Portland, OR, Feb. 13, 2020 (GLOBE NEWSWIRE) -- As per the report, the global CBD skin care market has garnered $736.6 million in 2019 and is anticipated to hit $3.48 billion by 2026, registering a CAGR of 24.80% from 2019 to 2026. The report provides an extensive analysis of drivers & opportunities, changing market trends, competitive landscape, key segments, and market size & estimations.
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.
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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.
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Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America region held the major share in 2019, generating nearly two-fifths of the global CBD skin care market. At the same time, the region across Asia-Pacific would register the fastest CAGR of 26.7% during the estimated period.
Leading market players analyzed in the research include Medical Marijuana Inc., Kiehl’s LLC, Lord Jones, Cannuka LLC, Leef Organics, Kapu Maku LLC, Fab CBD Company, Endoca LLC, VERTLYBALM, Elixinol Global Limited.
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