NEWARK, Del, Nov. 16, 2022 (GLOBE NEWSWIRE) -- The global CBD skincare market is predicted to reach a value of US$ 10376.4 Mn by 2028, with sales growing at a astonishing CAGR of 28.0% from 2022 to 2028. In 2022, the target market will likely reach US$ 2359.5 Mn. Owing to the product’s ability to treat different skin conditions the market for CBD skincare is expected to experience bright prospects during the forecast period.
The rising popularity of CBD skincare products is due to the fact that there’s been a surge in the awareness about the advantages of CBD skin care products. Increasingly adopted by the personal care industry. CBD is utilized for the management of skin care conditions like dry skin, eczema, psoriasis and acne. This function serves as a major growth driver for the global CBD skincare market.
Moreover, an upsurge in the number of working individuals in different countries, worldwide, has led to a growth in the spending capacity of consumers. In addition to this, the awareness about various products and their availability in the market, which is expected to boost the global sales of the target market during the forecast period.
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“Rising spending on skincare coupled with a growing preference for herbal products will likely supplement the global growth of the CBD skincare market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Changing consumer preferences regarding health and beauty will strengthen market prospects.
- North America will continue to remain a strong market for the CBD skincare products.
- Presence of key manufacturers in the United States propel the growth of the target market during the forecast period.
- Heightened demand for green herbal products will propel the market in China.
- By product type, CBD oil is expected to dominate the global market space.
- On the basis of source type, the natural and organic segment will gain traction in the market.
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Competitive Landscape
Cannuka, LLC, CBD For Life, Earthly Body, Elixinol Global Limited, Endoca Company, Green Growth Brands, Herbivorebotanicals, IldiPekar Skin Care & Spa, Isodiol International Inc, Josie Maran Cosmetics, Kana Skincare, Kapu Maku LLC (POPULUM), Kiehl's LLC, Kush Creams, Leef Organics, Leela Body Care Company, Lord Jones, Medical Marijuana Inc, Myaderm, Peter Thomas Roth, TESCosmetics, The CBD Skincare Company, and VERTLYBALM among others are some of the major players in the CBD skincare market profiled in the full version of the report.
Key market participants are focusing on expanding their customer reach by introducing CBD products in their existing product lines. These firms are keen on increasing their product portfolio, advancing their distribution channels and competitive pricing to strengthen their market position.
More Insights into CBD Skincare Market Report
In its latest report, FMI offers an unbiased analysis of the global CBD skincare market, providing historical data from 2013 to 2021 and forecast statistics for 2022 to 2028.
To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (creams, moisturizers, lotions, balm (lip balm, eye balm), serums, face & body cleansers, sunscreens, soaps, CBD oils, others), price range (economic, premium), packaging type (), source type (natural & organic (marijuana derived CBD, hemp-derived CBD), synthetic), sales channel (hypermarkets/ supermarkets, specialty stores/ multi-brand stores, drug/ pharmaceutical store, online retail, department stores, convenience stores, wholesalers and distributer), and region.
According to the latest FMI reports, based on segmentation, the online sales channel is expected to make significant contributions to the overall market growth. Owing to the deep reach and tremendous potential of e-commerce, this segment is expected to record high CAGR during 2022-2028. In terms of source type, the organic and natural segment will gain popularity while the CBD oil product type will lead the market during the projected period.
Based on region, the CBD skincare market in North America will continue to be one of the important markets for CBD skincare products. This region will be primarily driven by the U.S’s CBD skincare market. This is because of the strong presence of major market participants as well as due to the popularity of hemp-derived CBD products. Apart form the U.S., China and Germany will also demonstrate considerable growth in the CBD skincare market during the forecast period.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Product Evolution Analysis
1.5. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends In the Market
3.1.1. Dispensaries are expected to highly benefit from the versatility of CBD products
3.1.2. Demand for green cosmetic products due to rise in awareness among customers
3.1.3. Skincare is booming with new brands
3.1.4. CBD + Fresh Botanical Extracts- Feel-good ingredients it’s been craving
3.1.5. Premium skin care companies are increasingly focused on scientifically proven efficacy and cosmeceuticals
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Source: https://www.accesswire.com/600580/CBD-Skincare-Market-to-Rise-at-26-CAGR-Between-2020-and-2030-Sales-are-Moderately-Impacted-as-Consumers-Focus-on-Essentials-During-Covid-19--Future-Market-Insights
