Pune, Oct. 07, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “The CBD Skincare Product Market, which was valued at USD 2,297.8 million in 2023, is projected to reach USD 22,191.0 million by 2032 with a remarkable CAGR of 28.7% over the forecast period from 2024 to 2032.”
Market Overview
The CBD skincare product market is very promising and growing with the fact that people today are desperately looking for natural and organic ingredients in personal care products. Consumers prefer products that offer therapeutic benefits without chemicals that can have adverse impacts. A strong supply chain of cultivation of hemp, extraction, and product formulation takes care of the balance in market dynamics. With technology, they could then produce quality CBD products that not only worked well but were also safe to use. E-commerce strengthened its foothold in the general market and gave customers a choice of opting for a wide variety of products with convenience. Industry reports suggest that CBD skincare products are going to move upward, as growing awareness regarding the anti-inflammatory and antioxidant effects of CBD is entering as one of the largest most sought-after ingredients in modern skincare routines.
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Key Players:
- Cannuka, LLC
- Earthly Body
- Josie Maran
- Kapu Maku LLC. (Populum)
- Kiehl’s
- LEEF
- Lord Jones
- Sephora USA, Inc.
- The CBD Skincare Co
- Kush Creams
- Isodiol International Inc.
- Endoca
- Kapu Maku LLC.
- LEEF organics
- Vertly
- Lily CBD
- Kana Skincare
- L’Oréal SA
- Elixinol
- Green Growth Brands
- Herbivore botanicals
- IldiPekar Skin Care & Spa
- Isodiol International Inc
- Josie Maran Cosmetics
- CBD for Life and Others
CBD Skin Care Product Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 2297.8 Million |
| Market Size by 2032 | USD 22191.0 Million |
| CAGR | CAGR of 28.7% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Oils, Creams & Moisturizers, Masks & Serums, Cleansers, Others) • By Distribution Channel (Department Stores, Hypermarkets/Supermarkets, E-commerce, Retail Pharmacies, Others) • By Source (Hemp, Marijuana) |
| Key Drivers | • Rising Consumer Awareness and Legalization of CBD Fueling Growth in the CBD Skincare Market |
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Segment by Product
In 2023, the oils segment accounted for over 38.8 % of the total market share in the CBD skincare market. Efficiency derived from hemp is an important reason for solving skin problems, such as dryness, aging, or acne. For example, Amway has just unveiled its CBD facial oil in September 2020. The product further enriched the portfolio of the company with more innovative propositions for radiant skin. Advances in manufacturing technology to minimize waste and reduce production costs support growth in the oils segment.
On the contrary, the market for masks and serums is expected to lead with the highest CAGR in the forecast period. The release of nanofiber face masks by Moia Elixirs, in August 2020, marks a new benchmark in product absorption and efficacy. Such advancements along with further R&D investments have placed the segment for tremendous growth during the next few years.
By Distribution Channel:
The segment of department stores had the highest share, above 29.0% in 2023, primarily due to the shift in consumer preference towards increasing brick-and-mortar shopping experiences among consumers. It has been proven that 54% of customers surf through skincare products online to make a pre-shop decision to buy from the store, thereby enhancing customer engagement and decision-making processes. However, e-commerce will witness tremendous exponential growth over the forecast period by continuing the trend of increased preference toward online shopping for personal care products. Such companies as Can Global have had immense success when it comes to getting CBD-hemp skincare brand Fuss Pot on store shelves and online.
By Source:
Hemp-based products topped the market with over 63.5% share in the year 2023 as they contain a load of fatty acids that are wholesome for the skin, according to market reports. The new 'Hemp Youth Glow' range by Lotus was introduced in November 2022 and contains organic cold-pressed hemp seed oil. Simultaneously, cannabis-based products are expected to witness exponential growth, providing specific benefits such as reducing the production of sebum and encouraging the body's healing process on the skin. The Elemental Skincare line of Nature of Things, which was introduced in April 2021, is an example of what such products may well be.
Geographical Analysis
North America:
North America was established as a market leader in the CBD skincare product market in 2023. This has resulted from a sound regulatory environment that allows for the development of products based on CBD. The region is also rife with the growing benefits of CBD and innovation in products that stimulate demand. Companies such as Charlotte's Web and Lord Jones were some of the first to take advantage of this market by offering premium CBD skincare lines targeting health-conscious consumers. Entry by major retailers further enhances accessibility to more products, and hence further propels this market growth trajectory.
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New Launches
- Fuss Pot Launch - Can Global's CBD-hemp skincare brand was launched in April 2024, and this is available in multiple products working on aging and repair requirements.
- Nanofiber Face Mask - Moia Elixirs developed a CBD-infused nanofiber face mask, which had an impressive absorption rate of 97%, in August 2020.
- Hemp Youth Glow Range - Lotus launched the product in November 2022 using organic cold-pressed hemp seed oil for its anti-aging properties.
- CBD Facial Oil - Amway launched CBD facial oil back in September 2020 as a means of adding skincare solutions to its portfolio.
- Elemental Skincare Series - The company, Nature of Things launched the Elemental Skincare Series in April 2021. The face creams contain CBD and can be used for varying skin types.
- CBD Skin Care Partnership - June 2024 - There will be an announcement of the partnership between a popular skincare company and Hemp Farmland, launching a new line of products infused with CBD.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Incidence and Prevalence (2023)
5.2 Prescription Trends, (2023), by Region
5.3 Drug Volume: Production and usage volumes of pharmaceuticals.
5.4 Healthcare Spending: Expenditure data by government, insurers, and out-of-pocket by patients.
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and Supply Chain Strategies
6.4.3 Expansion plans and new Product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. CBD Skincare Product Market Segmentation, by Product
7.1 Chapter Overview
7.2 Oils
7.3 Creams & Moisturizers
7.4 Masks & Serums
7.5 Cleansers
7.6 Others
8. CBD Skincare Product Market Segmentation, by Distribution Channel
8.1 Chapter Overview
8.2 Department Stores
8.3 Hypermarkets/Supermarkets
8.4 E-commerce
8.5 Retail Pharmacies
8.6 Others
9. CBD Skincare Product Market Segmentation, by Source
9.1 Chapter Overview
9.2 Hemp
9.3 Marijuana
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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