According to a new report published by Allied Market Research titled, “CBD Skin Care Market by Product Type, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019–2026,”. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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.
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Increase in preference toward sustainable skin care products, and rise in awareness and acceptance of cannabis are the major factors fueling the growth of the global CBD skin care market. On the other hand, high probabilities of product contamination and regulatory imposition on product manufacturing and marketing impede the growth to some extent. Moreover, surge in revenue through online sales channels are expected to usher in a number of opportunities for the key players in the industry.
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 segmented on the basis of product type, source, distribution channel, and region. Based on form, the market is bifurcated into hemp and marijuana. The hemp segment contributed to more than half of the global CBD skin care market revenue in 2019, and is anticipated to rule the roost during the study period. Simultaneously, the marijuana segment is anticipated to grow at the fastest CAGR of 25.8% till 2026.
Based on distribution channel, the market is classified into departmental stores, e-commerce, hypermarkets/supermarkets, retail pharmacies, and others. The departmental stores segment accounted for nearly one-third of the global CBD skin care market share in 2019, and is expected to dominate throughout the forecast period. On the other hand, the e-commerce segment would cite the fastest CAGR of 27.4% in between 2019 to 2026.
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.
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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. Other key players identified in the value chain are L’Oreal, Varm Cosmo, L’Eela, Apothecanna, Charlotte’s Web Holdings, Kana Skincare, Josie Maran Cosmetics, Cronos Group, CBD Biotech, and Estee Lauder.
Reason to Buy:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global CBD Skin Care market.
○ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the CBD Skin Care Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
○ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
○ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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