CBD oil, the top-selling product in the BCD skincare market, will continue to hold a major market share. Hemp-derived CBD skincare will continue to gather higher traction over its marijuana-derived counterpart.
These are some of the findings of a recent market report from Future Market Insights titled “CBD Skin Care Market: Global Industry Analysis and Opportunity Assessment 2019-2027.”
The report determined that revenue generated from sales of CBD skincare products is estimated to be valued at over $645 million in 2019. The CBD skincare market value is further anticipated to expand at a CAGR of over 33% through 2027.
Shown in the Photo Above
Above are a few brands with CBD skincare products. Shown, left to right, are: Kiehl's Cannabis Sativa Seed Oil; Herbivore Emerald Deep Moisture Glow Oil; and Cannuka CBD Nourishing Body Cream
See Also: Online Exclusive: Cannabis: The New Beauty Disrupter
Fueling Growth: An Increasing Awareness Of Medical Benefits
According to Future Market Insights, growing popularity of cannabidiol (CBD) based products that has been attributed to increasing awareness about their medical benefits including healing properties, will continue to drive the CBD skincare market revenue over the next few years. Besides pharmaceutical, and food & beverage industries, the visibly increasing usage of CBD within personal care industry will remain a prominent factor uplifting the demand growth of CBD skincare products.
The Consumption of CBD Skincare Products In Cosmetics
The report suggests that consumption of CBD skincare products will be particularly high in cosmetics. Considered to be an excellent restorative, anti-aging solution, a CBD skincare range is claimed to be effective for all skin types, including both, acne-prone and sensitive. As the range of CBD skincare products initiates the process of natural healing, followed by inflammation reduction, it is more likely that a broad consumer base will opt for BCD skincare products range in years to come, according to the research.
North America has been the preeminent region for investors in the CBD skincare marketplace as well as manufacturers of CBD skin care products. Rapid adoption of CBD skincare products by the North American consumer base, strongly backed by the legalization of cannabis cultivation, is projected to further assist the growth of the CBD skincare market in North America – according to FMI’s analysis.
While cannabis legalization has been favoring the expanse of the CBD skincare market within Canada, there are several countries where marijuana-derived or CBD based products are still not legalized. This will remain a major barrier for the growth of the CBD skin care products market at a global level.