Growth and Gains in the CBD Skin Care Market
CBD continues to gain traction in market value and widespread public acceptance and use is leading to steady growth amongst the many products this potent cannabinoid can be found in. A somewhat recent but steadily growing sub-market of the CBD sector overall lies in emergent demand for CBD skin care products. This rise in popularity of CBD infused skin care products casts attention on another growing offshoot within the cannabis industry and a key market segment to watch in the near future.
Future Market Insights (FMI), a leader in market intelligence and consulting reports that the CBD skin care market value is anticipated to grow at a compound annual growth rate (CAGR) of over 33% into 2027. This report, entitled “CBD Skin Care Market: Global Industry Analysis and Opportunity Assessment 2019-2027,” also estimates total sales revenue for CBD skin care products to approach $650 USD in 2019 with only continued growth on the horizon.
Fueling this growth not only comes from the rise in popularity of CBD products overall and widespread legalization of cannabis products on a national and international level, but is also due to the regenerative and healing effects the cannabinoid has on the skin. CBD skin care products are popping up all over the cosmetics market in the form of skin creams, lotions, serums, and treatments. Many of these CBD skin care products claim to offer excellent anti-aging benefits alongside other restorative properties that are safe and effective for nearly any skin type. The ability of CBD to reduce inflammation has shown the ability to increase skin hydration, offering relief for conditions such as eczema, psoriasis, and overall dryness.
The North American market is leading the growth and momentum in CBD skin care products as upward trends in availability and understanding lead the public towards available offerings. A strong US cosmetic industry is encouraging the advancement of CBD products and federal legalization of cannabis in Canada lends to much potential growth in the country as well.
CBD oil is the most popular skin care product and projected to stay that way for the foreseeable future while other CBD derived products still stand to see increased profits and potential over the next decade due to the certain growth within the market.