The CBD Skin Care Market Size is estimated at US$ 2,359.5 Million in 2022 and is projected to reach US$ 10,376.4 Million by 2028.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.
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%.
“The global CBD skin care market has benefited significantly from the legalization of cannabis in multiple countries. Also, growing awareness about the antioxidant benefits of the CBD infused skincare products will support the
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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.
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.
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Fab CBD Company, Kiehl’s LLC, Medical Marijuana Inc., Cannuka LLC, Elixinol Global Ltd., Green Growth Brands, Endoca LLC, Josie Maran Cosmetics, Naturally Splendid, Lord Jones, Leela Body Care Co., The CBD Skincare Co., Vertly Hemp, CBD for Life, and Myaderm are some of the leading players in the CBD skincare market.
Manufacturers in the CBD skincare market are primarily investing in the development and launch of new product lines to cater to the requirements of varying consumer demographics.
For instance, Perricone MD has announced the release of its hypoallergenic CBD skincare line, aimed towards consumers with sensitive skin. Similarly, e.l.f. Beauty has unveiled a new full spectrum CBD product line including 5 body and face products. Further, OTO has released a new CBD skincare range including body oils, face masks, night eye treatment, and night cream.