The shortage of Chinese ingredients, raw materials, and semi-finished goods is the latest example of the global economy’s dependence on products made in China, from iPhones to auto parts to pharma. Much of the fallout may still be hidden and is likely to play out over months. Even before the coronavirus outbreak, business investment was already in poor health in the United States. It fell in the last three quarters of 2019. Some analysts now expect more companies could soon announce reductions in their capital spending.
Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the CBD Skin Care market.
Trusted Business Insights presents an updated and Latest Study on CBD Skin Care Market 2019-2030. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the CBD Skin Care market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: CBD Skin Care Market
The global CBD skin care market size was valued at USD 234.1 million in 2018 and is expected to expand at a CAGR of 32.9% from 2019 to 2025. The market is majorly driven by growing awareness with respect to the benefits of CBD infused personal care products. Cannabidiol (CBD) is a naturally occurring compound derived from the cannabis plant and is one of the hundred cannabinoids present in the hemp plant.
Although CBD is found in the marijuana plant, it is both non-psychoactive and legal to buy in its isolated form. Conventionally, cannabidiol has been studied for its pain-relieving, relaxing, and anti-anxiety properties, however, recent studies have shown that it has therapeutic benefits when applied to the skin.Growing adoption of CBD skin care products by North America, supported by legalization of cannabis cultivation, is expected to further augment the growth of the CBD skin care market during the forecast period.
CBD is considered safe and effective for all skin types, but is particularly useful for people who struggle with sensitivity, inflammatory conditions, acne, and dryness related to skin. Owing to these strong inflammatory properties, CBD helps in skins natural healing process, lowering the life span of breakouts and eczema flare-ups. CBD also showcases potential antioxidant properties that can help in counteracting signs of aging. It can even help in reducing pain caused by inflammatory skin conditions.
The healing properties of these ingredients are expected to encourage the manufacturers to develop products infused with the benefits of CBD. For instance, Sephora had launched a special section solely dedicated to CBD skin care products in its stores. Moreover, Ulta Beauty, which is known for its large network of beauty stores offering cosmetics and skin care products, is also planning to dedicate a special section for such products. Some of the luxury retailers are focusing on introducing CBD infused product lines, such as the Murads Hemp Serum from Unilever, Originals Hemp Mask from Estee Lauder Companies, and Kiehls Cannabis Serum from Loreal.
Type Insights of CBD Skin Care Market
CBD based skin care oils led the market and accounted for a share of 40.9% in 2018. These product types have been gaining an increasing popularity in the personal care market. It is highly beneficial for acne, aging, and wrinkle prone skin conditions due to its anti-inflammatory properties. CBD oil also has antioxidant attributes, which help in reducing the visible signs of aging.
Masks and serums are anticipated to expand at the highest CAGR of 33.7% over the forecast period. These CBD infused masks and serums are expected to gain a significant share in the global market. This scenario is attributed to increasing demand for facial mask sheets and serums that penetrate deep in the skin and are easy to apply.
Hemp based skin care products held the largest share of 62.8% in 2018 on account of high fatty acid content of the product. Hemp infused skin care products help in reducing the discomfort by soothing and rejuvenating dry and damaged skin. They also help in controlling aging problems, which is likely to drive the application of this source. Some of the hemp based skin care products include Hempme Organic Face Cream, Origins hemp based hydrating face mask, and Kiehls cannabis sativa seed oil.
According to Kotak, hempseed oil gives highly unmatched moisturizing characteristics for the skin. The Body Shop was one of the first major cosmetic players to recognize this, thereby introducing its hemp range of products to the market. According to the EU cosmetic ingredient database, hempseed oil also acts as a surfactant, cleanser, emollient, and skin conditioner agent. Hemp molecules are very minute, which further allows it to effectively penetrate the skin and provide effective results. These attributes are expected to result in the increasing application of hemp in skin care products, thereby contributing to the global market growth in the next few years.
Regional Insights of CBD Skin Care Market
North America held the largest share of more than 40.0% in 2018 and is expected to be the fastest growing market in the forecast period. Demand for CBD skin care products from North America is expected to remain high due to the presence of a large customer base and legalization of marijuana in U.S. and Canada.Currently, about 33 states in U.S. and District of Colombia have legalized cannabis in U.S., thereby making it the largest market in the world. The legalization and presence of prominent beauty care manufacturers are expected to contribute to the market growth over the next few years.
Asia Pacific is expected to witness significant growth in the coming years. Prominent beauty expert countries such as China, India, Japan, and Korea are anticipated to offer potential opportunities for the market growth.Although cannabis is largely illegal across Asia, Asian beauty movements such as J-beauty and K-beauty are the leaders of the global skin care market. Therefore, the Asian countries are expected to witness rapid growth in this market.
Market Share Insights of CBD Skin Care Market
Some of the major companies operating in the global market are Kiehls LLC; Cannuka LLC.; Elixinol Global Limited; Medical Marijuana Inc.; Endoca LL; Lord Jones; VERTLYBALM; Kapu Maku LLC; and Leef Organics. Companies are increasingly focusing on product launches and expansion of the distribution channel to gain a prominent visibility among the consumers. For instance, Europes first luxury CBD e-commerce site launched high quality cannabis based beauty and hygiene products in the European market.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of CBD Skin Care Market Research Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global CBD skin care market report on the basis of source, type, and region:
Source Outlook (Revenue, USD Million, 2019 – 2030)
Type Outlook (Revenue, USD Million, 2019 – 2030)
Creams & Moisturizers
Masks & Serums
Quick Read Table of Contents of this Report @ CBD Skin Care Market Research Report 2020 | Industry Report, Industry Analysis, Key Players, Trends, Revenue, Regional Segmented, Outlook Until 2030
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