According to a newly released report, the global market for CBD skin care products is valued at over $2 billion, and is expected to grow at a drastic rate over the next eight years.
The SNS Insider report indicates that the market is valued at $2.29 billion in 2023, and is projected to reach $22 billion by 2032 with a remarkable CAGR (compound annual growth rate) of 28.7% over the forecast period from 2024 to 2032.”
“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”, states the report. “Consumers prefer products that offer therapeutic benefits without chemicals that can have adverse impacts.”
The report states that “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.”
In addition, “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.”
Key players in the CBD skin care market, according to the report, include:
- 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
The report states:
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.
North America “was established as a market leader in the CBD skincare product market in 2023”, states the report. 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.”
For more information on this report, click here.
