Rising popularity and product launches through D2C channels are expected to propel the demand for CBD Skincare market. Fast-growing Chinese economies such as Yunnan, Heilongjiang, and Jilin are among the high-end manufacturers of hemp, expected to drive the CBD skincare market in Asia-Pacific.
Newark, Nov. 28, 2022 (GLOBE NEWSWIRE) — According to The Brainy Insights, the CBD skincare market is growing at a CAGR of 22.8% from 2022 to 2030. The market is being driven by the rising popularity of skincare of CBD skincare among consumers, especially Millennials and Gen Z, who are always looking to try new skincare products, primarily oils, serums, and creams to treat various skin conditions.
However, the use of CBD products is still considered taboo by the majority of the middle-aged population. Although CBD oil derived from hemp and medical marijuana does not have a THC content above 0.3% and is proven to be safe for use in skincare products skin, a large population still believes that the use of these products can have psychoactive effects.
CBD facial serums are expected to witness the highest growth in the product segment over the forecast period. It’s a perfect way to help skin absorb all the goodness of the phytocannabinoid found in CBD without getting users high. CBD helps reduce excess oil production, making it an ideal therapeutic agent for the treatment of acne vulgaris or common acne.
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Other CBD skincare products include body bars and a mask. Due to the anti-inflammatory property of cannabinoids, CBD body bars help relieve dryness, redness, rashes, and sore or irritated skin. It is rich in omega-3 and omega-6 fatty acids which promote skin health by reducing inflammation. Moreover, consumers are very proactive these days and inclined to lead a healthy life, that’s why they prefer to use organic and natural products to stay healthy and fit, which creates a huge demand for health products. organic skincare such as CBD body bars.
Companies enter into partnerships with distributors to meet the needs of consumers around the world. For example, in 2019, CV Sciences, Inc. expanded its distribution partnership with more than 400 Kroger stores in five new US states: Georgia, Montana, Texas, Utah, and Virginia. This partnership was intended to help the company sell its products in 22 states and 1,350 stores across numerous Kroger retail banners.
Key players
1. Cronos Group
2. Kiehl’s LLC.
3. Cannuka LLC
4.Elixinol Global Limited
5. Isodiol International Inc.
6. Medical Marijuana, Inc.
7. Josie Maran Cosmetics LLC
8. The CBD Skincare Co.
9. ENDOCA
10. Cannuka LLC
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Market segmentation
• Product information
o Oils
o Creams and moisturizers
o Cleansers
o Serum
o Others
• Source Information
o Hemp-based
o Marijuana-based
• Information on distribution channels
on line
Offline
• Regional overviews
o North America
United States
Canada
Mexico
o Europe
United Kingdom
Germany
France
Italy
Spain
o Asia-Pacific
China
Japan
India
Australia
South Korea
o Central and South America
Brazil
o Middle East and Africa
South Africa
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About the report:
The market is analyzed on the basis of value (million USD). All segments have been analyzed at global, regional and country level. The study includes analysis of more than 30 countries for each part. The report analyzes the drivers, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution and marketing channel analysis.
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