Increase in preference toward sustainable skin care products and surge in awareness and acceptance of cannabis drive the growth of the CBD skin care market
PORTLAND, Oregon, Jan. 21, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "CBD Skin Care Market by Product Type (Oils, Lotion & Creams, Masks & Serums, Bath & Soaps, and Others), Source (Hemp and Marijuana), and Distribution Channel (Departmental Stores, E-Commerce, Hypermarkets/Supermarkets, Retail Pharmacies, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." As per the report, the global CBD skin care market was estimated at $736.6 million in 2019 and is expected to hit $3.48 billion by 2026, registering a CAGR of 24.8% during 2019–2026.
Drivers, restraints, and opportunities-
Rise in preference toward sustainable skin care products, and increase in awareness and acceptance of cannabis are the major factors fueling the growth of the global CBD skin care market. On the other hand, high probabilities of product contamination and regulatory imposition on product manufacturing and marketing curtail down the growth to some extent. Nevertheless, growth in revenue through online sales channels are expected to usher in a number of opportunities for the key players in the industry.
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The hemp segment held the largest share in 2018-
Based on form, the hemp segment accounted for more than half of the global CBD skin care market revenue in 2019, and is anticipated to rule the roost during the study period. The fact that hemp seeds possess various healthy properties such as essential vitamins, minerals, flavonoids, and fatty acids has boosted the growth of the segment. Simultaneously, the marijuana segment would grow at the fastest CAGR of 25.8% till 2026. Marijuana is known to relieve insomnia, anxiety, spasticity, pain, and life-threatening conditions like epilepsy which, in turn, propels the growth of the segment.
The departmental stores segment to retain its dominance till 2026-
Based on product type, the departmental stores segment contributed to nearly one-third of the global CBD skin care market share in 2019, and is expected to dominate throughout the forecast period. CBD skincare products have been made available by the market players in small departmental shops, and hence they are attracting a large number of customers through the same. This factor has driven the growth of the segment. The e-commerce segment, on the other hand, would cite the fastest CAGR of 27.4% during 2019–2026. Online distribution has emerged as a key sales channel for CBS skincare market. This is due to rise in Internet penetration across the globe.
North America to maintain the lion's share-
Based on geography, North America held the major share in 2019, generating nearly two-fifths of the global CBD skin care market. After the passing of the 2018 Farm Bill, hemp cultivation, manufacturing, and distribution has become legal in the U.S. which has fueled the market growth. At the same time, the region across Asia-Pacific would register the fastest CAGR of 26.7% during the estimated period. Asia-Pacific is one of the untapped CBD markets and it represents enormous market opportunities to benefit from the global trend toward the legalization of cannabis.
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Frontrunners in the industry-
Medical Marijuana Inc.
Fab CBD Company
Kapu Maku LLC
Elixinol Global Limited
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