The CBD skincare market is poised to grow by $1.64 billion during 2020-2024, progressing at a CAGR of over 33% during the forecast period, according to new research from Technavio.
 
Technavio’s CBD Skincare Market Analysis Report claims that the market is driven by the benefits of CBD in skincare. In addition, the growing demand among millennial and middle-aged populations is anticipated to boost the growth of the CBD skincare market.
 
The numerous skin benefits of CBD make it a popular ingredient in many skincare products such as oils, creams, lotions, balms, and serums. The anti-inflammatory benefits of CBD make it a suitable ingredient for skincare products that can be used on acne-prone skin. CBD also helps in reducing excess sebum production and, thereby, helps in controlling acne. CBD is considered a natural remedy for treating psoriasis, a chronic autoimmune disease, where skin cells grow at an accelerated rate. The skin calming and skin normalizing properties of CBD make it ideal for sensitive skin by minimizing issues related to skin sensitivity, such as skin redness. These benefits are forecasted to drive the growth of the CBD skincare market.
 
The report names five leading CBD skincare companies:
 
1. Cronos Group Inc.
Cronos Group Inc. is involved in the production and sale of cannabis through its wholly owned subsidiaries, OGBC and Peace Naturals. The company offers a range of hemp-derived CBD-based skincare products such as body oil, lotion and cream.
 
2. Elixinol Global Ltd.
Elixinol Global Ltd. has its business operations under two segments, such as Elixinol USA and Hemp Foods Australia. The company offers a range of hemp-based products such as lip balm, deodorant, hand cream, moisturizer, cleanser, serum, body wash, hair shampoo and hair conditioner.
 
3. Endoca BV
Headquartered in the Netherlands, Endoca BV offers CBD oil, CBD capsules, CBD creams, skincare products, and pet products. The company’s offerings include CBD-infused salve; cream and lip and skin moisturizer.
 
4. Isodiol International Inc.
Isodiol International Inc. offers beverages, candies, capsules, coffee, oral spray, tinctures, tropicals, and kits and bundles using CBD. The company’s key offerings include CBD-based products such as serum, cream, lip and eye gel, toner, night cream, cleanser and enzyme mask.
 
5. Josie Maran Cosmetics LLC
Josie Maran Cosmetics LLC offers skincare, makeup, bath, and body products. The company’s key offerings include CBD skin dope, which is offered in a combination of argan oil with hemp seed oil and CBD oil.