Growth Trajectory: CBD Skin Care Market Poised for 25.7% CAGR Surge...

Growth Trajectory: CBD Skin Care Market Poised for 25.7% CAGR Surge

Posted 2024-03-12 10:45:45

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By 2033, it is projected that the value of the global CBD skin care market will reach US$ 32,859.5 million. From 2023 to 2033, the CBD skin care providers anticipate that the market will grow at a compound annual growth rate (CAGR) of 25.7%, with a current valuation of US$ 3,327.9 million.

Customers are now concentrating their expenditures on necessities as a result of the coronavirus epidemic and the lockdown procedures that followed. The market has also been disrupted by disruptions in the supply of basic materials.

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However, strong demand for CBD skin care products is helping in recovery of the industry, particularly through online distribution channels. As per newly released data by Future Market Insights (FMI), the CBD skin care market is anticipated to display a staggering 26% CAGR during the forecast period between the years 2020 and 2030.  On the other hand, the market reflected a CAGR of ~21.1% from 2013 to 2021. The share of the CBD skin care market in its parent market (skin care market) is close to ~1%-2%.

CBD Skincare Market- Critical Takeaways

CBD-infused serums and masks are witnessing high demand, owing to higher efficacy and easy application.
Hemp based skin care products are witnessing relatively higher demand than marijuana alternatives owing to high efficiency as emollients, surfactants, conditioner, and cleansers.
North America remains the leading market for CBD skincare products owing to widespread legalization efforts in Canada and the United States.

CBD Skincare Market- Drivers

Legalization of marijuana and cannabis based cosmetic products is a critical factor aiding market growth.
Niche application potential for psoriasis and acne issues, derived from anti-inflammatory characteristics drive create lucrative opportunities.

CBD Skincare Market- Restraints

Fluctuation in the prices of raw materials is a key challenge faced by CBD skincare product manufacturers.

Lack of legalization and lobbying for marijuana particularly in Asian countries restrains market growth.

Coronavirus Impact on CBD Skincare Market

With the coronavirus affecting countries around the globe, potential buyers for CBD skincare products are focusing their expenditure towards essentials. Further, the fear of recession has impacted investments into the CBD skincare market. In addition, CBD and hemp shipments have taken a hit. CBD skincare product manufacturers are focused on the optimization of global, national, and local supply chains to process shipments, while being in compliance with strict safety standards.

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Global CBD Skin Care Market by Category

By Product Type