PUNE, Oct. 7, 2024 (Globe Newswire) — SNS Insider report says, 'CBD skin care products market valued at USD 2,297.8 million in 2023 will grow to USD 22,191 million by 2032 at an impressive CAGR. It is predicted that it will reach the US dollar. It will increase by 28.7% over the forecast period 2024-2032. ”
Market overview
The CBD skin care products market is very promising and continues to grow due to the fact that people today are looking for natural and organic ingredients in their personal care products. Consumers prefer products that provide therapeutic benefits without the use of chemicals that can have negative effects. A strong supply chain of hemp cultivation, extraction, and product formulation balances market dynamics. By leveraging technology, we can now produce high-quality CBD products that not only work well, but are safe to use. E-commerce has strengthened its foothold in the general market, allowing customers to conveniently choose from a wide variety of products. Industry reports suggest that with growing awareness of CBD's anti-inflammatory and antioxidant properties, CBD skin care products are trending upward as one of the most popular ingredients in modern skin care routines.
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Major players:
Cannuka, LLC Earthly BodyJosie MaranKapu Maku LLC. Maran CosmeticsCBD for Life and Others
CBD Skin Care Products Market Report Scope:
Report Attribute Details Market size in 2023 USD 2,297.8 million Market size by 2032 USD 2,219.1 million CAG RCAGR of 28.7% from 2024 to 2032 2023 Forecast period 2024 to 2032 Historical data from 2020 2022 Report Scope and Coverage Market Size, Segment Analysis, Competitive Environment, Regional Analysis, DROC and SWOT Analysis, Forecast Outlook Key Segments • Products (Oils, Creams & Moisturizers, Masks & Serums, Cleansers, Others)
• By distribution channel (department stores, hypermarkets/supermarkets, e-commerce, retail pharmacies, others)
• Key drivers by source (hemp, marijuana) • Increasing consumer awareness of CBD and legalization drive CBD skin care market growth
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Product segment
In 2023, the oil segment accounted for over 38.8% of the total market share of the CBD skin care market. Hemp-derived efficiency is an important reason for solving skin problems such as dryness, aging, and acne. For example, Amway just launched a CBD facial oil in September 2020. This product further enriches the company's portfolio with more innovative proposals for glowing skin. Advances in manufacturing techniques to minimize waste and reduce production costs are supporting growth in the oil sector.
On the contrary, the mask and serum market is expected to lead with the highest CAGR during the forecast period. Moia Elixir’s release of nanofiber face masks in August 2020 set a new benchmark in product absorption and effectiveness. With these advances and further R&D investment, this field is poised for significant growth in the coming years.
By distribution channel:
The department store sector had the highest share, exceeding 29.0% in 2023. This is primarily due to changes in consumer preferences towards an increase in consumers' in-store shopping experiences. 54% of customers browse skincare products online and decide in advance whether to purchase in-store, proving that it enhances customer engagement and the decision-making process. However, e-commerce is likely to witness exponential growth during the forecast period as the trend of increasing preference towards online shopping of personal care products continues. Companies like Can Global have had great success selling their CBD hemp skin care brand, Fuss Pot, in stores and online.
By source:
According to a market report, hemp-based products are rich in fatty acids that are good for the skin, and in 2023, hemp-based products became the market leader with a share of more than 63.5%. Lotus' new 'Hemp Youth Glow' range will be launched in November 2022 and contains cold-pressed organic hemp seed oil. At the same time, cannabis-based products are expected to experience exponential growth and offer certain benefits such as reducing sebum production and promoting the body's skin healing process. Nature of Things' Elemental Skin Care range, launched in April 2021, is an example of just such a product.
geographic analysis
North America:
North America was established as the market leader in the CBD Skin Care Products market in 2023. This is the result of a healthy regulatory environment that allows the development of CBD-based products. The region is also brimming with product innovations that are fueling demand for the growing benefits of CBD. Companies such as Charlotte's Web and Lord Jones were quick to capitalize on this market by offering premium CBD skin care lines targeted at health-conscious consumers. The entry of major retailers will further enhance access to more products, further propelling the growth trajectory of this market.
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New product launch
Launch of Fuss Pot – Can Global's CBD hemp skin care brand will launch in April 2024 and will be available in multiple products addressing aging and repair requirements. Nanofiber Face Mask – Moia Elixirs has developed a CBD-infused nanofiber face mask. Absorption rate is 97% (August 2020). Hemp Youth Grow Range – Lotus launched the product in November 2022 using organic, cold-pressed hemp seed oil for anti-aging benefits. CBD Facial Oil – Amway launched CBD facial oil in September 2020. Elemental Skin Care Series – Nature of Things launched the Elemental Skin Care Series in April 2021. The face cream contains CBD and can be used on a variety of skin types. CBD Skin Care Partnership – June 2024 – A partnership between the popular skin care company and Hemp Farmland is announced to launch a new line of CBD-infused products.
Table of contents – main points
1. Introduction
1.1 Market definition
1.2 Scope (Inclusions and Exclusions)
1.3 Research assumptions
2. Executive summary
2.1 Market overview
2.2 Regional overview
2.3 Competitor Overview
3. Research method
3.1 Top-down approach
3.2 Bottom-up approach
3.3. Data validation
3.4 First interview
4. Analysis of the impact of market dynamics
4.1 Market driving factor analysis
4.2 Pest analysis
4.3 Porter's Five Forces Model
5. Statistical insights and trend reports
5.1 Incidence and prevalence (2023)
5.2 Prescription trends (2023), by region
5.3 Pharmaceutical Volume: Production and usage of pharmaceutical products.
5.4 Health Expenditures: Government, insurance company, and patient out-of-pocket spending data.
6. Competitive environment
6.1 List of major companies by region
6.2 Market share analysis by region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and supply chain strategy
6.4.3 Expansion plans and new product launches
6.4.4 Strategic partnerships and collaboration
6.5 Advances in technology
6.6 Market positioning and branding
7. CBD Skin Care Products Market Segmentation, By Product
7.1 Chapter overview
7.2 Oil
7.3 Creams and moisturizers
7.4 Masks and serums
7.5 Cleanser
7.6 Others
8. CBD Skin Care Products Market Segmentation by Distribution Channel
8.1 Chapter overview
8.2 Department store
8.3 Hypermarket/Supermarket
8.4 Electronic commerce
8.5 Retail Pharmacy
8.6 Others
9. CBD Skin Care Products Market Segmentation, By Source
9.1 Chapter overview
9.2 Hemp
9.3 Marijuana
10. Regional analysis
11. Company profile
12. Use cases and best practices
13. Conclusion
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