CBD is found in the marijuana plant which is both legal and non-psychoactive to buy in its isolated form. There is difference between cannabis and cannabidiol where cannabidiol (CBD) is a naturally occurring compound derived from the cannabis compound that are without the typical psychoactive effects. The emerging trend of the interest in the cannabis-derived skin care products that include Cannabidiol (CBD). CBD skincare include creams, cleanser, moisturizers, hair serums, skin oil and face masks. It is considered to be effective and safe for all typed of skin but it is particularly effectual for the skin with conditions such as sensitivity, inflammatory, acne prone and dryness.
CBD aids in the skin’s natural healing process where it provides relief from inflammation, anxiety and pain. It can support the skin’s natural healing process and be extremely effective in the treatment for multiple conditions like epilepsy, depression and schizophrenia. Cannabis-derived skin care is observing gradual increase in the demand due to the limited availability in several regions. However, CBD is still facing challenges in the market, for instance, CBD cultivation and usage is still illegal in many countries and the products are quite expensive these factors are hindering the market growth of CBD skin care from reaching its full potential.
Market Size of the CBD Skincare Market
Cannabidiol is a non-psychoactive extract of the hemp plant. It has been studied for its pain-relieving, anti-anxiety and relaxing properties and the results has shown the therapeutic benefits when applied to the skin. The consumers especially the millennials are demanding are searching for the new skincare products that have natural ingredients and are innovative. CBD’s ingredients have healing properties which is forcing the manufactures to focus and develop the products that are infused with the benefits of CBD. Rise in the awareness about the various benefits and properties of CBD if fuelling the market growth and the demand of the CBD skincare.
In November2016, San Francisco had fully embraced and welcomed marijuana Agricultural Improvement Act of 2019 which eliminated the hemp from the Controlled Substance Act and was the hemp plant was officially recognized as the agricultural crop which means the hemp was no longer an illegal substance under US Federal Law. With the legalization of CBD cultivation and the products, the CBD market expanded in North America. With rapidly increasing popularity of the CBD skincare products, the investors have started to see CBD as an opportunity and is investing in the CBD skincare product.
The emerging demand and popularity of the CBD skincare products and rise in the investments is motivating the manufactures to actively engage in the innovation and launching of the new products with rigorous growth strategies and distribution channels is positively impacting the growth of the CBD skincare market.
The key players of the CBD skincare market are strengthening their distribution channel in the retailing with the aim to increase the sales revenue. The trend of the social media has become the attractive platform for the beauty bloggers and vloggers to provide an effective channel to expand the consumer reach. The manufactures are taking advantage of the channel and are collaborating with them for promotion. These factors are expanding the CBD skincare market. Sephora had launched a special section that is dedicated especially for the CBD skincare and luxury retailer such as Murad’s Hemp Serum from Uniliver.
Market Growth of CBD Skincare Market
CBD is used for the natural healing of the skin care conditions such as dry skin, psoriasis, eczema, and acne. It is found in the marijuana plant and is legal to buy in its isolated form. Originally the CBD was being studied for its properties such as pain-relieving, relaxing and anti-anxiety property. After it showed therapeutic benefits, the consumers realised its benefits and started demanding the products and adopting in their daily skincare routine. In addition, the official recognition of the hemp as the agricultural crop in North America has further surged the demand of the CBD skincare market. The Body Shop was one of the first major cosmetic players to recognise the benefits of the CBD skincare thus had introduce the hemp range of the products in the CBD market.The manufactures are collaborating with the farmers to get the ingredients directly from them. This is further attracting the consumers towards the CBD products.
The CBD skincare market in Asia Pacific is predicted to witness the substantial growth during the forecasted period. The countries in the Asia Pacific including China, India, Japan and Korea are offering the promising opportunities for the CBD skincare market. Korean and Japanese beauty products and trends like J-Beauty and K-beauty are dominating the skin care market. These factors are predicting the fastest growth in Asia. But there are still challenges in the market like cannabis is still illegal all across Asia.
North America is expected to be the fastest growing market in the forecasted period. It holds largest share of the market and it is predicted to remain high due to the presence of the large customer base and due to the act of 2018 of legalization of marijuana.
CBD skincare offers different product types such as serums, creams, moisturizers, cleansers, sunscreen, CBD oil among others. CBD oil is in high demand and are the leading segment. The consumers including the millennials have realised the benefits of the CBD skincare are demanding the products. The manufacturers and suppliers are focusing on innovating and launching the CBD products in the market. CBD skincare is a burgeoning trend in the skincare industry. Korean and Japanese beauty products and trends like J-Beauty and K-beauty are dominating the skin care market is driving the growth of the CBD skincare products.
The trend of the CBD skincare has emerged in Latin America due to the favourable regulatory approach and is witnessing the spurge in the demand, business initiatives and product launches
The hemp was being used in the beauty treatment since a long time but currently CBD skincare is now the key focus of the manufactures. They are paying more attention to the innovation of the CBD skincare products with emphasis on the natural and organic ingredients for more conscious consumers.