CBD Skin Care Tops $736 Million

The launch pad has already been a busy place in beauty, and according to a new market report, CBD skin care sales are expected to continue to rise dramatically over the next few years. Allied Market Research contends the CBD skin care market will rise from an estimated $736.6 million in 2019 to $3.48 billion by 2026, registering a CAGR of 24.8% during 2019–2026.

Rise in preference toward sustainable skin care products, and increase in awareness and acceptance of cannabis are the major factors fueling the growth of the global CBD skin care market, according to Portland, OR-based group. On the other hand, high probabilities of product contamination and regulatory imposition on product manufacturing and marketing curtail down the growth to some extent. Nevertheless, growth in revenue through online sales channels are expected to usher in a number of opportunities for the key players in the industry, said Allied Market Research.

The hemp segment accounted for more than half of the global CBD skin care market revenue in 2019, and is anticipated to rule the roost during the study period. 

Based on product type, the departmental stores segment contributed to nearly one-third of the global CBD skin care market share in 2019, and is expected to dominate throughout the forecast period. CBD skincare products have been made available by the market players in small departmental shops, and hence they are attracting a large number of customers through the same. This factor has driven the growth of the segment. E-commerce, however, will have the fastest CAGR of 27.4% during 2019–2026.  

Based on geography, North America held the major share in 2019, generating nearly two-fifths of the global CBD skin care market. 

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