Over the past few years, the CBD skincare market has been seeing steady growth with the expectation for this trend to continue in the coming years.
A report from Market Research Future (MRFR) projects the CBD skincare product market to touch an approximate valuation of $8.86 billion by 2030. Also, the global market will continue to grow at rate of 5.5% from 2020-2030.
Many of these CBD skin care products are oil-based and can be comprised of various types of properties including anti-inflammatory, antioxidant and skin soothing. The presence of such properties in one single blend marks CBD oil as one of the key components in skin care and personal care products.
CBD is highly effective and safe for use on every skin type. However, its use is extremely high among those struggling with inflammatory conditions, sensitivity, dryness and acne. In view of these appealing inflammatory properties, CBD is utilized for fostering skin’s natural healing process, reducing the life span of eczema flare-ups as well as breakouts. Apart from this, it contains a host of antioxidant properties that curb signs of aging while also bringing down pain due to inflammatory skin conditions.
“Alarming surge in pollution levels as well as extreme UV rays that cause skin burn and blackening and sometimes even skin cancer prompt consumers to purchase proven-effective beauty and skincare products infused with CBD. Increasing knowledge about the latest products that cater to a particular skin issue also enhances the sales in the market. Companies are progressively joining hands with celebrities to endorse their products, while spending considerably on advertisements to garner the consumers’ attention,” said the report.
Asia Pacific is a relatively new market for CBD skincare products, according to the report, and has picked up steam over the years backed by the high number of skincare product brands based in Japan, China and several South-East Asian nations.
“Continuous debates pertaining to easing the regulations for cannabis across multiple countries could ensure brighter prospects for the CBD skincare products industry in the region,” the report also noted.
One aspect to consider for the market is that unhealthy dietary habits, stress, air pollution and constant exposure to sunlight are some of the causes of bad skin conditions in the region. Because of this, some of the leading CBD brands are beginning to target this market and create skincare products that work to counter these issues.
Of the current markets, North America is at a very big focus for many companies.
“North America has managed to procure the top position in the global market for CBD skincare products, especially since cannabis’ legalization across 33 U.S. states in the year 2018. Robust demand for these skincare products, combined with the extensive pool of established firms in the U.S., adds to the regional market’s strength. CBD skin care products enjoy massive demand among a huge customer base in the region, while marijuana’s legalization in various states across Canada and the U.S. foster the sales as well. Encouraged by the legalization as well as the strong presence of renowned beauty care brands in the region, the CBD skincare product market is touted to cover substantial grounds in the coming years,” said the report.
Active cannabis companies in the market this week include Limitless X, Canopy Growth, Sundial Growers, Cronos Group and Aurora Cannabis.