Market overview:

The GLOBAL CBD SKIN CARE MARKET is estimated to develop with a considerable CAGR during the outlook period 2021-2026.

CBD is also known as cannabidiol that is a non-toxic compound derived from hemp plant otherwise known as marijuana. CBD is extracted in powder form and is commonly mixed with various types of oils, including coconut, olive, or hemp oil to increase the effectiveness of CBD in a variety of applications. CBD oil-based products are made up of many types of properties, including antioxidants, anti-inflammatory, and skin soothing. Due to these excellent properties in a single blend, CBD oil is one of the key components of skin care and personal care products.

Recent developments:

In April 2019, Ovation Science Inc. announced the launch of a new line of topical skin care products called ARLO Beauty, a blend of cannabidiol derived from hemp.

Market Drivers and Restrains:

Increasing disposable income over the years is supposed to augment the demand for CBD skincare, which includes high-quality creams, cleansers, oils, and other products. It is likely to lead the global CBD skincare market within the forecast period as awareness of the benefits of CBD-infused personal care products increases due to their antioxidant properties. Cannabidiol is a natural compound derived from the cannabis plant and is one of the 100 cannabinoids present in the cannabis plant. Growing youth fashion awareness in emerging economies is expected to drive demand for CBD skincare products in Tier 2 and Tier 3 metropolitan areas. These products have antioxidant properties that counteract the signs of aging, mainly in the elderly population. Growing awareness of the products' healing properties also encourages manufacturers also driving the market growth. On the contrary, CBD skin care products can cause swelling, itching, and peeling of the skin. This factor will hamper the market. Also, some countries still prohibit the use of CBD that interferes with the business expansion.

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Report is segmented as:

The global CBD Skin Care market is segmented based on source, product type, and distribution channel.

By product type, the CBD Skin Care market is segmented into Lotions and Creams, Oils, Bath and Soaps, Masks and Serums, etc. Depending on their shape, they are branched into marijuana and hemp. By distribution channel, it is classified into e-commerce, department stores, retail pharmacies and hypermarkets/supermarkets.

Geographical Segmentation:

North America had the largest share of over 40.0% in 2020 and is foreseen to be the fastest growing market for the envisioned period. The demand for CBD skincare products in North America is expected to remain high due to the large customer base and legalization of marijuana in the United States and Canada. It is likely that the legalization and presence of renowned manufacturers of beauty products will contribute to the growth of the market in the coming years. The Asia Pacific region is estimated to register significant growth in the coming years. Distinguished beauty expert countries such as India, China, Japan and Korea are expected to provide potential market growth opportunities for CBD skin care market in this locale.

Key market players:

Key players operating in the global CBD skincare industry include Cannuka LLC, Fab CBD Company, Kiehl's LLC, Medical Marijuana Inc., Leef Organics, Kapu Maku LLC, Lord Jones, Elixinol Global Limited, VERTLYBALM and Endoca LLC.

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Scope of the report:

The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.

The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.

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