Based on our analysis, the global cannabis infused beauty products market in 2019 has exceeded USD 6.5 billion and is expected to reach close to USD 20.5 billion by 2026. The anticipated CAGR for the global cannabis infused beauty products market is around 17% from 2020 to 2026.
Cannabis infused beauty products are generally skin care & hair care products containing cannabinoids, especially CBD (cannabidiol), as a key ingredient. Based on the market statistics and analytical research, the global cannabis infused beauty products market is expected to boom in the coming few years. Recent clinical trials and R&D activities have concluded that cannabis has a wide range of health benefits due to which the demand for such products is increasing rapidly, which in turn propels the global cannabis infused beauty products market.
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Industry Major Market Players
- Ulta Beauty
- Lord Jones LLC
- Estee Lauder
- Whoopi & Maya
- e.l.f Beauty
- High Beauty
- Milk Makeup
- Herb Essntls
- Papa & Barkley
- Talyoni Labs
- Nature Plus
Increased health benefits of cannabinoids upsurge the demand for cannabis infused beauty products
The infusion of cannabinoids in beauty products enhances the effectiveness of the products. As per the research, CBD infused oil is effective in treating acne. CBD infused anti-wrinkle products deliver positive outcomes after over a month of applying the product. CBD has an unusual characteristic of controlling oil production and inflammation, the two leading causes for acne development. CBD infused skin care products help in treating dry skin, eczema, psoriasis, and act as painkillers owing to the CBD’s analgesic and anti-inflammatory properties. CBD infused lip balms are supposed to hydrate the lips without making them gloppy. Cannabis oil soothes and calms chronic pain within a short duration. Owing to the rising awareness of the medical benefits of cannabis and increasing positive responses from customers, the demand for global cannabis infused beauty products is propelling rapidly. Besides raising awareness, the increase in the number of countries legalizing cannabis & cannabis infused products for medical purposes in their respective states is also a key factor driving the global cannabis infused beauty products market.
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Easy access to raw materials and reasonable labor charges are the key opportunities for the market players
Foreign investors are planning to invest in bulk in the swiftly emerging cannabis infused beauty products market. For instance, climatic conditions in some areas in Latin America are ideal for the cultivation of cannabis. Moreover, the production and labor cost along with the value of land for marijuana cultivation is reasonable. Therefore, investors are showing more interest in cosmetics companies. The global market is likely to improve the economic state of the farmers with the growing demand for cannabis plants as a raw material.
In August 2019, the renowned American chain of beauty stores, Ulta Beauty, expanded its CBD assortment by signing a contract with Sagely Naturals. The beauty store chain has collaborated with several distribution networks.
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The global cannabis infused beauty products market is segmented as:
Global Cannabis Infused Beauty Products Market: By Product
- Hair Care
- Skin Care
Global Cannabis Infused Beauty Products Market: By Form
Global Cannabis Infused Beauty Products Market: By Distribution Channel
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Key Insights from Primary Research
- The global cannabis infused beauty products market is likely to surge substantially at a CAGR of around 17%.
- Data attained from our primary research suggested that the global cannabis infused beauty products market will exceed the valuation of USD 6.5 billion in 2019.
- The “skincare” category captured around half of the global cannabis infused beauty products market share in 2019 in terms of revenue. Moreover, the category is anticipated to grow at the fastest rate during the forecast period.
- The “oil” category under form segmentation attained around one-third of the global market share in 2019 and is projected to grow relatively fast during the anticipated timeframe.
- North America held over half of the global share of the global cannabis infused beauty products market in 2019. The region revenue is likely to surge at a considerable rate from 2020 to 2026.
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