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.

Regional Analysis

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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• US: The US is the largest country-level market contributing significantly to the growth of the North American CBD skincare products. Retail giants such as Neiman Marcus, Sephora, Vitamin Shoppe, Kroger's, Barneys, CVS, and Walgreen's entered the CBD skincare market after the legalization of cannabis under the US Farm Bill in 2018. This has influenced the key players to increase their production capacity and work on innovative launches of CBD skincare products.

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.

• Germany: The country accounted for a dominant share of the market in Europe due to the presence of major skincare product manufacturers and increased consumer spending on beauty products. In Germany, total consumer spending on beauty products was approximately USD 14.3 billion in 2018.

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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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