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This study offers a comprehensive, 360 degree analysis on the Cbd Skin Care market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Cbd Skin Care market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
CBD Skincare Market Outlook & Key Findings
- Future Market Insights (FMI) forecasts the cannabidiol (CBD) skincare market to register a remarkable CAGR of CAGR of 26% between 2020 and 2030
- In the next few years CBD infused products will be seen across a plethora of categories, especially in therapeutic and democosmetics space
- Prevalence of favorable regulations supporting use of CBD makes the Middle East and Latin America lucrative markets
- More companies are likely to prefer jar and bottles for packaging. It is likely to remain key focus as brands look for innovative ways of differentiating their products
- CBD skincare has possibilities of soaring in the next few years as leading brands integrate active extracts from plants into their portfolio
Consumers Quest to Experiment with New Products
Hemp seed is not new to the beauty industry, in fact it has been in use for decades. The Body Shop’s hemp range of products was introduced way back in the 1980s.
However, in the ensuing years hemp gradually started losing its buzz and was pushed out of the spotlight by the trending new buzzword in the beauty industry – CBD.
While hemp continued to be used in certain products, it carried only occasional references. Meanwhile CBD soar in popularity, invading retail shelves across the world with a plethora of options, ranging from skincare and cosmetics to toiletries.
FMI forecasts, skincare brands especially in the therapeutic category to be at the forefront of the evolving industry. The rising demand for holistic wellness and beauty trends aligned with health and skin repair will give a big push to CBD applications in skincare.
Most companies are driven by the rising demand for premium and cruelty-free skincare products. FMI foresees major product launches and innovations, which will enable the global CBD skincare market surpass its current valuation of US$ 816.9 Mn by the end of 2020.
Rise of CBD Friendly States, Yet Miles to Go
Rising awareness about the benefits of cannabis-derived products among consumers and policies supporting the production and use of cannabidoil in certain countries are contributing towards the expansion of the CBD skincare market.
According to Future Market Insights, accounting for over 40% of the global market, North America has emerged dominant in 2020. Increasing support to marijuana legalization is driving the CBD skincare market in the U.S.., subsequently aiding expansion in North America.
According to the study conducted by FMI, close to 60% of Americans were in favor of marijuana legalization in 2019, which is nearly double the number of people supporting in 2000.
Certain forms of weed are legalized in 46 of the U.S. states, although a majority of them have restricted its use to medical purposes only. This is indicative of lucrative prospects for growth of the market in the U.S.
High per capita spending in countries such as the U.S. and Canada and higher consumption of personal care products will drive CBD skincare market in North America.
The emplacement of the region in product lifecycle (PLC) reveals that CBD market in North America is gaining from higher degree of awareness among consumers. Currently, Latin America, Oceania and the Middle East and Africa (MEA) exhibit higher growth prospects.
Meanwhile, cannabis legalization will support growth in the MEA. In East and South Asia the market is likely to gain from increasing penetration of leading players via ecommerce channels.
Cannabis Legalization in Various Countries is Likely to Make CBD-infused Skincare Products Mainstream
Last year has been a booming year for the CBD market, especially in the personal care industry. While regulatory climate remains blurry, suppliers, brands, and manufacturers of every size have been gearing to venture into CBD skincare.
In the last couple of years the market has gained impetus from cannabis legalization across various nations. Canada was one of the first countries to legalize cannabis for recreational as well as medicinal purposes, however, as per conditions underlined in the Marihuana for Medical Purposes Regulations.
More recently, South Africa’s constitutional court announced that weed is legal in 2018. Following this, people were allowed to use and grow marijuana privately. In 2018, the UK made medical cannabis available on prescription, following which the sales of CBD skincare products have increased exponentially.
In Peru, the possession of marijuana is not punishable as long as it is for personal, private, and immediate use. In 2017, the Peruvian congress has passed a bill that legalized medical marijuana, which allows the production, sale, and importation of cannabis oil.
The rising popularity of CBD ingredients, driven by soaring demand for organic skincare are favoring legalization across various states.
