USD 733.16 billion
Report ID: SQMIG30L2175 | Region: Global | Published Date: August, 2023 | Pages: 157 | Tables: 91 | Figures: 76
Global CBD Skin Care Market size was valued at USD 733.16 billion in 2021 and is poised to grow from USD 964.1 billion in 2022 to USD 8620.41 billion by 2030, at a CAGR of 31.5% during the forecast period (2023-2030).
The advantages of CBD-infused personal care products have become increasingly popular, which is anticipated to increase demand over the forecasted period. As an instance, in November 2022, business partners Yann Moujawaz and Juana Martini launched Juana Skin, a CBD-based skincare line, in the United Arab Emirates. The growing demand for CBD skin care products in North America and the legalization of marijuana production are additional factors that are expected to help the business thrive over the course of the forecast period.
Due to the consumer movement towards ecologically friendly beauty and personal care products during the COVID-19 pandemic, CBD skin care products saw an increase in demand globally. According to a report released by Informa Pharma Intelligence in June 2020, the COVID-19 outbreak caused a 20% increase in sales of CBD-based skin care products year over year. Moreover, the pandemic caused consumers to store products, which altered consumer purchasing habits to favor e-commerce sites. Increasing skin issues including sensitivity, inflammatory diseases, acne, and dryness are expected to drive demand for skincare products made with natural ingredients and boost the attractiveness for CBD-based products.
Although these include natural ingredients, 20% of consumers may prefer creams made by cannabis seed extract in December 2021, including moisturizer, BB cream, and others, according to a National Center for Biotechnology Information article. The value of the industry also is increased by increasing government and private financing for focused research efforts, changing lifestyles, and increased product innovations and development as a result of advancements in global technology. It is anticipated that the industry growth will be further driven by the rising number of innovative product launches to meet the rising customer product demand.
Global Market Size
USD 733.16 billion
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Global CBD Skin Care Market is segmented based on product, distribution channel, source and region. Based on product, the market is segmented into oils, creams & moisturizers, masks & serums, cleansers, and others. Based on distribution channel the market is segmented into department stores, hypermarkets/supermarkets, E-commerce, retail pharmacies and others. Based on source the market is segmented into hemp and marijuana. Based on region the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product
The oils segment led the industry in 2022 and accounted for the highest share of more than 38.85% of total revenue due to the strong efficacy of CBD generated from hemp for treating several skin disorders, including dryness, aging, and acne. For instance, Amway launched its line of skincare products in September 2020, along with a CBD face oil. Also, the value of the industry increases as production techniques get more sophisticated. The use of hemp products has increased as a result of rising industrialization, an increase in technological advances aimed at cutting manufacturing costs and waste, and all of these causes taken together.
This has secured a lot of promise for the entire market. Over the forecast period, the segment for masks and serums is anticipated to grow at the fastest rate. These products are anticipated to capture a sizeable share of the global market due to the growing demand for face mask sheets and serums that have a deep penetrating effect and are simple to absorb into the skin. For instance, a start-up from the Czech Republic termed Moia Elixirs created a cannabidiol-infused nanofiber face mask in August 2020. It activates when it comes in touch with water and has a 97% absorption rate. Also, the development of the product after significant R&D would profit from an increase in technological advancements, that would further the segment's growth.
Analysis by Source
The hemp-based products category held the largest share of more than 63.50% in 2022 due to its high fatty acid content, which aids in reviving wrinkled skin, offers moisture-free radical protection, and helps promote cell function. By calming and revitalizing dry, damaged skin, hemp-infused cosmetics also aid in easing discomfort. For instance, Lotus launched its "Hemp Youth Glow" range of products in November 2022. The line is based on organic, cold-pressed hemp seed oil. Also, they assist in reducing issues related to aging, which will probably expand the use of this source in the coming years.
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North America held the largest share in 2022 (more than 40.0%). The demand for CBD skin care products from the North American region is predicted to keep rising due to the existence of a sizable clientele and the legalization of cannabis in the U.S. and Canada. According to a July 2021 Esquire article, about 33 US states and the District of Columbia will have legalized marijuana, making the US world's largest market. In addition, it is anticipated that the legalization of the business and the presence of famous producers will assist its expansion over the next few years.
The Asia-Pacific region is projected to experience the highest CAGR growth during the expected years. Over the next seven years, it is anticipated that leading countries with a focus on beauty, such as China, India, Japan, and South Korea, would offer chances for market expansion. Asian beauty movements like J-beauty and K-beauty are dominating the global market despite the fact that cannabis is largely illegal throughout Asia. This is driving competition to develop new products. For instance, in May 2019, MGC Pharmaceuticals launched its CBD-based skincare lines in China. The project aimed to expand the Asia Pacific region's market.
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Growing Consumer Awareness to Bolster Market Growth
Lack of Regulation to Hinder Market Growth
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The CBD skin care market is becoming increasingly competitive, with a growing number of companies entering the market. The competitive landscape of the CBD skin care market is also characterized by mergers and acquisitions, partnerships, and collaborations, as companies seek to expand their product portfolios and distribution networks. As the market continues to grow, it is likely that more companies will enter the market and competition will intensify.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the CBD Skin Care market has the advantages that CBD-infused personal care products have become increasingly popular, which is anticipated to increase demand over the forecasted period. As an instance, in November 2022, business partners Yann Moujawaz and Juana Martini launched Juana Skin, a CBD-based skincare line, in the United Arab Emirates. The growing demand for CBD skin care products in North America and the legalization of marijuana production are additional factors that are expected to help the business thrive over the course of the forecast period. The lack of regulation in the CBD market can lead to inconsistent product quality and safety concerns. Consumers are increasingly seeking out natural and organic beauty products, and CBD skin care products fit this trend perfectly, as CBD is a natural ingredient derived from hemp. Companies are leveraging technology and digital marketing to reach consumers, with online sales and social media marketing becoming increasingly important channels for CBD skin care products.
|Market size value in 2021||USD 733.16 billion|
|Market size value in 2030||USD 964.1 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global CBD Skin Care Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global CBD Skin Care Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global CBD Skin Care Market:
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