Global CBD Skin Care Market to Garner $3.48 Bn, at 24.8% CAGR by 2026, Globally: Says AMR
Allied Analytics LLP
4 min read
Allied Analytics LLP
The growth of the CBD skin care market is driven by a rise in preference toward sustainable skin care products and surge in awareness and acceptance of cannabis.
Wilmington, Delaware, Nov. 20, 2023 (GLOBE NEWSWIRE) -- 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 valued at $736.6 million in 2019 and is anticipated to generate $3.48 billion by 2026, witnessing a CAGR of 24.8% during 2019 to 2026.
The growth of the CBD skin care market is driven by a rise in preference toward sustainable skin care products and surge in awareness and acceptance of cannabis. On the other hand, regulatory imposition on product manufacturing & marketing and high probabilities of product contamination hamper the growth to some extent. Nevertheless, growth in revenue through online sales channels are expected to offer lucrative opportunities for the key players in the industry.
The departmental stores segment to maintain its lead till 2026-
Based on product type, the departmental stores segment held nearly one-third of the global CBD skin care market share in 2019, and is estimated to maintain its dominance 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 is boosting the growth of the segment. The e-commerce segment, at the same time, is expected to grow at the fastest CAGR of 27.4% during 2019 to 2026, due to rise in internet penetration across the globe.
The hemp segment garnered the largest share in 2018-
Based on form, the hemp segment generated more than half of the global CBD skin care market revenue in 2019, and is projected to lead the trail during the forecast period, as hemp seeds possess various healthy properties such as essential vitamins, minerals, flavonoids, and fatty acids. However, the marijuana segment is expected to witness the fastest CAGR of 25.8% till 2026. Marijuana is known to relieve anxiety, spasticity, pain, insomnia, and life-threatening conditions like epilepsy which, in turn, propels the growth of the segment.
Based on geography, North America garnered the major share in 2019, holding nearly two-fifths of the global CBD skin care market and is projected to rule the roost during the study period. After the passing of the 2018 Farm Bill, hemp cultivation, manufacturing, and distribution has become legal in the U.S. which has augmented the market growth. However, the Asia-Pacific region is estimated to manifest 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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
