A recent report, “CBD Skincare Market – Forecasts from 2022 to 2027,” suggests that the CBD skincare market was valued at $1.346 billion in 2020.
Cannabidiol (CBD) is a naturally occurring chemical compound found in hemp. It is one of the two main active ingredients in hemp, the other being THC (tetrahydrocannabinol). CBD has many antioxidant and anti-inflammatory properties that are beneficial in treating skin problems such as dryness, inflammation, and free radical damage. It is also effective against acne, reducing sebum production in the skin, as well as treating psoriasis and eczema.
Read more on the subject and find the latest cannabis news with the Hemp.im mobile app.
CBD Cosmetics are increasingly used
Rising incomes and living standards are causing people to focus more and more on their own well-being, which includes skin care. People, especially the young, are increasingly looking for new skincare products with innovative and natural ingredients.
As a result, the demand for CBD-based skin care products is growing rapidly around the world. Awareness of the benefits of using CBD as one of the ingredients in skincare products such as serums and oils is also growing, further fueling the market growth.
In addition, market players are constantly launching new products, which is having a positive impact on the growth of the CBD cosmetics market.
CBD skincare oils
In terms of product type, CBD-based skin care oils account for a significant share of the market during the forecast period, as they are believed to have anti-aging and anti-acne properties, making them popular among women concerned about the youthfulness of their skin.
The online segment for CBD skincare products sees higher CAGR growth
The online sales segment is seeing higher CAGR (Cumulative Annual Growth Rate) growth due to the booming global e-commerce industry, data published in the report CBD Skincare Market – Forecasts from 2022 to 2027 shows.
Moreover, the growing international trade in cosmetics and skincare products is giving customers the opportunity to choose from a variety of brands that are readily available in online stores, thereby driving the growth of the CBD cosmetics market in this segment.
Europe is a major market for CBD-based cosmetics
Geographically, the global CBD cosmetics market has been segmented into North America, South America, Europe, the Middle East, Africa, and the Asia-Pacific region. Europe is the main market for CBD cosmetics, as their use is legal in almost all European countries.
The region is also home to some international cosmetic brands that are investing in research and development and introducing new lines of CBD cosmetics. North America also maintains a significant market share. The presence of major cosmetic companies in countries such as the US and Canada, combined with increased awareness of the benefits of CBD cosmetics, is driving demand for hemp cosmetics in the region.
The legalization of cannabis for recreational or therapeutic purposes in the region is further supporting the growth of the CBD cosmetics market, as it is increasingly associated with well-being when used in the right products.
For example, the 2018 Farm Bill removed hemp from the Narcotics Act and paved the way for the legal cultivation, possession, sale, and distribution of cannabis seeds, giving the United States a huge advantage in the North American CBD cosmetics market.
The Asia-Pacific (APAC) region will see significant CAGR growth over the forecast period 2022-2027, as China is one of the major markets for CBD cosmetics suppliers. The country leads the world in hemp production. Growing sales of skin care products through online channels are further contributing to the growth of the CBD cosmetics market in the region.
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First published in Fakty Konopne, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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