Allied Market Research published a new report, titled, “CBD Skin Care Market” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global CBD skin care market size was valued at $633.6 million in 2018 and is anticipated to reach $3,484.00 million by 2026, with a CAGR of 24.80% during the forecast period. The global CBD oil segment was valued at $219.0 million in 2018 and is anticipated to reach $1,134.0 million by 2026, with a CAGR of 24.00% during the forecast period.
The producers of CBD-based cosmetic products are facing certain challenges due to controversial nature of cannabis-derived ingredients in cosmetic products. Manufacturers need to take more precautions during manufacturing operation to avoid cross-contamination between CBD and non-CBD products. As a result, many companies are planning to run a separate production line for CBD skin care products to avoid cross-contaminations.
The CBD skin care market is segmented on the basis of product type, source, distribution channel, and region.
By product type, it is categorized into oils, lotion & creams, masks & serums, bath & soaps, and others. CBD oil is one of the key ingredients in every CBD skin care product. The ready availability and convenient manufacturing processes have made CBD oil as one of the lucrative segments for new entrants. Small scale cosmetic manufacturers are mainly focusing toward CBD oil production due to varied applications in wellness and cosmetic. By form, it is categorized into Hemp and Marijuana. By distribution channel, it is categorized into departmental stores, e-commerce, hypermarkets/supermarkets, retail pharmacies, and others.
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Rise in penetration of internet among generation Z and novel cost benefits associated with E-commerce shopping are responsible for revenue growth of the e-commerce segment in the CBD skin care market. The global E-commerce segment was valued at $113.2 million in 2018 and is anticipated to reach $728.2 million by 2026, with a CAGR of 27.40% during the CBD skin care market forecast period.
Region-wise, CBD skin care market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa). Premium nature of CBD infused skin care products and a touch of natural ingredients to the product offerings are increasing the popularity of CBD infused skin care products among consumers from the North America and Europe regions. Furthermore, increase in awareness toward medicinal and cosmetic benefits of cannabis coupled with active support from regulatory authority is expected to provide revenue boost to CBD skin care market in the North America and Europe regions.
The key players operating in the global CBD skin care industry include Kiehl’s LLC, Cannuka LLC, Leef Organics, Medical Marijuana Inc., Lord Jones, Kapu Maku LLC, VERTLYBALM, Elixinol Global Limited, Fab CBD Company, and Endoca LLC.
Key Findings of the Study:
• The CBD skin care oils segment is expected to grow at a CAGR of 24.00% during the forecast period.
• The departmental stores distribution segment is anticipated to dominate the global CBD skin care market analysis, with a CAGR of 23.5% during the forecast period.
• The E-commerce segment is estimated to grow at a CAGR of 27.4% during the forecast period.
• North America is anticipated to dominate the CBD skin care market share, registering a CAGR of 24.3% during the forecast period.
• Asia-Pacific is projected to exhibit exponential growth throughout 2026, registering the highest of CAGR 26.7% during the forecast period.
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