CBD Skincare Product Market Size was estimated at USD 5791.67 million in 2023. The CBD skincare products industry is projected to grow from USD 6069.45 million in 2024 to USD 8755.64million by 2032, exhibiting a compound annual growth rate (CAGR) of 4.69% throughout the forecast period (2024 - 2032). According to market research, the demand for the market is anticipated to increase throughout the forecast period due to the increased awareness of the advantages of CBD-infused personal care products. Additionally, the legalization of cannabis production is anticipated to assist the growing use of CBD skincare products in North America, which are the key market drivers enhancing the market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Consumers are turning to CBD-infused cosmetics and skin care products because of the worrisome increase in pollution and the strong UV radiation, which can result in skin burns, blackening, and skin cancer. Every year, SCC instances are anticipated to affect 1.8 million people in the US. According to market dynamics, consumers' increasing awareness of the newest solutions available on the market that address particular skin concerns is helping to boost sales of skin care products.
Social media websites like YouTube and Instagram are hugely popular today and are recognized as major influences. ly, there will be 4.48 billion users of social media in 2021, up from 3.69 billion in 2020, a growth of 13.13 percent annually. These sites let customers learn about the many CBD skincare products available. Therefore, such expansion of social media has enhanced the market CAGR across the globe in recent years.
Figure 1: growth of social media users from 2017-2027 in billion
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
A growing understanding of the advantages of natural and organic ingredients is causing a substantial shift in consumer preference for clean-label personal care products. Consumers are increasingly opting for greener products because hazardous substances are included in synthetic personal care products. As per the market forecast, natural and organic skin care products were projected to have a market value for CBD skincare products of over 9.9 billion dollars in 2021 and around 20.4 billion dollars in 2030. Such a factor drives the growth of the CBD skincare product market revenue.
According to the market report, people are learning more about the advantages of CBD skincare products, such as putting it in their daily coffee, using it on their skin to relieve pain, taking it internally to reduce anxiety, and using it during sex, as literacy and social media usage have increased. Since they contain natural components, 20% of consumers will favor creams created with cannabis seed extract in December 2020, including moisturizers, BB cream, and others, according to a National Center for Biotechnology Information article. demand for higher-quality goods, such as natural and organic personal care products, is rising, expanding the market size.
The market segmentation, based on product type, includes lotions & creams, masks & serums, baths & soaps, oils and others. The oils segment led the CBD skincare product market revenue due to the great efficacy of CBD derived from hemp for treating various skin diseases, including dryness, aging, and acne. The use of hemp products for a wide range of applications has increased due to a rising number of technological innovations to lower manufacturing costs and waste and increase industrialization. During the projection period, the sector for masks and serums is expected to grow the fastest. With the rising demand for face mask sheets and serums that easily absorb into the skin and have a deep penetrating effect, these products are anticipated to positively impact the market growth.
The market data has been bifurcated by type into hemp and marijuana. The hemp-based products category held the greatest share in the CBD skincare product industry due to its high fatty acid content, which helps rejuvenate wrinkled skin, offers moisture-free radical protection, and encourages good cell function. By calming and reviving dry, damaged skin, hemp-infused cosmetics also aid in easing discomfort.
November 2022: Lotus debuted a new product line, 'Hemp Youth Glow,' focusing on organic cold-pressed hemp seed oil. Furthermore, they aid in regulating aging issues, which is likely to drive the use of this source in the coming years. This creation has further broadened the growth opportunity for the CBD skincare product industry.
Figure 2: CBD Skincare Products Market, by Source, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The second fastest-growing segment in the CBD skincare products industry is marijuana. Products made from marijuana are anticipated to experience rapid growth shortly. Skin care products developed from marijuana are advantageous in reducing sebum production, cellular inflammation, redness, and itching, thus driving the growth of the CBD skincare product industry.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. According to market statistics, the North American CBD skincare product market accounted for USD 2,257.7 million in 2021 and is expected to exhibit a major CAGR of 43.10% growth during the study period. The presence of a huge client base, as well as the legalization of cannabis in the United States and Canada, are projected to keep demand for CBD skincare products in North America strong. According to an Esquire article, by July 2021, about 33 states in the US and the District of Columbia will have legalized cannabis, making the United States the world's largest market. As a result, legalization and the presence of major beauty care manufacturers are projected to help the industry's growth in the next years.
