DUBLIN, Oct. 24, 2023 /PRNewswire/ — The “CBD Skin Care Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global CBD skin care market, which reached a size of US$1.3 billion in 2022, is poised for substantial growth in the coming years, with an anticipated market size of US$4.3 billion by 2028. This growth corresponds to a remarkable compound annual growth rate (CAGR) of 21% during the forecast period from 2023 to 2028.
Market Overview:
Cannabidiol (CBD), a natural compound derived from Cannabis sativa plants, including marijuana and hemp, is increasingly being used in skincare and personal care products. CBD is typically extracted in powder form and is often mixed with oils such as coconut, olive, or hemp oil to enhance its effectiveness.
CBD-infused skincare and personal care products offer various benefits, including skin-soothing, relaxation, anti-anxiety, pain relief, anti-inflammatory properties, hydration, and antioxidant effects. These properties make CBD products valuable for treating dry skin and various inflammatory skin conditions, as well as for improving sleep patterns and managing skin disorders like psoriasis, eczema, and acne.
Market Trends and Drivers:
Several factors are contributing to the growth of the CBD skin care market:
Increasing Awareness: Growing awareness of the benefits of CBD skin care products is driving market growth. Consumers with dermatological issues, such as sensitivity, inflammation, acne, and dryness, are turning to CBD products for relief.
Anti-Inflammatory Properties: CBD’s strong anti-inflammatory properties are effective in reducing the duration of breakouts and eczema flare-ups, promoting natural skin healing.
Cannabis Legalization: The legalization of cannabis for both medical and recreational use is fostering market growth, as it removes regulatory barriers.
Sustainability: There is a growing focus on minimizing production costs and adopting sustainable methods for CBD skin care product development to ensure resource efficiency.
Endocannabinoid System Support: CBD products are recognized for helping the skin’s endocannabinoid system balance functions such as oil production and melanocyte production.
Consumer Spending: Increasing consumer spending capacity and government funding for the expansion of CBD skincare further support market growth.
Market Segmentation:
The CBD skin care market is segmented based on product type, source, price range, and distribution channel:
By Product Type:
Oils
Lotions and Creams
Masks and Serums
Bath and Soaps
Others
By Source:
Hemp
Marijuana
By Price Range:
Economic
Premium
By Distribution Channel:
Hypermarkets and Supermarkets
Departmental Stores
Online Stores
Retail Pharmacies
Others
By Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
Key players in the CBD skin care market include Aurora Cannabis Inc., Cannuka LLC, Canopy Growth Corporation, Curaleaf Holdings Inc., Dixie Brands Inc., Earthly Body, Elixinol Wellness Limited, High Tide Inc., Kapu Maku LLC (Populum), Kiehl’s LLC (L’Oreal S.A.), Lord Jones, Medical Marijuana Inc., and Myaderm.
For more information about this report visit https://www.researchandmarkets.com/r/am6ge9
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SOURCE Research and Markets