It seems certain that CBD oil, the top-selling product in the CBD skincare market, will continue to hold a major market share. Hemp-derived CBD skincare is set 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.” Further, the report determined that revenue generated from sales of CBD skincare products is estimated to be valued at over $645 million in 2019. The value is further anticipated to expand at a CAGR of over 33% through 2027.
According to the report, the growing popularity of cannabidiol (CBD) based products has been attributed to increasing awareness about medical and healing benefits, and will continue to drive the CBD skincare market revenue over the next few years. The report suggests that consumption of CBD skincare products will be particularly high in cosmetics.
North America has been the preeminent region for investors in the CBD skincare marketplace as well as manufacturers of CBD skincare products.