By / March 23, 2023

The CBD Skincare Market Is Booming

Cannabidiol (CBD), a naturally occurring chemical compound found in cannabis, is booming in popularity in skincare products. It has many antioxidant and anti-inflammatory properties that are beneficial in treating skin problems such as dryness, inflammation, and free radical damage. It is also effective against acne, reducing sebum production in the skin and treating psoriasis and eczema.

A recent report, “CBD Skincare Market – Forecasts from 2022 to 2027,” suggests that the CBD skincare market was valued at $1.346 billion in 2020.

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CBD Cosmetics Are Gaining in Popularity

Rising incomes and living standards are causing people to focus more and more on their own well-being, which includes skincare. As a result, people, especially the young, are increasingly looking for new skincare products with innovative and natural ingredients.

As a result, the demand for CBD-based skincare products is snowballing worldwide. Awareness of the benefits of using CBD as one of the ingredients in skincare products, such as serums and oils, is also growing, further fueling the market growth.

In addition, market players are constantly launching new products, which positively impacts the growth of the CBD cosmetics market.

CBD Skincare Oils Gain Popularity

In terms of product type, CBD-based skincare oils account for a significant share of the market during the forecast period, as they are believed to have anti-aging and anti-acne properties, making them popular among women concerned about the youthfulness of their skin.

Online Segment Sees Higher CAGR Growth over Forecast Period

The online sales segment is seeing higher CAGR (Cumulative Annual Growth Rate) growth due to the booming global e-commerce industry, data published in the report CBD Skincare Market – Forecasts from 2022 to 2027 shows. Moreover, the growing international trade in cosmetics and skincare products is allowing customers to choose from a variety of brands readily available in online stores, thereby driving the growth of the CBD cosmetics market in this segment.

Europe Is a Major Market for Cosmetics with CBD

Geographically, the global CBD cosmetics market has been segmented into North America, South America, Europe, the Middle East, Africa, and the Asia-Pacific region. However, Europe is the main market for CBD cosmetics, as their use is legal in almost all European countries.

The region is also home to some international cosmetic brands that are investing in research and development and introducing new lines of cosmetics with CBD. North America also maintains a significant market share. The presence of major cosmetic companies in countries such as the US and Canada, combined with increased awareness of the benefits of CBD cosmetics, is driving demand for CBD cosmetics in the region.

Cannabis Legalization Fuelling CBD Growth

The legalization of cannabis for recreational or therapeutic purposes in the region is further supporting the growth of the CBD cosmetics market, as it is increasingly associated with well-being when used in the right products.

For example, the 2018 Farm Bill removed cannabis from the Narcotics Act and paved the way for the legal cultivation, possession, sale, and distribution of cannabis seeds, giving the United States a huge advantage in the North American CBD cosmetics market.

The Asia-Pacific (APAC) region will see significant CAGR growth over the forecast period 2022-2027, as China is one of the major markets for CBD cosmetics suppliers. The country leads the world in hemp production. Growing sales of skincare products through online channels are further contributing to the growth of the CBD cosmetics market in the region.

(Featured image by Laryssa Suaid via Pexels)

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