Leading Manufacturers are Likely to Capitalize on Remedial and Therapeutic Attributes of Cannabis
While CBD skincare has been on trend for last few years now, legacy brands owned by multinational companies have been slow at moving into the sector.
Only a handful of big brands have CBD products with exceptions of Estee Lauder and Unilever. This leaves ample opportunities for big and smaller brands alike to explore CBD-infused skin care as a part of their portfolio in the near future.
FMI’s study reveals that brands, especially those operating in the dermocosmetics and therapeutic space would tie CBD to health-aligned beauty trends. Some of them might incorporate tetrahydrocannabinol or THC compound to align themselves with the prevailing nutricosmetics trends.
Therapeutic and remedial attributes of cannabis present lucrative investment prospects. With consumers judging skin care and beauty products through the lens of holistic wellness, more ethical consumption of cannabis is likely in the near future.
CBD Skincare Companies to Focus on Expanding their Online Presence to Gain Competitive Edge
CBD infused skincare and beauty products can be found across Europe, including Sephora, Boots, and various online platforms. Innovations and portfolio expansions undertaken by leading companies are giving significant impetus to CBD skincare market.
In November 2019, Kuida, which is a Columbia-based CBD skincare brand, expanded its operations into the U.K. and the U.S., following their initial launch in Latin America. The company had plans of expanding operations into Germany and Spain earlier this year to address country-specific requirements of CBD skincare.
Some of the leading companies and start-up alike are expanding their network across the world. Many of companies are looking at making their presence felt on the online space.
With increasing purchases of organic and natural products via internet, manufacturers are keen on leveraging their ecommerce presence, now more than ever.
Over the course of the report’s forecast period, this trend will enable the market gain momentum. Lesser options available across brick and mortar stores entail higher chances of consumers researching online.
CBD or Marijuana-Derived Products Still Considered Illegal in Many Countries: Key Challenges
CBD or marijuana-derived products are considered illegal in many countries. Studies reveal that excessive use of CBD oil can trigger side-effects such as drowsiness, dizziness, diarrhea, nausea, vomiting, dry mouth, anxiety, and changes in mood.
CBD exposure can boost levels of liver enzymes, causing negative impact on health. As a caution against potential adverse effects, CBD use continues to remain banned across certain countries.
Stringent regulations either curbing use of CBD or restricting its application only to medical communities may hamper growth prospects of the market. Many countries in Asia have strictest laws against cannabis use or cultivation.
For instance, while CBD consumption is not yet authorized in China, this doesn’t stop some states from capitalizing on the cannabis boom. However, in order to produce hemp, approval from police is mandatory in addition to other legal requirements.
As per law in China it needs to be ensured that the plant bred has less than 0.3% THC. It is very difficult to practically enforce this theory as the level of THC cannot be established unless hemp is harvested.
A downside to strict drug enforcement policies is that the CBD skincare market is unable expand at its full potential.
Leading players in CBD Skincare Products Market
Most of the key players will maintain a strategic focus on the legalization of cannabis-based products as well as on expanding their presence in the untapped markets. Besides this, FMI expects them to continue focusing on product launches and innovations.
In 2018, Sephora started rolling out more cannabis-derived beauty and skincare products such as hemp seed facial oils and CBD body lotions. Through this it aimed at gaining competitive advantage.
Some of the key players in the CBD skincare market are:
- Cannuka, LLC
- CBD For Life
- Earthly Body
- Green Growth Brands
- IldiPekar Skin Care & Spa
- Kana Skincare
- Kiehl’s LLC
- Kush Creams
- CBD Of London
- Endoca Company
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report
CBD Skincare: The Way Forward
Increasing adoption of consumer centric approaches and innovations in skincare using CBD will enable growth in the CBD skincare market in the coming years.
There is a great deal of optimism surrounding the use of CBD in skincare. Experts believe while several behemoths are yet to venture into the market, if CBD delivers claims it has made and provides evidences supporting these claims, it would become the most sought-after ingredient in consumer marketplace.
With the demand for holistic wellness rising, it is becoming increasingly difficult for market players to resist from exploring the prospects of CBD in skincare. FMI expects the CBD skincare market will gain pace in response to the legalization of cannabis across the world
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