CBD (Cannabidiol) is a naturally-occurring chemical compound present in cannabis plants (example: marijuana and hemp). It is one of the two primary active ingredients of cannabis, the other one being THC (tetrahydrocannabinol). Unlike THC, pure CBD is a non-psychoactive cannabinoid; it does not make the person feel high. Research shows that CBD may be useful in reducing anxiety, chronic inflammation and pain, insomnia, and some forms of childhood epilepsy. Also, CBD may help prevent cognitive decline and in treating substance use disorder. CBD is known for its healing properties. It offers some serious antioxidant and anti-inflammatory benefits which can be beneficial in treating skin concerns such as inflammation, dryness, and free radical damage.
In terms of dealing with increasing inflammatory conditions, CBD is helpful in reducing sebum production clinically, reduces inflammation on a cellular level, reduces redness, and suppresses itch. Moreover, CBD helps in lowering the duration of breakouts and aids the skin’s natural healing process. CBD also helps to bring down pain caused by inflammatory skin conditions. These factors are anticipated to drive the demand for CBD skin care products in the near future.
Scientific advancement, and innovative extracts and blends of CBD have taken the CBD skin care market to new heights. Various multinational manufacturers have launched their products with CBD in it and are successfully capturing the new market space and creating immense opportunities for their products in the market. In 2020, Avon announced plans for a new vegan skin care range that would include CBD oil. As the cannabis beauty market expands, it seems that every brand involved has its own specialized approach to ingredients. These factors boost the growth of the market.
CBD is still an illegal market in several countries and therefore continues to face slow demand growth due to limited regional availability. Moreover, complicated rules and regulatory structures by governments pertaining to the usage of CBD is projected to hinder the global demand for CBD skin care products throughout the forecast years. According to the 2018 Farm Bill, cannabinoids derived from industrial hemp, containing less than 0.3% THC are legal. Different countries have different rules; in Canada and New Zealand, CBD oil is banned, though hemp oil is okay. In the U.S., CBD is allowed in states where marijuana is legalized but may or may not be permitted in other states. These restrictions hamper the growth of the market.
China and India are the largest markets for CBD skin care. Well known countries specializing in the beauty business such as South Korea, Japan, China, and India are expected to offer promising opportunities for the CBD skin care market. These factors are likely to offer new opportunities to the market in the region.
Companies are working on product innovation and development to increase their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the major companies identified in the CBD skin care market are:
CBD Skin Care Market, by Type
CBD Skin Care Market, by Source
CBD Skin Care Market, by Distribution Channel
CBD Skin Care Market, by Region
The report on the CBD skin care market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.