CBD Skincare Market to be Dominated by Marijuana Segment During the Forecast Period
Global CBD skincare market is primarily driven by factors
such as increasing consumer spending on skincare
products, growing disposable income, and rising awareness regarding CBD skincare
products among consumers.
According to the TechSci Research report, “CBD Skincare Market - Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”, The Global CBD skincare market is
expected to grow during the forecast period, owing to the factors such as rising
number of mergers & acquisitions, and growing consumer awareness regarding
CBD-based skincare products.
CBD (cannabidiol) is a non-intoxicating
substance derived from marijuana or hemp plants. CBD is extracted as a powder
and is typically blended with oils such as olive, coconut, or hemp oil to boost
its effectiveness in a variety of applications. CBD oil-based products contain
a variety of qualities, including anti-inflammatory, antioxidant, and skin
soothing properties. CBD oil is one of the important components in skin care
and personal care products due to the availability of such extraordinary
qualities in a single combination.
Rising per capita spending, continuous
product development and commercialization, government support for
cannabis-related product use restrictions, particularly in developing
countries, and increased internet penetration, will all contribute to the
market's future growth rate. The demand for CBD oil-based skin care products is
being driven by consumers' rising attention to beauty. Moreover, the desire for
natural and organic skin care products like CBD oils is being fueled by
consumers' growing knowledge of the negative impacts of utilizing
chemical-based products.
Due to the federal government's rising
investment in R&D, the market for cannabidiol (CBD) skin care is
anticipated to grow in the future. Furthermore, several research and
development (R & R&D) projects aimed at reducing THC concentration and
a growing focus on attaining quicker regulatory approval will favorably influence
market growth.
Due to greater knowledge of the
advantages of cannabidiol and its therapeutic capabilities, cannabidiol skin
care is rising in popularity all over the world. The demand for the market is
also increased by the growing use of CBD skin care products, which have
antioxidant characteristics that fight the effects of aging.
The main drivers of the growth of the
global CBD skin care market are the rise in preference for environmentally
friendly skin care products and the increased acceptance of cannabis. On the
other hand, the risk of product contamination is substantial, and regulations
are placed on product manufacture and marketing, which somewhat restricts
expansion. Additionally, a rise in online sales revenue is anticipated to
provide u a lot of chances for the major companies in the sector.
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data Figures spread through XX Pages and an in-depth TOC on the "CBD Skincare Market.”
The Global CBD skincare market
is segmented based on product type, source type, distribution channel, region,
and competitive landscape.
Based on source type, the market is
segmented into hemp and marijuana. Among these, the marijuana segment has a
significant share in the market during the forecast period. CBD skincare
products made from marijuana are anticipated to grow significantly during the
projected period. With its rich nutrient profile, marijuana is used to make CBD
products that have wonderful skin advantages. This aids in treating a few skin
conditions.
Based on distribution channels, the
market is segmented into supermarkets/hypermarkets, specialty stores,
multi-branded, pharmacy & drug stores, convenience stores, online, and non-retail.
A change in consumer buying habits is expected to cause the online distribution
channel to grow quicker during the forecasted period. Additionally, it is
anticipated that rising popularity and product releases via direct-to-consumer
channels will fuel market demand.
Based on region, the market is segmented
into North America, Europe, Asia-Pacific, Middle East & Africa, and South
America. Among these, North America has a significant share of the market during
the forecast period. The legalization of marijuana in Canada and the
United States, as well as the presence of numerous prominent players in the
region, are credited with driving market expansion in this area.
Key market players operating in the CBD skincare
market include:
- Cannuka, LLC
- Earthly Body
- Kapu Maku
LLC (Populum LTD)
- Sephora USA,
Inc.
- The CBD
Skincare Co.
- CBD For Life
- Endoca BV
- Leef
Organics LTD
- Redwood
Wellness, LLC (Lord Jones)
- Myaderm Inc
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“Demand for CBD skin care products rose
as more people started to prefer natural and environmentally friendly cosmetics
and personal care items globally. The outbreak also caused consumer
stockpiling, which changed their buying patterns in favor of online shops.
Growing skin issues like sensitivity, irritation, acne, and dryness are
predicted to increase demand for natural components in skin care products and
increase interest in CBD-based products.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“CBD
Skincare Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028F. Segmented By Product Type (Creams,
Moisturizers, Lotions, Balms, Serums, Face & Body Cleaners, Sunscreens, and
Others), By Source Type (Hemp, Marijuana), By Distribution Channel
(Supermarkets/Hypermarkets, Specialty Stores, Multi-Branded Stores, Pharmacy
& Drug Stores, Online and Non-Retail), By Region, By Company, has evaluated
the future growth potential of CBD skincare globally and provides statistics and information on market structure, size, share,
and future growth. The report provides cutting-edge market intelligence and helps
decision-makers to make sound investment decisions. Besides, the report also
identifies the emerging trends along with essential drivers, challenges, and
opportunities present in the market of CBD skincare, globally.
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