Furthermore, the major countries studied in the CBD skincare product market report are The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: CBD Skincare Product Market SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe CBD skincare product market accounts for the second-largest market. Products containing cannabidiol have varying legal standing around the world. Authorities' approval procedures are biased in favor of medical and related purposes, which has restricted recreational use. The Court of Justice of the European Union ruled in November 2020 that CBD is not a narcotic substance, citing the growing market potential. With this decision, CBD products can now be freely sold throughout the European Union. Further, the German CBD skincare product market held the largest market share, and the UK CBD skincare product market was the fastest-growing market in the European region
The Asia-Pacific CBD skincare product market is expected to grow at the fastest CAGR from 2022 to 2030. Leading countries in the beauty sector, like China, India, Japan, and Korea, could offer opportunities for market expansion. According to the World Bank and the International Monetary Fund, China is one of the major manufacturers of cannabis-derived from hemp, and it is expected to dominate the market over the forecast period. Moreover, China's CBD skincare product market had the largest market, and the Indian CBD skincare product market was the fastest-growing market in the Asia-Pacific region
The market for rigid packaging will continue to rise due to major market players spending a lot of money on R&D to diversify their product lines. Market participants engage in various strategic activities to increase their presence in conjunction with key market developments such as new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. According to the market competitive landscape, the players must offer reasonably priced products if they want to expand and survive in a market that is getting increasingly cutthroat.
One of the primary business strategies utilized by the market industry to service clients and expand the market sector is local manufacturing to reduce operational costs. Market major players, including Abbott Laboratories (US), Stryker Corporation (US), Medtronic Inc. (Ireland), and others, are supporting R&D projects to boost market demand.
Avicanna is a Canadian biopharmaceutical company with vertical integration and diversification with a primary focus on the research, development, and commercialization of medicines derived from plants that contain cannabinoids for the worldwide pharmaceutical, medical, and consumer markets. Avicanna is a recognized pioneer in the field of cannabis R&D. For instance, in May 2021, Avicanna announced the introduction of CBD dermo-cosmetic products under the name "Pura Earth." Before being on sale, the product line is reported to have undergone clinical testing and commercialization. As a result, these creative product introductions are increasing the demand for CBD-based skincare products worldwide.
Also, Sephora is an international retailer of personal care and cosmetic items based in France. Sephora sells various beauty products, including cosmetics, skincare, body care, fragrance, nail color, beauty tools, body lotions, and haircare, under the over 340 brands it carries, in addition to its private label, Sephora Collection. For instance, in February 2020, Sephora created a specific department dedicated only to CBD skin care items in its stores. Also, Ulta Beauty, renowned for its extensive network of cosmetics and skincare stores, plans to designate a separate section for such goods in the upcoming years.
Key Companies in the CBD skincare product market include
CBD Skincare Products Industry Developments
April 2022: Icanic Brands Company, Inc., a multi-state brand operator of premium cannabis brands in California, announced the acquisition of all of the common stock (the "Leef Shares") of LEEF Holdings, Inc. ("LEEF"), a California-based extractions company, under the terms of a merger agreement (the "Merger Agreement") between the Company and its wholly-owned subsidiary.
July 2021: Bombay Hemp Company, an Indian company specializing in hemp and CBD health and wellness products, has expanded its skin care product line as consumer interest in hemp oils and CBD beauty products grows. To address diverse skin concerns, the product line comprises facial creams, balms, and lotions.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 5791.66 million |
| Market Size 2024 | USD 6069.45 million |
| Market Size 2032 | USD 8755.64 million |
| Compound Annual Growth Rate (CAGR) | 4.69% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type and Source |
| Geographies Covered | Europe, North America, Asia-Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Sativa, Apothecana, Lord Jones, and Cannuka LLC |
| Key Market Opportunities | Growth in revenue through online sales channels |
| Key Market Dynamics | Increase preference towards sustainable skin care products The incredible skin healing potential |
CBD Skincare Products Market Highlights:
Frequently Asked Questions (FAQ) :
In 2023, the CBD skincare product market was projected to reach USD 5791.67 million.
The CBD skincare product market is projected to register a CAGR of 4.69% during the forecast period 2024-2032.
North America had the largest share of the market for CBD skincare products.
The key players in the market for CBD skincare products are Sativa, Apothecana, Lord Jones, and Cannuka LLC
The oil category dominated the market for CBD skincare products in 2023.
Hemp had the largest share of the CBD skincare product market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
