Wilmington, Delaware, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "CBD Skin Care Market by Product Type (Oils, Lotion and Mask & Serum), Form (Hemp and Marijuana), and Distribution Channel (Departmental Stores, e-commerce, Hypermarkets/supermarkets, Retail Pharmacies and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the cbd skin care market was valued at $1.5 billion in 2023, and is estimated to reach $8.9 billion by 2033, growing at a CAGR of 19.5% from 2024 to 2033.
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Prime determinants of growth
The CBD skincare market is experiencing significant growth due to several key factors. The rising consumer awareness about the therapeutic benefits of CBD, such as its anti-inflammatory and antioxidant properties, is driving demand. Legalization and regulatory changes in various regions have expanded market accessibility and consumer trust. Additionally, the growing preference for natural, organic, and chemical-free skincare products is boosting the popularity of CBD-infused cosmetics. Continuous innovation and new product launches by major skincare brands are attracting consumers and expanding the market. The influence of social media and celebrity endorsements is further enhancing market growth. Moreover, the increased availability of CBD skincare products through various retail channels, including online stores, specialty beauty shops, and health stores, is facilitating market expansion.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $1.5 Billion |
| Market Size in 2035 | $8.9 Billion |
| CAGR | 19.5% |
| No. of Pages in Report | 255 |
| Segments Covered | Product Type, Form, Distribution Channel, and Region. |
| Drivers |
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| Opportunity |
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| Restraints |
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Segment Highlights
The oil segment to maintain its leadership status during the forecast period
Based on the product type, the oil segment held the highest market share in 2023. The oil segment has a high demand in the CBD skin c. CBD oils are highly versatile and can be used in various skincare routines, offering consumers a wide range of applications. They are known for their high potency and efficacy, providing concentrated benefits such as deep hydration, anti-inflammatory effects, and relief from skin conditions such as acne and eczema. Additionally, CBD oils are easily absorbed into the skin, enhancing their effectiveness and appeal. The trend towards natural and organic products also contributes to the popularity of CBD oils, as they often contain fewer additives and preservatives compared to other forms of skincare products.
The hemp segment to maintain its leadership status during the forecast period
Based on the form, the hemp segment held the highest market share in 2023. Hemp-based CBD products are often perceived as more natural and eco-friendlier, aligning with the growing consumer preference for sustainable and organic skincare solutions. Hemp oil is rich in essential fatty acids, vitamins, and antioxidants, which provide significant moisturizing and anti-inflammatory benefits, making it highly effective for a variety of skin conditions. Additionally, hemp-derived CBD products are often less stigmatized than those derived from marijuana, increasing their acceptance and popularity. The regulatory landscape is also more favorable for hemp, as it contains low levels of THC, making it legal and widely available in many regions.
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The departmental store segment to maintain its leadership status during the forecast period
Based on the distribution channel, the departmental store segment held the highest market share in 2023. The departmental stores provide a premium shopping experience, allowing consumers to explore a wide range of CBD skincare products in a physical setting. This hands-on experience enables customers to see, touch, and even sample products before purchasing, which builds trust and confidence in the quality and efficacy of CBD skincare items. Moreover, departmental stores often carry a curated selection of high-end and reputable brands, which attract discerning customers seeking quality assurance and brand credibility.
Regional Outlook
North America is having high demand in the CBD skin care market. The region's advanced regulatory landscape, particularly in the United States and Canada, has facilitated the legalization and acceptance of hemp-derived CBD products, making them widely accessible to consumers. In addition, there is a strong consumer base in North America with a growing preference for natural and organic skincare solutions. The high levels of consumer awareness and education about the potential therapeutic benefits of CBD, such as its anti-inflammatory and antioxidant properties, drive demand.
Players: -
Kiehl’s LLC,
Cannuka LLC,
Leef Organics,
Medical Marijuana Inc.,
Lord Jones,
Kapu Maku LLC
VERTLYBALM,
Elixinol Global Limited,
Fab CBD Company, and
Endoca LLC
The report provides a detailed analysis of these key players in the CBD skincare market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Developments
- In September 2021, a major new skincare range based on CBD oil was launched at the recent Belleza Y Salud event in Bogota, Colombia, Called Kuida Colombia.
- In April 2020, Kiehl’s launched cannabis Sativa seed oil herbal concentrate for stressed or spot-prone skin.
- In May 2019, Europe’s first luxury CBD e-commerce site launched high-quality cannabis-based beauty and hygiene products in the European market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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