Dublin, March 15, 2023 (GLOBE NEWSWIRE) -- The "CBD Skincare Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The CBD Skincare market was valued at US$1.346 billion in 2020.
Companies Mentioned
- Cronos Group Inc.
- lixinol Global Ltd.
- Endoca BV
- Isodiol International Inc.
- Josie Maran Cosmetics LLC
- Kiehl's
- The CBD Skincare Co
- Cannuka, LLC
- Ignite
- OVATION SCIENCE INC.
- Jane Street, LLC
Cannabidiol (CBD) is a naturally occurring chemical compound that is found in cannabis plants- hemp and marijuana. It is one of the two prime active ingredients of cannabis, the other one being THC (tetrahydrocannabinol). CBD has several antioxidant and anti-inflammatory properties that are beneficial in treating skin concerns such as dryness, inflammation, and free radical damage. It is also effective in fighting acne by reducing the production of sebum in the skin, as well as eczema and psoriasis.
Increasing disposable incomes and living standards have increased the focus of people on personal well-being, which also includes skincare regimes. People, especially youth people, are increasingly demanding new skincare products with innovative and natural ingredients. As such, the demand for CBD skincare products is rapidly growing worldwide. Rising awareness about the various benefits of CBD as one of the ingredients in skincare products such as serums and oils is further fueling the market growth of CBD skincare. Small investors are flocking to the CBD skincare market with the emerging popularity of CBD skincare products. Furthermore, market players are continuously engaged in growth strategies while launching new products, thus, positively impacting the market growth of CBD skincare.
The CBD Skincare market has been segmented on the basis of source, product type, distribution channel, and geography. By source, the CBD skincare market has been segmented into cannabis and hemp. On the basis of product type, the segmentation has been done as follows: oils, face creams, serums, and others. The CBD skincare market has also been segmented by distribution channels such as online and offline.
CBD-based skincare oils are gaining popularity
By product type, CBD-based skincare oils account for a considerable market share during the forecast period since they are considered to have both anti-ageing and acne-fighting properties, thus making them popular among women to maintain their skin youthfulness.
The online segment is witnessing a higher CAGR during the forecast period
The online segment is projected to witness a noteworthy CAGR during the forecast period owing to the booming global e-commerce industry. Moreover, the growing international trade of cosmetics and skin care products also offers customers the opportunity to choose from various international brands that are easily available in online stores, thereby driving the market growth of CBD skincare across this segment.
Europe is the major CBD skincare market
Geographically, the global CBD skincare market has been segmented into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. Europe is the major market for CBD skincare as it is legal to be used for various purposes in almost every European country.
The region is also home to some international beauty brands that are investing in R&D and launching new CBD skincare lines. North America also holds a decent market share throughout the forecast period. The presence of major skincare companies in countries like the U.S. and Canada, coupled with rising awareness about the benefits of CBD skincare products, is driving the demand for CBD skincare products in this region.
The legalization of cannabis for recreational or therapeutic use across this region is further supporting the market growth of CBD skincare as it is now even more perceived as linked to the idea of well-being when used in certain products.
For example, the Farm Bill of 2018 removed hemp from the Controlled Substances Act and paved the way for legal cultivation, possession, sale, and distribution of the hemp plant, providing the U.S. with a massive head start in the North American CBD skincare market.
APAC will witness a substantial CAGR during the forecast period since China is one of the major country-level markets for CBD skincare vendors. The country is the leading producer of hemp in the world. The growing sale of skin care products via online channels is further contributing to the growth of the CBD skincare market in this region.
Market Restraints:
Despite possessing multiple positive attributes, CBD isn't without any cons. It is still illegal in several countries, which is the major restraining factor for the market's growth. For example, in Australia, both CBD and THC are entirely banned from cosmetics. Also, these products are quite expensive, which is also hindering the CBD skincare market from reaching its full potential.
Recent Developments:
In April 2022, Evonik, a speciality chemicals firm, and Demetrix, a biotech startup, entered into a multi-year supply arrangement to extend the use of cannabinoid bioactive in personal care and beauty products. Cannabigerol (CBG), the partnership's first product, is expected to hit worldwide markets in 2022.
In August 2021, High Beauty, a cannabis-friendly skincare company, secured a $4.17 million funding round, which was expanded three times to accommodate more investments. The funds were used to expand the company's direct-to-consumer (D2C) offerings and its distribution system on a global scale.
In December 2021, Avicanna Inc., a global biopharmaceutical firm, launched its patented technology and clinically backed CBD derma-cosmetics brand, Pura H&W, through an exclusive partnership with Red White and Bloom. The new skincare product portfolio is comprised of anti-ageing serum, cooling body gel and brightening facial oil, and anti-ageing cream, among a few others. Combined with the goodness of cannabidiol, these products are developed to enhance the user's skin.
March 2020, Ignite International Brands, Ltd. announced its expansion of partnership with UK manufacturer and distributor, Taylor Mammon, to add new CBD products including bath bombs, roll-ons, moisturizers, tattoo creams, body oils, and serums.
January 2020: Saint Jane launched its CBD skincare range in 281 Sephora stores in 22 states across America.
January 2020, Zhenshiming (ZSM), a popular eye care brand in mainland China, launched two new CBD skincare products on Taobao, a Chinese online shopping platform.
COVID-19 Impact
COVID-19 had a significant impact on the CBD global skincare market. The surge in active cases led to the enforcement of nationwide lockdowns across the globe. Consequently, the closure of production facilities and restrictions on international travel affected the exports and imports, disrupting the supply chain. Furthermore, the closure of hundreds of beauty parlours on a large scale also significantly impacted sales.
Segmentation
By Source
- Cannabis
- Hemp
By Product Type
- Oils
- Face creams
- Serums
By Distribution Channel
- Online
- Offline
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- UK
- Germany
- France
- The Netherlands
- Italy
- Ireland
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Asia Pacific
- China
- Japan
- South Korea
- India
- Indonesia
- Australia
For more information about this report visit https://www.researchandmarkets.com/r/40oegp
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