CBD Skin Care Market

Market Overview

The global cbd skin care market was valued at USD 526.09 million in 2021 and is predicted to reach at USD 6466.43 million by 2030, increasing at a CAGR of 32.15% from 2022 to 2030.

 Marijuana or hemp plants contain cannabidiol (CBD), a non-intoxicating chemical derived from the plant's resin. There are many ways to incorporate cannabinoid (CBD) into your diet, but the most commonly used method is by mixing it with a variety of oils. There are a variety of health benefits to using CBD oil-based products, including anti-inflammatory, antioxidant, and skin soothing effects. Because of these amazing characteristics, CBD oil is now a prominent ingredient in skin care and personal care products.

CBD-infused skin care products have risen to prominence in the wake of the legalisation of marijuana and cosmetics containing cannabis. CBD-infused skin care products are becoming increasingly popular because of their relaxing qualities. In terms of skin care, its anti-inflammatory and anti-oxidant characteristics make it a promising candidate. There are numerous more advantages to using CBD-based skincare products, including better sleep and the ability to treat various skin disorders including eczema and psoriasis, as well as acne. Cosmetic companies have made the most of the special advantages that CBD-based skin care provides. As "natural cosmetics," these businesses are advertising CBD-infused skin care products. CBD skin care products are projected to grow in popularity because of its multifunctional properties.

Market Dynamics

Global CBD Skin Care Market Drivers

• Consumers Are Becoming More Aware of The Benefits of Cannabis-Derived Skin Care Products

Countries around the world have seen a rise in the working population that has led to an increase in buying power and awareness about the variety of items on the market, leading to an increase in sales of quality products. These factors have led to greater worldwide demand for natural and organic personal care items that meet higher standards of quality.

With the rise of literacy and social media, people are becoming more familiar with the benefits of CBD skin care products, such as CBD oil in their morning cup of joe and applying it to their skin to alleviate pain, ingesting it to alleviate anxiety, and using it in their sex life.

Hemp seed face oils and CBD body lotions, for example, have just been introduced by Sephora, a French international retailer of beauty and personal care items. Lord Jones High CBD Formula Body Lotion is the only one with significant levels of CBD; the others do not contain any at all.

• Skin Diseases on The Rise, And the Effects of Social-Media

Consumers are turning to CBD-infused cosmetics and skincare products because of the alarming rise in pollution and the intense UV radiation that can cause skin burns and blackening, as well as skin cancer. Sales of skin care products are aided by consumers' growing familiarity with the newest products on the market that address specific skin problems. It's becoming more and more common for companies to work with celebrities to promote their products and spend a lot of money on advertising.

In today's society, social media platforms like YouTube and Instagram are extremely popular, and they are regarded as key influences. There are a variety of CBD skin care products on the market, and these platforms assist consumers learn about them. Simply put, the worldwide market should benefit in the years to come from rising customer awareness of the benefits and availability of the latest products.

Global CBD Skin Care Market Restraints

• Growth In the Market Is Stifled by Regulations, Standards, And Norms

Government regulation of a wide range of industrial applications that are relevant to industrial activities would reduce the market's growth rate even further. A lack of standardization rules, a lack of understanding in backward economies about the benefits and high costs of cannabis products, and a shift in the demand-supply spectrum owing to regulatory strengthening in the Asia-Pacific region will exacerbate the market position. As a result, the cannabidiol (CBD) skin care market is expected to be challenged by these issues in the projected future.

In addition, fluctuations or volatility in the cost of raw materials has a negative impact on the market's overall growth. In addition, the expansion of the CBD skin care business is impeded by the variable supply of raw ingredients in one region. Skin swelling, itching, and peeling are also possible side effects of using CBD skin care products. This is just going to stifle market growth much further.

Global CBD Skin Care Market: Key Future Opportunities

• Technological Advancements and Corporate Consolidations Opening Up New Opportunities

Innovative extracts and combinations of CBD have propelled the CBD skin care business to new heights thanks to recent scientific advancements. Multinational corporations have introduced CBD-infused products to the market, and these items are conquering new markets and opening up new revenue streams for the companies that make them. By the year 2020, Avon wants to launch a new line of vegan skin care products that will include CBD oil as an ingredient. There is a wide range of approaches to components in the cannabis beauty business as it grows. These elements contribute to the market's expansion.

There is also a growing number of technological developments that are driven by a desire to reduce manufacturing costs, as well as efforts to guarantee that resources are used wisely in order to promote sustainable growth in the predicted period of 2022 to 2030.

Segmental Analysis

The Global CBD Skin Care Market is divided into different segments according to the Source, Type, and Region (Geography).

By Source, the Global CBD Skin Care Market is segmented into Hemp and Marijuana. Due to the high concentration of fatty acids found in the product, skin care products derived from hemp maintained the biggest market share in 2021, accounting for about 60 percent of the total. Products for the skin that contain hemp extract can help alleviate discomfort by hydrating parched and irritated skin and restoring its natural elasticity. They also help in regulating difficulties associated with becoming older, which is likely what will drive the application of this source.

