CBD Skincare Products Industry Size, Status and Forecasts till 2025
Posted by Pradeep Zende on November 18th, 2019
The Global CBD Skincare Products Market is projected to be valued at USD 3.2 Billion by 2025 at a CAGR of 29.1% between 2019 and 2025. The demand for CBD skincare products is increasing with the legalization of cannabis. Consumers across the globe are inclined toward personal care products with natural ingredients to avoid the side effects caused by synthetic ingredients. Around 48% of consumers globally are willing to pay a premium for products with organic and natural ingredients. Increasing awareness of the skin benefiting properties of cannabis is driving the growth of the global CBD skincare products market. The existing players in this market are focusing on product innovation and development. The manufacturers are also adopting strategies for introducing products with various labels such as organic and cruelty-free.
North America: North America accounted for nearly 35% of the global CBD skincare products market in 2018. It is projected to continue to dominate the market during the forecast period with the legalization of cannabis in Canada and major parts of the US. The flow of new entrants in the CBD market has rapidly increased in the US since 2018 which has led to the growth of the regional market.
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Europe: The increasing demand for natural and organic ingredients in the personal care industry is expected to drive the growth of the CBD skincare products market in Europe during the forecast period. The market in this region is expected to register a steady CAGR with the growth of the CBD market. Currently, the CBD market in Europe is valued at approximately USD 589 million.
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Asia-Pacific: The CBD skincare products market in Asia-Pacific is in its early growth stage owing to restrictions on cannabis across the region. Thus, it is an untapped market with lucrative growth opportunities. the legalization of the commercial use of cannabis is expected to drive the growth of the market in this region. The recent legalization of cannabis for medical use in Thailand and the on-going debate for legalization in various other countries act as opportunities for players in the CBD skincare market in Asia-Pacific.
Rest of the World: The market in the rest of the world includes South America, Africa, and the Middle East. The region accounts for the smallest revenue share of the global CBD skincare products market. South America is a key market for CBD skincare products in the region, with Uruguay, Colombia, Peru, and Argentina contributing significantly to market growth.
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About the AuthorPradeep Zende
Joined: February 12th, 2019
Articles Posted: 396
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