NEWARK, Del, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The global CBD skincare market value is anticipated to jump from US$ 3,327.9 million in 2023 to US$ 32,859.5 million by 2033. The market is expected to be driven by a CAGR of 25.7% over the next decade.
CBD is rising in skincare and wellness as users and manufacturers consider the extract a new miracle ingredient. The ingredient has come a long way from being considered a new-age ingredient to being found under the counter at alternative drug stores. The beauty industry has embraced the ingredient as CBD-infused beauty products are gaining widespread adoption.
Consumers are also displaying high interest in CBD, as it is being searched 4X than THC. These statistics are propelling the trend for CBD in the beauty industry. Since CBD and hemp oil are expanding in popularity as skincare ingredients and in wellness treatments, brands can be seen adopting a nuanced and sophisticated aesthetic to bode well with their intent to capture the luxury market.
Due to the exceptional anti-inflammatory properties of CBD, it has been categorized as a strong antioxidant that helps reduce toxins accumulated on the skin’s surface, particularly due to external factors like urban air or UV rays. Topical skin care products like oils, masks, creams, and lotions directly interact with ECS receptors, help balance issues like acne and eczema, or soothe inflamed skin.
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CBD is expected to become a star ingredient over the coming years in North America. This can be attributed to the legalization of hemp, which is expected to produce a huge incoming of indie brands online. Key players are making strategic moves to capture more share in the luxury market.
“Manufacturers of CBD skin care products are expanding globally with many opportunities in the market. Manufacturers are, however, predicted to take gradual steps toward market expansion to minimize their chances of risks. Additionally, with more ingredient transparency in CBD skin care products, they will be better positioned to attract more consumers and generate higher profits,” says Sneha Verghese, Senior Consumer Goods and Products Consultant at Future Market Insights (FMI).
Key Takeaways from the CBD Skin Care Market Report
- In 2022, the CBD skin care market gained a market value of US$ 2,696 million.
- The United States market for CBD skin care products holds a share of 31.1% in the global market.
- The Canada market holds a 6% share of the global market.
- The United Kingdom accounts for 8.1% of the global market share, as per the latest estimates.
- Spain’s share in the worldwide market is 3.7%.
- The Australia market has a value share of 5.3%.
- The creams and moisturizers segment holds a share of 12.4% of the market by product type.
- The pumps and dispensers segment accounts for a 23.4% market share by packaging type.
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Competition Analysis of the CBD Skin Care Market
Key players are focusing on innovation and development, which is driving the competition in the market. They are adopting several strategic methods such as collaborations, mergers and acquisitions, new product launches, etc. to expand their market reach and gain a competitive edge.
Manufacturers are trying to develop cost-effective CBD skin care products to cater to the needs of price-sensitive consumers.
Key Players in the Market
- 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
- VERTLYBALM
- Others
Key Developments in the CBD Skin Care Market
- Botanika Life launched a natural skin brightener in 2021 that addresses dark spots and alleviates signs of aging. This antioxidant-rich formula unites three-star ingredients, namely CBD, vitamin C, and squalene.
- Khus + Khus launched the Bleu Body Wax in 2021. The product is made of concentrated pomade, which remains solid at room temperature, warms up in hand heat, and liquifies for smooth application.
- In January 2022, Martha officially introduced its first-ever line of CBD skin care products. The brand-new topicals include three creams targeted for different wellness concerns.
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Global CBD Skin Care Market Segmentation by Category
By Product Type:
- Creams
- Moisturizers and Lotions
- Balm
- Lip Balm
- Eye Balm
- Serums
- Face & Body Cleansers
- Sunscreens
- Soaps
- CBD Oils
- Others
By Price Range:
- Economic
- Premium
By Packaging Type:
- Pumps and Dispensers
- Tubes
- Jar/ Bottles
- Sticks
- Others
By Source Type:
- Natural & Organic
- Marijuana Derived CBD
- Hemp-Derived CBD
- Synthetic
By Sales Channel:
- Hypermarkets/Supermarkets
- Speciality Stores/ Multi brand stores
- Drug/ Pharmaceuticals Stores
- Online Retail
- Department Stores
- Convenience Stores
- Wholesalers & Distributors
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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