CBD Skin Care Product Market to surpass USD 12220.67 million by 2031 from USD 1245.85 million in 2021 at a CAGR of 25.65% within the coming years, i.e., 2021-31.
CBD (Cannabidiol) is a chemical component that occurs naturally in cannabis plants. Example: marijuana, hemp, and others. Marijuana and hemp is one of the two primary ingredients of cannabis, the other one being tetrahydrocannabinol (THC). Unlike THC, pure CBD is a non-psychoactive cannabinoid which means it does not make an individual feel high. Many research says that CBD is helpful in reducing anxiety, insomnia, chronic inflammation, pain, and others. CBD also helps to prevent cognitive decline and may help in treating substance use disorder. CBD is known for its healing properties. It provides some important antioxidant and anti-inflammatory benefits which can be helpful in treating skin concerns such as dryness, inflammation, and free radical damage.
The CBD Skin Care Product Market is predicted to project a notable CAGR of 25.65% in 2031.
CBD Skin Care Product Market to surpass USD 12220.67 million by 2031 from USD 1245.85 million in 2021 at a CAGR of 25.65% within the coming years, i.e., 2021-31. Increased use of CBD in oil, lotion, and masks will fuel industry growth over the next ten years. Increased global infrastructure spending is expected to drive demand over the forecast period. In addition to industry growth, CBD Skin Care Product Market penetration is expected to rise above the forecast level. On the other hand, increasing Investment by the major players in new environmentally friendly techniques to produce CBD will create more opportunities that will result in the growth of the CBD Skin Care Product Market over the forecast period.
Recent News and Development:
In 2020, Avon announced plans for a new vegan skincare range that would include CBD oil. It will help to expand the market.
CBD Skin Care Product Market: Segments
CBD Oil segment to grow with the highest CAGR during 2021-2031
CBD Skin Care Product Market is segmented by Product into oils, lotion & creams, masks and serums, baths and soaps, and others. The CBD Oil segment is projected to grow at the highest CAGR from 20212 to 2031 owing to ready availability and a convenient manufacturing process. Small-scale cosmetic manufacturers are mainly motivated towards CBD oil production due to different applications in wellness and cosmetics.
CBD Skin Care Product Market: Market Dynamics
Helps To Reduce Sebum Production
In terms of dealing with growing inflammatory conditions, CBD helps in dipping sebum production clinically, reduces redness, swelling and suppresses itch. Moreover, CBD helps in reducing the duration of breakout and helps the skin to heal naturally. CBD also helps to lessen the pain caused by inflammatory skin conditions. These components are estimated to drive the demand for CBD skincare products in the forecast period.
Scientific development and innovative extracts and combinations of CBD have taken the CBD skincare market to new altitudes. Many MNCs producers have come up with their products with CBD in them and are successfully apprehending the new market space and create ample opportunities for the products. As the cannabis beauty market expands, it seems that brands involved have its own specialized approach to an ingredient. All these factors boost the market.
Controversial Nature of Cannabis-Derived Ingredients
The manufacturers of CBD-based cosmetic products are facing certain restraints due to controversial nature of cannabis-derived ingredients in cosmetic products. Producers need to take more precautions during production operations to avoid cross-contamination between CBD and non-CBD products. CBD is still an illegal market in several countries and hence many countries to face slow demand growth due to limited availabilities. As a result, many companies are running separate production houses for CBD skincare products to avoid cross-contamination.
Effects of COVID19 in the CBD Skin Care Product Market
A large number of CBD skincare companies felt the impact of the COVID19 pandemic in multiple dimensions and now emphasize sustained growth in the long-term future as the global CBD industry Hemp and other chemicals play an important role in countries’ economic recovery CBD skincare companies are likely to see potential opportunities in the near future. Therefore, disruption in raw material supplies have hindered the market. The market will recover soon after the pandemic gets over.
CBD Skin Care Product Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Medical Marijuana Inc
Kapu Maku LLC
Elixinol Global Limited
Fab CBD Company
Other prominent players
CBD Skin Care Product Market: Regions
CBD Skin Care Product Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East, and Africa. Asia Pacific dominates the CBD Skin Care Product Market. China and India are the largest markets for CBD in the Asia Pacific region. Well-known countries specializing in the beauty products such as South Korea, Japan, China, India are expected to offer high opportunities for the CBD Skincare Market. These factors will likely boost the market of CBD skincare in the forecast period.
CBD Skin Care Product Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
CBD Skin Care Product Market report also contains analysis on:
CBD Skin Care Product Market Segments:
lotion and creams
masks and serums
bath and soaps
By Distribution channel
CBD Skin Care Product Market Dynamics
CBD Skin Care Product Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
CBD Skin Care Product Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 1245.85 million
Revenue forecast in 2031 USD 12220.67 million
Growth Rate CAGR of 25.65% from 2021 to 2031
Base year for estimation 2021
Quantitative units Revenue in USD million and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Product, Form, Distribution Channel, and Region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Kiehl’s LLC, Leef Organics, Medical Marijuana Inc, Lord Jones, Kapu Maku LLC, VERTYBALM, Elixinol Global Limited, Fab CBD Company, Endoca LLc, Huntsman Corporation