Vertly Hemp (U.S.)
- Myaderm (U.S.)
- Marijuana Company of America, Inc. (U.S.)
- CBD For Life LLC (U.S.)
- Cannuka, LLC (U.S.)
- Elixinol Global Limited (Australia)
- Medical Marijuana Inc. (U.S.)
- Endoca BV (Netherlands)
- sstée Lauder Companies (US)
Browse In-depth Market Research Report (128 Pages) on CBD Skincare Product:
https://www.marketresearchfuture.com/reports/cbd-skincare-products-market-8423
Market U.S.P. Covered:
Market Drivers:
Natural elements found in CBD products help to both restore damaged skin and slow down the aging process. However, as people become more aware of the negative impacts of using these goods, beauty, and skincare items containing synthetic components, including petroleum-based compounds, aluminum salts, phthalates, and aluminum salts, are dropping. Hence, the demand for goods with skin-lightening, anti-aging, and effective moisturizing capabilities is driven by awareness of the advantages of using organic or natural ingredients in grooming and cosmetic products. Increasingly more people are becoming aware of the advantages of cannabidiol and its therapeutic capabilities, which has led to a surge in the popularity of cannabidiol skin care products worldwide.
The necessity for the cannabidiol (CBD) skin care industry is also increased by the growing use of CBD skin care products since they have antioxidant characteristics that fight the effects of aging. Additionally, the growing number of technological developments aimed at reducing production costs combined with research and development activities aimed at environmentally friendly development to ensure the best and wisest use of resources create lucrative opportunities for market participants in the forecast period. In addition, the market value is increased by factors including the surge in public-private investment for focused research initiatives, fast urbanization, demographic changes, an abundance of disposable income, and rising innovative products and development due to global technology breakthroughs.
Market Restraints:
The expansion of the market as a whole is hampered by changes or unpredictability in the price of raw materials. The variable of raw substance availability in one place is another barrier to the growth of the cannabidiol skincare business.
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COVID 19 Analysis
Due to the movement in consumer preference toward natural and eco-friendly cosmetics and personal care items during the COVID-19 outbreak, CBD skin care products saw an increase in demand on a global scale. Revenue of CBD-based cosmetics increased significantly year over year as a result of the COVID-19 outbreak. The pandemic also caused consumers to stockpile goods, which changed their shopping preferences in favor of online shopping sites. Increasing skin issues such as sensitivity, inflammation, acne, and dryness are anticipated to fuel demand for natural components in skincare products and increase the appeal of CBD-based products.
Market Segmentation
By source, the market includes hemp and marijuana. By product type, the market includes lotion & creams, masks & serums, baths & soaps, and oils.
Regional Insights
During the forecast period, North America garnered the biggest share. Due to a sizable client base and the legalization of cannabis in the U.S. and Canada, the interest in CBD skincare items from the North American area is anticipated to stay high. Furthermore, it is anticipated that the regulation and presence of well-known producers of beauty products will aid in the industry's expansion over the next years. Due to the legalization of the sale of cannabis-based goods in the U.S., it is also predicted that the availability of CBD skin care products derived from hemp will continue to generate a strong market for the CBD skincare market.
All of these indications point to growing demands for CBD skin care items in the nation, which is anticipated to support the business for CBD skin care in the area over the forecasting period. During the forecasted years, Asia-Pacific is anticipated to experience the quickest CAGR. Leading nations focusing on beauty, like Japan, South Korea, China, and India, are predicted to present prospects for market expansion in the next seven years. Even though cannabis is mainly outlawed throughout Asia, Asian beauty trends like J-beauty and K-beauty dominate the worldwide market, encouraging rivals to introduce new products.
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