Driven by the rising demand from the personal care sector, the CBD skincare market is expected to register CAGR of ~26% between 2020 and 2030, finds Future Market Insights (FMI) in its study.
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Known for its several medical benefits and healing properties, cannabidoil (CBD) applications have gradually penetrated into skincare businesses. CBD offers numerous antioxidant and anti-inflammatory benefits that can help in treatment various skin problems.
While there are limited studies on CBD benefits, it is in general considered safe for topical use. The World Health Organization’s (WHO’s) Expert Committee on Drug Dependence (ECDD) has concluded in November 2017 that in its pure state CDB is unlikely have potential harm.
The report on the CBD skincare market is intended to help market players gauge investment feasibility across the key segments. It discovers hidden opportunities within the market as well as cautions companies against potential threats.
Key Takeaways from the CBD Skincare Market Study
- CBD skincare market was valued at ~ US$ 816.9 Mn in 2020 and is projected to exhibit ~ 26% CAGR between 2020 & 2030
- North America holds the leading share in the global CBD skincare market. The legalisation of cannabis cultivation in the U.S. and Canada are giving tailwinds to growth witnessed in the region
- CBD oil to be in high demand. As per FMI, it is expected to constitute the leading segment, accounting for over 30% of the CBD skincare market
- Expansion of online presence and sales channels will stoke growth opportunities for the market
- The hemp-derived CBD segment will account for the leading market share
- Offline sales channel including pharmaceutical stores, speciality stores & whole sellers and distributers will continue leading the market. Demand for instant gratification will keep sales in these channels high
“Companies are focusing on innovative packaging to boost sales of CBD skincare products. This, coupled with ample focus on improving product quality, are among key strategies adopted by the market players to gain edge amid competition,” said a lead analyst at FMI.
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Favorable Regulations to Drive CBD Beauty Trends across the World
Including CBD as a key ingredient in cosmetic products is a key trend prevailing in Europe’s beauty market. At the start of 2019, Holland & Barrett an innovative line of CBD infused cosmetics from Eos Scientific.
CBD products can be now found across various retailers in Europe, including Sephora and Boots besides various online platforms.
Throughout the world, various suppliers have been busy innovating and launching cosmetic products including CBD ingredients in the market. CBD in skin care is clearly a burgeoning trend in the beauty industry.
The trend has penetrated in Latin America as well, as the region witnessed a spurt of business initiatives and product launches containing CBD thanks to a more favourable regulatory approach.
While hemp is being used in beauty treatments since ages, researchers claim that incorporating CBD ingredients is now in key focus among manufacturers. There will be more emphasis on natural and organic ingredients especially since consumers are rendered more conscientious.
Who is Winning?
Some of the key players operating in the CBD skincare market are include Green Growth Brands, Kiehl’s LLC, Cannuka, LLC, The CBD Skincare Company, Vertly Hemp, Leela Body Care Company CBD For Life, Josie Maran Cosmetics, Lord Jones, Fab CBD Company, Kapu Maku LLC, IldiPekar Skin Care & Spa, Mazz Hanna, Kana Skincare, Leef Organics, Earthly, Body, Myaderm, Elixinol Global Limited, Medical Marijuana Inc., Naturally Splendid, and Endoca LLC.
Several leading companies are focusing on R&D, merger & acquisition and partnership to come up with new technologies that can change the market landscape of CBD skincare.
Leading players in the CBD skin care market are also concentrating on introducing CBD-based products in their existing product portfolio to reach new customers, along with expanding their sales network worldwide. They are also penetrating in online platforms to boost sales.