Our comprehensive research on the CBD Skin Care Product Market (2023-2031) provides insights for businesses. It covers trends, investments, tech advancements, and major players. The report uses qualitative and statistical data from 2017-2031, including SWOT, BCG, PESTLE analysis, and visuals. It offers a full market landscape with stakeholder insights, regional outlooks, and financial considerations.
The global CBD skin care product market size was US$ 1239.9 million in 2021. The global CBD skin care product market is forecast to grow to US$ 12199.6 million by 2030 by registering a compound annual growth rate (CAGR) of 21.9% during the forecast period from 2022 to 2030.
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Cannabis plants naturally contain the chemical compound Cannabidiol. Hemp, marijuana, etc., are the products of cannabis. One of the two main components of cannabis is hemp and marijuana (THC).
Factors Influencing the Market
Researches show that CBD is highly effective in reducing symptoms like anxiety, sleeplessness, chronic inflammation, and pain. In addition to treating problems, CBD also helps to prevent cognitive deterioration. Other CBD therapeutic benefits include curing skin issues such as dryness, irritation, free radical damage, etc. Thus, the wide and vital applications of CBD are expected to drive the growth of the CBD skin care product market during the study period.
CBD skin care product efficiently reduces sebum production, which naturally cures breakouts and pain caused by inflammatory skin conditions. Thus, it will drive the CBD skin care product market forward.
Rising innovations in the industry are expected to boost the growth of the CBD skin care product market during the analysis period. On the flip side, the controversial nature of cannabis-derived ingredients may limit the growth of the CBD skin care product market during the study period.
COVID-19 Impact Analysis
CBD skincare companies witnessed a drastic drop in terms of revenue as the demand for skin care products decreased substantially. The onset of the COVID-19 pandemic primarily affected consumer purchasing power, which in turn hampered the growth of the CBD skin care product market. In addition to that, strict lockdown restrictions restricted the R&D and manufacturing activities. All of these factors have had a substantial negative impact on the CBD skin care product market.
Regional Analysis
The Asia-Pacific CBD skin care product market is forecast to record the highest growth rate, with China and India holding the largest shares in the region. The growth of this regional market is attributed to the strong foothold of various countries in the beauty sector. These countries include South Korea, Japan, China, and India. Apart from that, the growing population and rising awareness related to the benefits of CBD skin care products will notably drive the growth of the CBD skin care product market during the analysis period.
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Competitors in the Market
• Cannuka LLC
• Kiehl’s LLC
• Leef Organics
• Medical Marijuana Inc
• Lord Jones
• Kapu Maku LLC
• VERTYBALM
• Elixinol Global Limited
• Fab CBD Company
• Endoca LLC
• Huntsman Corporation
• Other prominent players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the CBD Skin Care Product industry experienced notable growth in its workforce. Starting in January, employment within the CBD Skin Care Product sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global CBD Skin Care Product output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global CBD Skin Care Product output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global CBD Skin Care Product market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the CBD Skin Care Product market.
Market Segmentation
The global CBD skin care product market segmentation focuses on Product, Form, Distribution Channel, and Region.
By Product
• oil
• lotion and creams
• masks and serums
• bath and soaps
• Others
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By Form
• Hemp
• Marijuana
By Distribution channel
• Automotive
• Departmental Stores
• E-commerce
• supermarkets
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global CBD Skin Care Product Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global CBD Skin Care Product Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global CBD Skin Care Product Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global CBD Skin Care Product Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level CBD Skin Care Product market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the CBD Skin Care Product market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of CBD Skin Care Product business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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