CBD is found in the marijuana plant which is both legal and non-psychoactive to buy in its isolated form. There is a difference between cannabis and cannabidiol where cannabidiol (CBD) is a naturally occurring compound derived from the cannabis compound that is without the typical psychoactive effects. The emerging interest in cannabis-derived skincare products includes 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 types of skin but it is particularly effective 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 of multiple conditions like epilepsy, depression, and schizophrenia. Cannabis-derived skincare is observing a gradual increase in 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 skincare from reaching its full potential.
CBD Skincare Market Size
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 have shown the therapeutic benefits when applied to the skin. Consumers, especially the millennials are demanding are searching for new skincare products that have natural ingredients and are innovative. CBD’s ingredients have healing properties which are forcing the manufacturers to focus and develop the products that are infused with the benefits of CBD. The rise in awareness about the various benefits and properties of CBD is fuelling the market growth and the demand for CBD skincare.
In November 2016, San Francisco had fully embraced and welcomed the marijuana Agricultural Improvement Act of 2019 which eliminated hemp from the Controlled Substance Act and was the hemp plant was officially recognized as an 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 the rapidly increasing popularity of CBD skincare products, investors have started to see CBD as an opportunity and are investing in CBD skincare products.
The emerging demand and popularity of CBD skincare products and rise in investments are motivating the manufacturers to actively engage in the innovation and launching of the new products with rigorous growth strategies and distribution channels are positively impacting the growth of the CBD skincare market.
The key players of the CBD skincare market are strengthening their distribution channel in retailing with the aim to increase sales revenue. The trend of social media has become an attractive platform for beauty bloggers and vloggers to provide an effective channel to expand the consumer reach. The manufacturers 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.
CBD Skincare Market Growth
CBD is used for the natural healing of the skincare 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 properties. After it showed therapeutic benefits, the consumers realized its benefits and started demanding the products and adopting them in their daily skincare routine. In addition, the official recognition of 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 recognize the benefits of CBD skincare thus had introduced the hemp range of the products in the CBD market. The manufacturers are collaborating with the farmers to get the ingredients directly from them. This is further attracting consumers towards CBD products.
The CBD skincare market in the Asia Pacific is predicted to witness substantial growth during the forecasted period. The countries in the Asia Pacific including China, India, Japan, and Korea are offering promising opportunities for the CBD skincare market. Korean and Japanese beauty products and trends like J-Beauty and K-beauty are dominating the skincare 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 the largest market share and it is anticipated 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 is the leading segment. Consumers including the millennials have realized the benefits of CBD skincare are demanding the products. The manufacturers and suppliers are focusing on innovating and launching 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 skincare market are driving the growth of CBD skincare products.
The trend of CBD skincare has emerged in Latin America due to the favorable regulatory approach and is witnessing a surge in demand, business initiatives, and product launches.
Hemp was being used in beauty treatment for a long time but currently, CBD skincare is now the key focus of the manufacturers. They are paying more attention to the innovation of CBD skincare products with an emphasis on natural and organic ingredients for more conscious consumers.