CBD Skincare Market Expected To Experience Tremendous Growth
The overall cannabidiol (CBD) industry has experienced significant growth in recent years due to regulatory reforms and increased demand by consumers and patients. One sector that is witnessing the most growth is the CBD skincare market, which is projected to expand considerably in the coming years.
According to a recent market analysis by Allied Market Research, the global CBD skincare market is projected to reach $8.9 billion in value by 2033, a CAGR of 19.5%. The same market analysis estimates that the CBD skincare market was valued at $1.5 billion in 2023.
“Continuous innovation and new product launches by major skincare brands are attracting consumers and expanding the market. The influence of social media and celebrity endorsements is further enhancing market growth.” the researchers stated.
“Moreover, the increased availability of CBD skincare products through various retail channels, including online stores, specialty beauty shops, and health stores, is facilitating market expansion.” the researchers also stated.
A separate recent market analysis by SNS Insider also projects that the CBD skincare market will experience tremendous growth in the near future. According to SNS Insider, the CBD skincare market will be worth a projected $22.19 billion by 2032, a CAGR of 28.7%.
“Industry reports suggest that CBD skincare products are going to move upward, as growing awareness regarding the anti-inflammatory and antioxidant effects of CBD is entering as one of the largest most sought-after ingredients in modern skincare routines.” SNS Insider stated about the CBD skincare market. The market researchers also determined the following:
- In 2023, the oils segment accounted for over 38.8 % of the total market share in the CBD skincare market
- The segment of department stores had the highest share, above 29.0% in 2023
- Hemp-based products topped the market with over 63.5% share in the year 2023
- North America was established as a market leader in the CBD skincare product market in 2023
Additionally, according to a recent analysis by Research and Markets, the CBD nutraceuticals market will be worth an estimated $29.1 billion by 2030. The market analysis estimates that the CBD nutraceuticals market will be worth $9.7 billion in 2024.