The moisturizing properties that hempseed oil provides for the skin cannot be compared to anything else. The Body Shop was one of the first big players in the cosmetics industry to understand this, and as a result, it was one of the first to introduce its hemp product range to the market. Hempseed oil, according to the database of cosmetic ingredients maintained by the EU, can also function as a surfactant, a cleanser, an emollient, and an agent that conditions the skin. The molecules that make up hemp are extremely small, which further contributes to the plant's ability to effectively permeate the skin and deliver beneficial benefits. Because of these qualities, it is anticipated that there will be a rise in the number of skin care products that contain hemp, which will, in turn, contribute to the expansion of the global market over the next few years.

By Type, the Global CBD Skin Care Market is segmented into Oils, Creams & Moisturizers, Masks & Serums, Cleansers, and Others. In 2021, the market was led by skin care oils containing CBD, which represented for roughly 42 percent of the total market share. The market for personal care products is seeing an uptick in demand for certain product categories, which are becoming more and more popular. Because of its anti-inflammatory characteristics, it is exceptionally useful for treating skin disorders such as acne, ageing, and wrinkle formation. Additionally, CBD oil possesses antioxidant properties, which aid in the reduction of the outward manifestations of ageing.

Over the course of the projected period, it is anticipated that the market for serums and masks will increase at a CAGR of 33.21 percent. It is anticipated that these CBD-infused masks and serums will garner a large portion of the market worldwide. This situation can be explained by the rising demand for facial mask sheets and serums that are simple to apply and can reach deeper layers of the skin.

By Region, the Global CBD Skin Care Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market share represented by North America in 2021 was greater than 45 percent, and it is anticipated that this region would experience the most growth over the course of the forecast period. Due to the presence of a big consumer base and the legalization of marijuana in the United States and Canada, it is anticipated that the demand for CBD skin care products originating from North America will continue to be high.

It is anticipated that the Asia Pacific region would experience tremendous expansion in the years to come. It is projected that leading countries in terms of beauty expertise, such as China, India, Japan, and Korea, will present prospective chances for the expansion of the industry. In spite of the fact that cannabis is against the law in most of Asia, Asian beauty trends such as J-beauty and K-beauty are currently dominating the market for skincare products globally. As a result, it is anticipated that Asian countries will experience significant expansion in this market.

Regional Analysis

The Global CBD Skin Care Market is segmented by geography into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America, which had a market share of over 45 percent in 2021, is anticipated to increase at the fastest rate during the projected period. Due to a sizable client base and the legalization of marijuana in the U.S. and Canada, demand for CBD skin care products from North America is predicted to remain high. The United States currently has the largest cannabis market in the world thanks to the legalization of the drug in around 33 states and the District of Columbia. Over the next years, market growth is anticipated to be aided by the legalization of cannabis and the existence of well-known manufacturers of beauty products.

The advantages of CBD-infused skin care products are probably what will drive consumer demand in the US. Marijuana is prohibited under the FDA Regulation of Cannabidiol (CBD) Products, while industrial hemp and cannabis are not. As a result, it is legal to manufacture and supply CBD derivatives. As a result, CBD derivatives may have use in skin care products such lotions, serums, ointments, and others.

In the upcoming years, the Asia Pacific is anticipated to experience tremendous expansion. Leading nations in the beauty industry including China, India, Japan, and Korea are predicted to present prospects for market expansion. The global skincare business is led by Asian beauty movements like J-beauty and K-beauty, despite the fact that cannabis is mainly prohibited throughout Asia. As a result, this market is predicted to rise quickly in Asian nations.

China is one of the top producers of cannabis produced from hemp, and it is anticipated that it will control the world market throughout the forecast period, according to the World Bank and the International Monetary Fund. China allows for the cultivation and sale of CBD products with a maximum THC content of 0.3 percent that are obtained from cannabis Sativa fruit, seed oil, and leaf extract. Its use in high-end skincare and luxury cosmetic products has been motivated by this advantageous scenario.

Additionally, it is anticipated that normalized restrictions regarding the import of CBD cosmetic items would boost sales in the upcoming years. Consumers in China are increasingly incorporating CBD products into their normal skincare regimens as a result of their knowledge of the medicinal advantages of the substance, including decreased skin irritation, redness, and puffiness. These elements are anticipated to increase the demand for CBD skincare products in China.

Due to shifting rules and regulations, the market for CBD skin care products in India is expanding steadily. The Narcotic Drugs and Psychotropic Substances Act of 1985 states that although it is illegal to produce cannabis in the nation, state governments may nonetheless provide licenses to grow it for commercial or scientific purposes.

Recent Developments

January 2022 - Icanic Brands Company, Inc., an operator of premium cannabis brands in several states with operations in California and Nevada, announced that it has reached a binding agreement with LEEF Holdings, Inc. ("LEEF"), a California-based extractions business.

August 2021 - The most prominent organic CBD company, Endoca, has revealed that it will be the title sponsor of an event taking place in Times Square on National CBD Day. The event will be produced by Sublime Communications and powered by Five Tier, Inc.

CBD Skin Care Market Segmentation

By Source

• Hemp
• Marijuana

By Type

• Oils
• Creams & Moisturizers
• Masks & Serums
• Cleansers
• Others

By Region

• North America
• Europe
• Asia Pacific (APAC)
• Latin America
• Middle East and Africa (MEA)