CBD Skincare Market by Type, Source, and Geography - Forecast and Analysis 2020-2024

The CBD skincare market share is expected to increase by USD 1.64 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 33%.

This CBD skincare market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers CBD skincare market segmentation by type (oils, CMC, and MSL), source (hemp and marijuana), and geography (North America, Europe, APAC, South America, and MEA). The CBD skincare market report also offers information on several market vendors, including Cronos Group Inc., Elixinol Wellness Ltd., Endoca BV, Green Light Acquisitions LLC, Isodiol International Inc., Josie Maran Cosmetics LLC, Khiron Life Sciences Corp., LOreal SA, Medical Marijuana Inc., and The CBD Skincare Co. among others.

What will the CBD Skincare Market Size be During the Forecast Period?

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CBD Skincare Market: Key Drivers, Trends, and Challenges

The skincare benefits offered by CBD is notably driving the CBD skincare market growth, although factors such as the easy availability of counterfeit products may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the CBD skincare industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key CBD Skincare Market Driver

The skincare benefits offered by CBD is one of the key drivers supporting the CBD skincare market growth. The skin calming and skin normalizing properties of CBD make it ideal for sensitive skin by minimizing issues related to skin sensitivity, such as skin redness. It is also a very popular skin conditioning agent that helps in enhancing the overall appearance of the skin by making it soft and smooth. It is considered a natural remedy for treating psoriasis, a chronic autoimmune disease, where skin cells grow at an accelerated rate. Therefore, the numerous skincare benefits of CBD make it a popular ingredient in many skincare products. As a result, CBD-infused cosmetics are being increasingly demanded by consumers globally. This, in turn, is a major factor that will drive the growth of the global CBD skincare market during the forecast period.

Key CBD Skincare Market Trend

The increasing collaboration among vendors and business expansion is another factor supporting the CBD skincare market growth. Such collaborations among market participants help them to expand their product portfolios, geographic presence, as well as distribution networks. Moreover, strategic collaborations enable companies to gain access to new products, technologies, and resources and, thereby, improve their market shares. Also, expansion of business by vendors enables them to widen their customer base by increasing their geographical presence. All these factors are expected to potentially drive the business of the vendors operating in the market and thereby contribute to the growth of the global CBD skincare market during the forecast period.

Key CBD Skincare Market Challenge

The easy availability of counterfeit products is one of the factors hindering the CBD skincare market growth. Counterfeiting has increased over the past few years, as consumers prefer low-priced products to expensive ones. The digital era makes it possible for counterfeiters to sell their products without a prior product review or inspection. Therefore, the presence of numerous counterfeit products can lead to market fragmentation, which can lead to the lack of price standardization, an uneven competitive scenario, and the erosion of market share held by international vendors. Moreover, there are several countries across the world where the selling of CBD skincare products has yet not been legalized. This has led to the illegal sales of CBD skincare products in these countries where the products offered by the manufacturers do not adhere to the general standards associated with the manufacturing, labeling, and selling of these products. Such factors are hindering market growth.

This CBD skincare market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the CBD skincare market as a part of the global personal products market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the CBD skincare market during the forecast period.

Who are the Major CBD Skincare Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Cronos Group Inc.
• Elixinol Wellness Ltd.
• Endoca BV
• Green Light Acquisitions LLC
• Isodiol International Inc.
• Josie Maran Cosmetics LLC
• Khiron Life Sciences Corp.
• LOreal SA
• Medical Marijuana Inc.
• The CBD Skincare Co.

This statistical study of the CBD skincare market encompasses successful business strategies deployed by the key vendors. The CBD skincare market is fragmented and the vendors are deploying growth strategies such as new product launches and business expansions to compete in the market.

Product Insights and News

• Isodiol International Inc. -The company offers CBD-based products such as serum, cream, lip and eye gel, toner, night cream, cleanser, and enzyme mask.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The CBD skincare market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

CBD Skincare Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the CBD skincare market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the personal products market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for CBD Skincare Market?

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41% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for CBD skincare market in North America. Market growth in this region will be faster than the growth of the market in other regions.

The growing awareness among consumers about the several skincare benefits of CBD-based products will facilitate the CBD skincare market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Source Segments in the CBD Skincare Market?

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The CBD skincare market share growth by the hemp segment will be significant during the forecast period. The hemp plant has a unique combination of cannabinoids, terpenes, essential fatty acids, and other vital nutrients, and its derived products are used for several industrial purposes. Hemp-derived skincare products are used for various health benefits provided by these products, including the treatment of various types of skin disorders. Growing awareness about the benefits of hemp-derived skincare products among consumers worldwide is expected to drive the growth of this segment significantly during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the CBD skincare market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this CBD Skincare Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive CBD skincare market growth during the next five years
• Precise estimation of the CBD skincare market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the CBD skincare industry across North America, Europe, APAC, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of CBD skincare market vendors

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