Cannabidiol, or CBD, is removed in powder form, and is generally blended with a several kinds of oils comprising coconut, hemp, or olive oil, to boost its effectiveness in wide-ranging applications. They possess numerous properties such as antioxidant, skin soothing, and anti-inflammatory that makes it among the major constituent in personal care and skin care products.
The growth of the global CBD skin care market is mainly driven by the increase in cannabis and cannabidiol applications throughout the beauty and wellness sector. Further, increase in disposable income is projected to propel the product demand, which entails high quality cleanser, cream, oil, and other products. In addition, rise in fashion cognizance among the youth in budding economies is expected to boost the global CBD skin care market growth in the coming period.
The global CBD skin care market can be segregated based on distribution channel, source, product type, and geography. The market, by product type, is divided into lotion & creams, oils, bath & soaps, masks & serums, and others. The market, by form, is diversified into marijuana and hemp. The market, by distribution channel, is categorized into e-commerce, departmental stores, retail pharmacies, hypermarkets/supermarkets, and others.
Regionally, in 2018, the global CBD skin care market was governed by North America with the highest market share and is anticipated to be the quickest developing market during the forecast period. This regional expansion can be attributed to the higher CBD skin care product demand in this region owing to the existence of a huge consumer base and authorization of marijuana in Canada and the US. Likewise, Asia Pacific is also projected to observe momentous expansion during the years to come. Leading beauty expert nations like India, China, Korea, and Japan are expected to offer promising avenues for the market expansion.
The major players functional within the global CBD skin care market comprise Cannuka LLC, Kiehl’s LLC, Medical Marijuana Inc., Leef Organics, Kapu Maku LLC, Lord Jones, Elixinol Global Limited, VERTLYBALM, Endoca LLC, Fab CBD Company, Varm Cosmo, L’Oreal, Apothecanna, L’Eela, Kana Skincare, Charlotte’s Web Holdings, Cronos Group, Josie Maran Cosmetics, Estee Lauder, and CBD Biotech.
Numerous prominent firms are concentrating on, merger & acquisition, collaborations, partnership, and R&D to create new technologies that can transform the landscape of global CBD skin care market. To cite, in November 2020, Flora Growth Corp. declared that its Flora Beauty division has inked a deal with Grupo SACI Falabella, the biggest Latin American retailer, to deal out products from the CBD skincare brand created by Paulina Vega, Mind Naturals.