The latest report by IMARC Group, titled “CBD Skin Care Market Report by Product Type (Oils, Lotion and Creams, Masks and Serums, Bath and Soaps, and Others), Source (Hemp, Marijuana), Price Range (Economic, Premium), Distribution Channel (Hypermarkets and Supermarkets, Departmental Stores, Online Stores, Retail Pharmacies, and Others), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the CBD skin care market trends.
What is the forecast for the CBD skin care market?
The global CBD skin care market size reached US$ 1.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 7.4 Billion by 2032, exhibiting a growth rate (CAGR) of 18.33% during 2024-2032.
Top 13 Companies in the CBD Skin Care Industry:
- Aurora Cannabis Inc.
- Cannuka LLC
- Canopy Growth Corporation
- Curaleaf Holdings Inc.
- Dixie Brands Inc.
- Earthly Body
- Elixinol Wellness Limited
- High Tide Inc.
- Kapu Maku LLC (Populum)
- Kiehl's LLC (L'Oréal S.A.)
- Lord Jones
- Medical Marijuana Inc.
- Myaderm
Factors Driving the Growth of the CBD Skin Care Industry:
- Increased Consumer Awareness and Acceptance:
The CBD skin care sector is undergoing a significant transformation as consumers increasingly acknowledge and embrace the potential health benefits of CBD, particularly its anti-inflammatory and antioxidant properties. This heightened awareness is fueled by extensive media coverage, scientific research, and positive anecdotal experiences endorsing CBD's effectiveness in addressing various skin issues like acne, eczema, and psoriasis. The growing trend towards natural and holistic skincare approaches has propelled CBD to the forefront as a sought-after ingredient, aligning with the shift towards wellness-focused beauty routines. This shift signifies a move towards more informed skincare decisions, as consumers actively seek products that promote skin health and overall well-being, setting a positive trajectory for the market.
- Surging Demand for Natural and Organic Solutions:
The global emphasis on sustainability and wellness is significantly shaping consumer preferences towards natural and organic skincare products. Consumers are prioritizing formulations that are not only effective but also safe, environmentally conscious, and aligned with their values. CBD-infused products hold appeal due to their association with eco-friendly cultivation and production practices, meeting the rising consumer demand for transparency, traceability, and ethical responsibility in skincare. This trend reflects a deeper consumer engagement with skincare choices, where ingredients like CBD are chosen based on considerations of health, wellness, and environmental impact.
- Innovation and Product Advancements:
Continuous innovation in the skincare industry drives the development of new products that cater to evolving consumer needs and preferences. CBD is emerging as a key driver of innovation in skincare, offering unique properties that enable the creation of novel formulations. Companies are harnessing the versatile benefits of CBD to introduce a range of skincare products, from moisturizers and serums to balms and masks, each promising improved skin health and therapeutic benefits. Ongoing research on CBD's skincare benefits opens up avenues for product diversification and differentiation, allowing brands to address a variety of consumer needs while pushing the boundaries of traditional skincare solutions.
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Global CBD Skin Care Market Trends:
Presently, consumers are gravitating towards CBD-infused skincare products for their perceived benefits, including anti-inflammatory properties, potential acne-reducing effects, and soothing properties for sensitive skin. The widespread availability of CBD skincare products through online platforms and traditional retail outlets enhances accessibility to a wider consumer base, fueling market expansion. Brands and industry organizations are investing in educational initiatives to raise awareness about CBD's skincare benefits, debunk misconceptions, and promote the ingredient's potential, driving market growth.
CBD Skin Care Market Report Segmentation:
By Product Type:
- Oils
- Lotion and Creams
- Masks and Serums
- Bath and Soaps
- Others
Oils account for the largest market share due to their versatility and efficacy in addressing various skin concerns, ranging from hydration to inflammation.
By Source:
- Hemp
- Marijuana
Hemp-derived CBD products represent the largest market, as hemp contains high concentrations of CBD and is legal in many regions, driving its popularity.
By Price Range:
- Economic
- Premium
Based on the price range, the market has been bifurcated into economic and premium.
By Distribution Channel:
- Hypermarkets and Supermarkets
- Departmental Stores
- Online Stores
- Retail Pharmacies
- Others
On the basis of distribution channels, the market has been categorized into hypermarkets and supermarkets, departmental stores, online stores, retail pharmacies, and others.
Regional Insight:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the CBD skin care market is attributed to the favorable CBD regulations and numerous distribution channels from traditional retail to e-commerce platforms across the region.
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