CBD Skincare Products Market Forecast
The Global CBD Skincare Products Market Size is projected to be valued at USD 3.2 Billion by 2025 at a CAGR of 29.1% between 2019 and 2025. The demand for CBD skincare products is increasing with the legalization of cannabis. Consumers across the globe are inclined toward personal care products with natural ingredients to avoid the side effects caused by synthetic ingredients. Around 48% of consumers globally are willing to pay a premium for products with organic and natural ingredients. Increasing awareness of the skin benefiting properties of cannabis is driving the growth of the global CBD skincare products market. The existing players in this market are focusing on product innovation and development. The manufacturers are also adopting strategies for introducing products with various labels such as organic and cruelty-free.
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Increasing popularity of natural skin care products
Growth Opportunities in the Market
- Widespread use of moisturizers and creams: The moisturizers and creams segment dominated the global CBD skincare products market in 2018 and is expected to remain dominant during the forecast period. Moisturizers and creams are used by men and women daily to hydrate the skin. The rising prevalence of skin problems such as acne, wrinkles, and dark circles has influenced manufacturers to offer CBD-infused creams to treat skin issues.
- Organic CBD skincare products: Consumers across the globe are adopting organic personal care products. The organic skin care products market accounted for approximately USD 4.5 billion in 2018. High instances of skin sensitivity and increasing awareness of the harmful effects of chemicals on the skin are leading to an increase in the demand for organic skincare products. This is projected to drive the growth of the organic CBD Skincare Products Market during the forecast period.
- Specialty stores a popular channel for CBD skincare product sales: Specialty stores are the preferred choice for consumers buying CBD skincare products. Retailers specializing in the distribution of personal care products are increasing the shelf space for CBD skincare products. In the US, pharmacies have started stocking CBD skincare products as well. However, e-commerce portals are gaining popularity among consumers due to the ease of home shopping and availability of choices, which is expected to result in the non-store-based segment registering the higher CAGR in the coming years.
Leading Key Players
- L’Oréal S.A. (France)
- Cannuka, LLC (US)
- Elixinol Global Limited (Australia)
- Medical Marijuana Inc. (US)
- Endoca BV (Netherlands)
- Redwood Wellness, LLC (US)
- Leef Organics (US)
- Green Growth Brands (US)
- The CBD Skincare Company (US)
- Kana Skincare (US)
- Vertly Hemp (US)
- Myaderm (US)
- Marijuana Company of America, Inc. (US)
- CBD For Life LLC (US)
- Estée Lauder Companies (US)
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North America: North America accounted for nearly 35% of the global CBD skincare products market in 2018. It is projected to continue to dominate the market during the forecast period with the legalization of cannabis in Canada and major parts of the US. The flow of new entrants in the CBD market has rapidly increased in the US since 2018 which has led to the growth of the regional market.
- US: The US is the largest country-level market contributing significantly to the growth of the North American CBD skincare products. Retail giants such as Neiman Marcus, Sephora, Vitamin Shoppe, Kroger’s, Barneys, CVS, and Walgreen’s entered the CBD skincare market after the legalization of cannabis under the US Farm Bill in 2018. This has influenced the key players to increase their production capacity and work on innovative launches of CBD skincare products.
Europe: The increasing demand for natural and organic ingredients in the personal care industry is expected to drive the growth of the CBD skincare products market in Europe during the forecast period. The market in this region is expected to register a steady CAGR with the growth of the CBD market. Currently, the CBD market in Europe is valued at approximately USD 589 million.
- Germany: The country accounted for a dominant share of the market in Europe due to the presence of major skincare product manufacturers and increased consumer spending on beauty products. In Germany, total consumer spending on beauty products was approximately USD 14.3 billion in 2018.
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