The CBD skincare market will be worth nearly $3.5bn by 2026, according to analysts.
Allied Market Research’s report found sales of oils, lotions, creams, masks, serums, soaps and more are expected to rocket from $736.6 million in 2019 to hit $3.48bn – a rise of 24.8% from 2019–2026.
It states: “ (A) rise in preference toward sustainable skin care products, and increase in awareness and acceptance of cannabis are the major factors fuelling the growth of the global CBD skin care market.
“On the other hand, high probabilities of product contamination and regulatory imposition on product manufacturing and marketing curtail down the growth to some extent.
“Nevertheless, growth in revenue through online sales channels are expected to usher in a number of opportunities for the key players in the industry.”
The hemp segment accounted for more than half of the global CBD skin care market revenue in 2019, and is anticipated to rule the roost during the study period thanks to its healthy properties such as essential vitamins, minerals, flavonoids, and fatty acids, according to researchers.
Based on product type, the departmental stores segment contributed to nearly one-third of the global CBD skin care market share in 2019, and is expected to dominate throughout the forecast period.
North America is expected to comprise nearly two-fifths of the global CBD skincare market, fuelled by the passing of the 2018 Farm Bill, which made hemp cultivation, manufacturing, and distribution legal in the US.
At the same time, the region across Asia-Pacific would register the fastest growth of 26.7% during the estimated period.
Asia-Pacific nations like Thailand are pioneering to the benefits of the drug and represent enormous market opportunities to benefit from the global trend toward the legalisation of cannabis.