Global Cannabidiol (CBD) Skin Care Market – Industry Trends and Forecast to 2029

Global Cannabidiol (CBD) Skin Care Market, By Source (Hemp, Marijuana), Type (Oil, Creams and Moisturizers, Masks and Serums, Cleansers, Others), Application (Mass Market, Smoke Shops, E-commerce, others), Distribution (Online Sales, Offline Sales) – Industry Trends and Forecast to 2029

Market Analysis and Size

Cannabidiol (CBD) skin care has largely gained popularity due to its effective usage for various skin benefits. Moreover, they are also further effective in tackling inflammation, anxiety and insomnia and also helps to improve the physiological and cognitive functions in an individual along with regulation the mood, pain and memory. Cannabidiol (CBD) is one of 113 identified cannabinoids in cannabis plants and accounts for up to 40% of the plant's extract. As a result, its increased popularity regarding its benefits is projected to aid the market growth over forecast period.

Global Cannabidiol (CBD) Skin Care Market was valued at USD 952.91 million in 2021 and is expected to reach USD 7583.91 million by 2029, registering a CAGR of 29.60% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.

Report Scope and Market Segmentation

Market Definition

Cannabidiol (CBD) is a non-intoxicating compound, which is generally extracted from marijuana or hemp plants in the form of powder and is used for various skin care purposes. The skincare and personal care products infused with cannabidiol (CBD) possess various types of beneficial skin-soothing, relaxing, anti-anxiety, pain-relieving properties, hydrating, antioxidant and anti-inflammatory properties which aids in treating dry skin or certain inflammatory skin disorders.

Cannabidiol (CBD) Skin Care Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Growing Awareness Regarding its Benefits

The cannabidiol skin care is becoming increasingly popular across the globe, owing to the increased awareness about the benefits of cannabidiol and its medicinal properties. Moreover, the increasing adoption of CBD skin care products as it possess antioxidant properties counteracting the signs of aging boosts the overall demand for the cannabidiol (CBD) skin care market.

Furthermore, the factors such as surge in public-private funding for targeted research activities, high disposable income, rapid urbanization, changing lifestyles, and rising product innovations and development due to technological advancements worldwide boost the market value. Moreover, increased internet penetration, continued product development and commercialization, government supportive regulations for the use of cannabis-related products, particularly in developing nations, and rising per capita expenditure will all contribute to the market's future growth rate.

Opportunities

• Growing Technological Advancements

Furthermore, the increasing number of technological advancements driven with a view to minimize the production costs coupled with the developmental operations directed towards sustainable development to ensure optimum and judicious use of resources generate lucrative opportunities to the market players in the forecast period of 2022 to 2029.

• Funding and Research and Development (R&D) Activities

The surging funding from federal government pertaining to the research and development proficiencies are projected to expand the future growth of the cannabidiol (CBD) skin care market. Moreover, the various research and development (R&D & R&D) activities aimed at lowering THC content and a growing emphasis on obtaining faster regulatory approval will positively influence market growth.

Restraints/Challenges

• Issues Associated with Raw Material Prices and Availability

Fluctuations or volatility in the cost of raw materials hampers the overall market's growth. Furthermore, the cannabidiol (CBD) skin care ' 'market's expansion is being hampered by the inconsistent availability of raw materials in one location.

• Norms, Standards and Regulations

The government's imposition of rigorous rules on a wide variety of industrial applications relevant to industrial activities will further slow the market's growth pace. Lack of standardization rules, a lack of awareness in backward economies regarding the benefits and high costs of cannabis products, and a shift in the demand-supply spectrum due to regulatory strengthening in the Asia-Pacific area would exacerbate the market position. As a result, these factors are estimated to challenge the cannabidiol (CBD) skin care market over the forecast period.

Additionally, the CBD skin care products can induce skin swelling, itching, and peeling. This factors will further stymie market expansion.

This cannabidiol (CBD) skin care market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cannabidiol (CBD) skin care market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Cannabidiol (CBD) Skin Care Market

The recent outbreak of coronavirus had a huge impact on the cannabidiol (CBD) skin care market. The pandemic had an impact on several manufacturing businesses in the years 2020-2021, resulting in the closure of workplaces, interruption of supply chains, and transit limitations. Several economies within the region implemented a lockdown in this face, resulting in production and industrial facilities stoppage. The supply chain of various manufacturing units and several table utilities around the world were significantly affected during this period, resulting in a significant loss in revenues and earnings.

However, with the increasing relaxations, a rise in import and export is significantly expected. Respective governing authorities are beginning to lift these enforced lockdowns which is a positive sign for the market. 

Recent Development

• In December 2021, Sentient Brands has launched its Oeuvre influencer and social media marketing campaign. According to Sentient Brands, Oeuvre's product design, formulas, and disruptive "Luxury Clean Beauty" branding strategy set it apart in a market cluttered with homogeneous CBD skincare products. The Company's Oeuvre social media marketing plan is now focusing on influencer marketing and paid advertising on Instagram, Facebook, and Pinterest.

Global Cannabidiol (CBD) Skin Care Market Scope

The cannabidiol (CBD) skin care market is segmented on the basis of source, type, application and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Source

• Hemp
• Marijuana

Type

• Oil
• Creams and Moisturizers
• Masks and Serums
• Cleansers
• Others

 Application

• Mass Market
• Smoke Shops
• E-commerce
• others

Distribution

• Online Sales
• Offline Sales

Cannabidiol (CBD) Skin Care Market Regional Analysis/Insights

The cannabidiol (CBD) skin care market is analyzed and market size insights and trends are provided by country, source, type, application and distribution channel as referenced above.

The countries covered in the cannabidiol (CBD) skin care market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the legalization of marijuana in Canada and U.S and the presence of large number of key players within the region.

On the other hand, Asia-Pacific is estimated to show lucrative growth over the forecast period of 2022-2029, due to the rising awareness about the benefits of cannabidiol-infused beauty products within this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Cannabidiol (CBD) Skin Care Market Share Analysis

The cannabidiol (CBD) skin care market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cannabidiol (CBD) skin care market.

Some of the major players operating in the cannabidiol (CBD) skin care market are

• Canopy Growth Corporation (Canada)
• The Cronos Group (Canada)
• Tilray. (U.S.)
• Hexo (Canada)
• CannTrust (Canada)
• Aurora Cannabis Inc. (Canada)
• GW Pharmaceuticals plc. (UK)
• VIVO Cannabis Inc. (Canada)
• Alkaline88, LLC. (U.S.)
• NewAge Inc. (U.S.)
• Cannara. (Canada)
• Dixie Brands (U.S.)
• KANNAWAY LLC. (U.S.)
• The Supreme Cannabis Company, Inc (Canada)
• CANNABIS Aphria (Canada)
• CURA CS, LLC. (U.S.)
• KAZMIRA  (U.S.)
• Curaleaf (U.S.)
• CannazALL (U.S.)