A new report has found that the market for CBD skin care products is currently valued at $964 million, which is expected to grow at a rapid pace to reach $8.62 billion by 2030.
The global CBD skin care market size was valued at $964.1 million in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 31.5% from 2023 to 2030, according to the report by Grand View Research.
“The growing awareness concerning the benefits of CBD-infused personal care products is expected to create demand for the market during the forecast period”, notes the report. “Furthermore, the growing adoption of CBD skin care products in North America, supported by the legalization of cannabis cultivation, is expected to further augment the industry growth during the forecast period.”
The report found that North America held the largest revenue share in 2022 “owing to the easy production and trade of cannabis in the region”. The masks & serums segment is projected to register the fastest growth rate during the forecast period owing to their easy application and fast results.
E-commerce is estimated to register the fastest CAGR during the forecast period, the report found, “owing to the availability of a wide range of products at a single e-commerce platform or stores. In addition, “Hemp-based CBD products are expected to maintain dominance over the forecast period owing to their rising popularity among skin-conscious consumers.”
Below are some more notes from the report:
CBD skin care products are gaining immense popularity among consumers owing to their exceptional anti-inflammatory and rich antioxidant properties. In addition, CBD-infused skin care products help in the proper functioning of the endocannabinoid system, which is responsible for balancing various crucial functions of the skin including oil production and melanocyte production, these factors are expected to bode well with the growth of the industry.
Normalized regulations related to the import of CBD cosmetic and personal care products are expected to boost its sales in the coming years. Furthermore, consumers in China are aware of the therapeutic benefits associated with CBD, including reduced skin puffiness, redness, and irritation, and are increasingly integrating them into their regular skin care routines. Such factors are expected to boost the sales of CBD skin care products in China and other regions as well. The oils segment accounted for the largest share in 2022 and is expected to maintain its dominance throughout the forecast period. The demand for CBD oils for skin care is significantly increasing because of numerous benefits, such as reduced inflammation and irritation.
The report’s list of key players in the CBD skin care market include:
- Cannuka, LLC
- Earthly Body
- Josie Maran
- Kapu Maku LLC. (Populum)
- Lord Jones
- Sephora USA, Inc.
- The CBD Skincare Co
- Kush Creams