Cannyx Market Data Snapshots
New data suggests that the Global CBD skincare market is poised to grow by $1.64 USD billion during 2020-2024, progressing at a CAGR of over 33% during the forecast period.
Regional Segmentation
North America had the largest CBD skincare market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing demand for a wide range of CBD skincare products and the presence of a large number of major vendors will significantly influence CBD skincare market growth in this region.
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 in North America. Market growth in this region will be faster than the growth of the market in other regions.
Key Drivers and Trends
CBD is the most commonly used active ingredient in various skincare products owing to the numerous properties that are highly beneficial for health. The anti-inflammatory benefits of CBD make it a suitable ingredient for skincare products that can be used on acne-prone skin. Moreover, it also helps in reducing excess sebum production, thereby helps in controlling acne. Furthermore, 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. Also, CBD is considered a natural remedy for treating psoriasis, a chronic auto-immune disease, where skin cells grow at an accelerated rate. The numerous skin benefits of CBD make it a popular ingredient in many skin care products, and CBD-infused skincare products are being increasingly demanded by consumers globally. This, in turn, will significantly influence CBD skincare market growth during the forecast period.
- The growing influence of digital media among millennial and middle-aged populations has led to awareness about the numerous health benefits of CBD skincare products.
- The growing demand for CBD skincare products among the millennials and middle-aged population is one of the key CBD skincare market trends as they are highly concerned about their appearance.
- CBD-infused skincare products are highly preferred as they help in keeping the skin hydrated and healthy.
- Also, increasing awareness about maintaining a healthy lifestyle is encouraging consumers to invest in CBD skincare products.
- During 2020-2024, the market will grow at a CAGR of over 33%.
Source | Technavio
