The global CBD skin care market is set to grow a massive 32.9 percent a year for the next five years.
According to a report by Grand View Research, the market, which was valued at US$234 million last year, is largely driven by consumers’ growing awareness of the benefits of CBD- infused personal care products.
“Conventionally, CBD (cannabidiol – a non-psychoactive compound derived from cannabis) has been studied for its pain-relieving, relaxing and anti-anxiety properties, however, recent studies have shown that it has therapeutic benefits when applied to the skin.”
According to the company, North America held the largest share (40 percent) of the global market in 2018 and is expected to be the fastest growing market in the next five years.
“Demand for CBD skin care products from North America is expected to remain high due to the presence of a large customer base and legalisation of marijuana in US (in over 30 states) and Canada,” the report said.
“The legalisation and presence of prominent beauty care manufacturers are expected to contribute to the market growth over the next few years.”
Grand View Research, also noted that several major skincare companies have already successfully moved into the CBD market.
“For instance, Sephora had launched a special section solely dedicated to CBD skin care products in its stores,” the report said.
“Likewise, Ulta Beauty, which is known for its large network of beauty stores offering cosmetics and skin care products, is also planning to dedicate a special section for such products.”
In addition, “some of the luxury retailers are focusing on introducing CBD infused product lines such as the Murad’s Hemp Serum from Unilever, Originals Hemp Mask from Estee Lauder Companies, and Kiehl’s Cannabis Serum from L’oreal.”
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