Cannabis legalization across numerous regions and areas coupled with the growing awareness among a considerable chunk of the global populace about the medicinal benefits of CBD will bring good growth prospects for the CBD skin care market. CBD has many advantages for the skin and hence, the CBD skin care market will observe profitable growth.
- The legalization of marijuana in many countries will bring tremendous growth prospects for the CBD skin care market. The presence of prominent CBD skin care manufacturers in regions like the U.S. will further invite positive growth between 2024 and 2030.
- CBD is highly beneficial for aging, acne-related problems, and wrinkle-prone conditions. The anti-inflammatory properties attached with CBD will prove to be advantageous for the growth of the CBD skin care market.
- Research and development activities form an essential part of the CBD skin care market growth trajectory. The players invest heftily in these activities for deriving new formulations and discovering novel insights. These activities help in revenue generation for the players in the CBD skin care market, ultimately increasing the growth rate. Advertising strategies and expansion of production facilities help in catering seamlessly to the customer demand. These factors add extra stars of growth.
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CBD Skin Care Market: Introduction
- CBD (Cannabidiol) is a non-alcoholic extract of the hemp plant. In 2018, the hemp plant was officially recognized as an agricultural crop. Hemp plant is similar to the marijuana plant and both the plants are part of cannabis. However, hemp plants comprise up to 0.3% THC called the psychoactive ingredient. If a CBD plant’s THC level is more than 0.3%, then it is classified as a marijuana plant.
Key Drivers of the Global CBD Skin Care Market
- Rise in disposable income over the years is anticipated to boost the demand for CBD skin care, which includes high quality oil, cream, cleanser, and other products. Increase in fashion awareness among the youth in emerging economies is projected to propel the demand for CBD skin care products in tier-II and tier-III metropolises.
- In terms of dealing with increasing inflammatory conditions, CBD is helpful in reducing sebum production clinically, reduces inflammation on a cellular level, reduces redness, and suppresses itch. Moreover, CBD helps in lowering the duration of breakouts and aids the skin’s natural healing process. CBD also helps to bring down pain caused by inflammatory skin conditions. These factors are anticipated to drive the demand for CBD skin care products in the near future.
CBD an Illegal Market in Some Regions – A Major Restraint
- CBD is still an illegal market in several countries and therefore continues to face slow demand growth due to limited regional availability. Moreover, complicated rules and regulatory structures by governments pertaining to the usage of CBD is projected to hinder the global demand for CBD skin care products throughout the forecast years between 2019 and 2027.
Key Players Operating in the Global Market
Players in the global CBD skin care market are focusing on strengthening their distribution channels in organized retailing to increase sales revenue. Moreover, beauty bloggers and vloggers provide an effective channel to expand consumer reach. Manufacturers provide free samples to these bloggers who post product reviews on their social media channels. Furthermore, manufacturers are collaborating with farmers to source ingredients directly from them. This increases the product’s attractiveness to the consumer. These are some of the important strategies being adopted by key players. A few of the key players operating in the global CBD skin care market are:
- Cannuka, LLC
- CBD for Life
- Earthlybody (CBD Daily)
- Josie Maran Cosmetics
- Kapu Maku LLC.(Populum)
- Kiehl’s
- LEEF Organics
- Lord Jones
- Myaderm
- The CBD Skincare.co
Global CBD Skin Care Market: Research Scope
Global CBD Skin Care Market, by Product Type
- Oil
- Serums
- Moisturizers & Cream
- Cleansers
- Sunscreens
- Others (Lip Balm, Mask etc.)
Global CBD Skin Care Market, by Source
- Hemp
- Marijuana
Global CBD Skin Care Market, by Distribution Channel
- Online
- Offline
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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