As per our research report, between 2022 and 2027, the global CBD skin care market is estimated to grow at a CAGR of more than 33%, reaching USD 1295.7 million.
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COVID-19 is an unprecedented global public health disaster that has impacted practically every sector; therefore, the industry’s growth will be impacted by the long-term impacts expected throughout the projected period. Our continual research strengthens our study approach, ensuring that the underlying COVID-19 concerns and essential elements are addressed. It examines changes in customer behavior and demand, purchase habits, supply chain rerouting, current market dynamics, and major government initiatives in COVID-19. The updated report includes new insights, research, projections, and predictions that take into consideration COVID-19’s market impact. The global repercussions of the 2019 coronavirus sickness (COVID-19) are already showing up, and they will have a big impact on CBD Skin Care Product demand in 2020. COVID-19 has the potential to have three types of effects on the global economy: it can directly affect production and demand, disrupt supply chains and marketplaces, and have a financial impact on enterprises and financial markets.
The coronavirus pandemic has had an impact on the beauty and personal care business, but not as much as it has had elsewhere. In addition, as consumer discretionary spending has decreased, the BPC industry has seen a shift in consumer preferences toward safe and dependable products. Customer supplies benefit from things that are less likely to taint as a result of technological advancements and increased usage periods. When it comes to delivering an E-commerce service, businesses are solely focused on increasing their flexibility lines.
The increased usage of CBD skincare products acts as a demand catalyst.
CBD skin care contains antioxidant characteristics that help to reduce the effects of ageing in the elderly population, boosting the worldwide CBD skin care market. The rising demand for sheet and serum facial masks will also propel the sector forward. The maker is also motivated by a growing understanding of the product’s therapeutic potential, which is another factor driving market growth. The market’s expansion is being aided by R&D expenditure and demand for skincare products. The rising demand for CBD products in Australia is expected to propel the CBD skincare industry in the country forward in the coming years.
Furthermore, the growing awareness of the benefits of CBD-based products is propelling the global CBD skin care market forward. Despite the fact that CBD is found in marijuana plants, it is non-psychoactive and legal to buy in its purified form. In most cases, cannabidiol research has shown that it has healing properties when applied to the skin. The increased acceptance of CBD skincare products in North America, bolstered by the legalisation of cannabis cultivation, is likely to propel the CBD skin care market forward over the forecast period. The ability of this plant to treat illness has prompted manufacturers to develop CBD-infused products, owing to the numerous benefits of CBD. Sephora, for example, had set aside a special section in its stores dedicated solely to CBD skincare products.
CBD skincare products can induce skin stretching, tingling, and peeling, putting the market at risk. CBD use is still illegal in some countries, which will stifle the CBD skin care industry’s growth. CBD is still banned in many countries, and as a result, demand continues to develop slowly due to regional availability. Furthermore, the worldwide CBD skin care market is projected to be hampered by countries’ complex rules and regulatory systems around the usage of CBD.
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KEY MARKET INSIGHTS:
Based on the source, Hemp-based skincare products accounted for the largest proportion of 62.8 percent in 2020, owing to their high unsaturated fat content. By soothing and revitalising dry, damaged skin, hemp-infused skincare products can help to ease stress. They also assist in the management of maturation issues, which will most likely encourage the use of this source. A few hemp-based skincare products are Hempme Organic Face Cream, Origin’s hemp-based moisturising face veil, and Kiehl’s cannabis Sativa seed oil. Hempseed oil moisturises the skin in a silky and moisturising way. One of the first large re-emerging companies to see this was The Body Shop, which created a hemp-based product line as a result. Hempseed oil is a surfactant, chemical, emollient, and skin conditioner specialist, according to the EU restorative mending knowledge base. Hemp atoms are the precise moment, allowing it to penetrate the skin and produce tremendous results. These properties are expected to increase hemp’s application in skincare products, contributing to the global market’s growth in the coming years.
In 2020, the North American CBD Skin Care market accounted for over 40.0 percent of the global market, and it is expected to grow at the fastest rate throughout the forecast period. Because of the large client base and legalisation of marijuana in the US and Canada, demand for CBD skincare products from North America is expected to remain high. The United States has legalised cannabis in around 33 states, making it the world’s largest market. The approval and presence of unmistakable magnificence care makers are expected to contribute to market growth over the next few years.
The US market for skin care is the largest in the world, with a market value of over $20 billion. CBD extracted from hemp has accelerated the development of skincare products in the country like no other market. The Farm Bill of 2018 gave the United States a huge head starts in the CBD skincare market in North America. Hemp was removed from the Controlled Substances Act as a result of this bill, making it legal to cultivate, possess, sell, and distribute hemp plants.
The federal government of Canada has approved the use of medicinal marijuana. The government of the country has entrusted production to a small number of corporations. However, since the country’s recreational cannabis market opened in 2018, investors have shown a significant interest in entering the Canadian marijuana business. Anti-aging night creams, day creams, eye creams, and a sumptuous hand and body lotion were among the products it planned to launch. The brand’s whole product line was marketed as having anti-aging skincare products infused with hemp-derived CBD. As a result, cannabidiol is being widely used in Canada. The CBD skin care market in Canada is growing as a result of this.
Europe is expected to be the world’s second-largest market for CBD skin care. Since 2013, medical cannabis use has been permitted in France. According to reports, the country has the highest cannabis consumption rate in Europe. In France’s 67 million people, there are 800,000 habitual cannabis users and 17 million experimenters.
The French are more careful of what they consume and how they consume it when it comes to skincare products. In the coming years, natural product usage is predicted to be a major trend in the beauty and personal care industry. CBD products are in high demand in the country, as can be shown. All of these factors will have an impact on the French CBD skin care industry’s future growth.
In Spain, the development and consumption of CBD-rich products is completely lawful as long as they are exclusively used topically. This comprises skincare goods as well as medical oils and balms. In March 2020, Khiron Life Sciences Corp stated that the Kuida CBD brand would be introduced to the country. As a result, the Spanish CBD skin care industry is predicted to grow in the future years.
Some of the main companies in the global market include Kiehl’s LLC, Cannuka LLC, Elixinol Global Limited, Medical Marijuana Inc., Endoca LL, Lord Jones, VERTLYBALM; Kapu Maku LLC; and Leef Organics. Organizations are increasingly focusing on item shipments and the extension of the circulation channel to increase unambiguous perceivability among them.
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SEGMENTS INCLUDED IN THIS REPORT:
- By Type: Oils, Creams and Moisturizers, Masks and Serums and Cleansers
- By Source: Hemp and Marijuana
- By Region: North America, Europe, APAC, Latin America, Middle East and Africa
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