The global CBD skincare products market size is poised to expand at a substantial CAGR over the study period.
The rising prevalence of skin issues is boosting consumer demand for CBD-based skincare products known for treating conditions such as rashes and itching. Additionally, the increasing awareness of the efficacy of CBD-infused sunscreen lotions and gels is expected to drive significant growth in the CBD skincare products market.
Fortune Business Insights™ provides this information in its research report, titled “CBD Skincare Products Market, 2024-2032”.
COVID-19 Impact:
Disrupted Supply Chain and Warehouse OperationsHindered Market Growth
The imposition of social distancing norms and lockdown restrictions globally, triggered by the unprecedented spread of the coronavirus, created significant challenges for manufacturers of CBD-based skincare products. This hampered their ability to effectively manage warehouse and supply chain operations.
Segmentation:
In terms of product type, the market for CBD skincare products is divided into bar soaps, face masks, serums, oils, creams and moisturizers, and others. CBD oils dominate the global market due to their anti-inflammatory and anti-aging qualities, making them highly effective in treating skin conditions such as acne, psoriasis, and eczema.
On the basis of source, the market is fragmented into cannabis and hemp. The hemp segment is touted to hold a major CBD skincare products market share, This is driven by the extensive use of hemp-based cosmetics that offer prolonged skin hydration. Cold-pressed seed oil from hemp is particularly beneficial, contributing to its significant product revenues.
In terms of geography, the market CBD skincare products is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints:
Strategic Marketing Initiatives and E-commerce Launchesto Propel Industry Growth
Increasing awareness of plant-based solutions for health issues is boosting the consumption of CBD-infused skincare products worldwide, particularly as individuals seek remedies for skin aging and acne resulting from extensive exposure to air pollution. Moreover, the adoption of multichannel marketing strategies, exemplified by cbdMD Inc.’s launch of an e-commerce platform for cbdMD Botanicals in December 2021, enables manufacturers to reach a broader audience, driving the surge in consumer demand for these products globally. All such factors are likely to boost CBD skincare products market growth.
Regional Insights:
North America to Dominate Due to Innovative Cosmetic Brands and Market Expansion
The North American region is poised for significant growth in the CBD skincare products market due to continuous efforts by companies to innovate new cosmetic brands, exemplified by Flora Growth Corp.’s launch of ‘Munzhi’ in Canada in October 2021, contributing to the region’s future development. Moreover, increasing adoption of sustainable lifestyles and a preference for plant-based skincare products among Americans will drive consumer demand for hemp plant-sourced, supporting the robust growth of the region.
Report Coverage:
Conducting an in-depth analysis, the market report explores pivotal trends shaping the global business landscape. By delving into factors poised to drive market growth, the report provides valuable insights into dynamic trends and influential factors, offering a comprehensive overview of the current global market scenario.
Competitive Landscape:
Key Firms are Collaborating to Gain Competitive Edge
The market is characterized by a mix of established players and newcomers, each striving to capitalize on the growing consumer interest in natural and wellness-focused skincare solutions. Collaboration with reputable suppliers, formulation expertise, and consumer education are key strategies employed by brands to gain a competitive edge in this evolving market segment.
Key Industry Development:
June 2020- American cosmetics brand e.l.f Cosmetics ventured into the CBD market, introducing a dedicated line of hemp-infused skincare products. The product range encompasses face and body care items, featuring moisturizers, lip oil, and body cream.
List of Key Players Mentioned in the Report:
- L’Oréal S.A (France)
- Cannuka L.L.C. (U.S.)
- Medical Marijuana Inc. (U.S.)
- Endoca BV (Netherlands)
- the CBD Skincare Company (U.S.)
- Marijuana Company of America Inc. (U.S.)
- Redwood Wellness L.L.C. (U.S.)
- LEEF Organics (U.S.)
- Elixinol Wellness Limited (Australia)
Browse Detailed Research Report Summary:
https://www.fortunebusinessinsights.com/cbd-skincare-products-market-107940
