CBD Skincare Market to Grow by USD 1.64 Billion | Market Insights and Industry Analysis by Type, Source, and Geography | Competitive Market Size, Share, Trends, and Forecast to 2024

Key CBD Skincare Market Report Highlights:

1. Market growth 2019-2024: USD 1.64 billion
2. Growth momentum & CAGR: Accelerate at a CAGR of over 33%
3. YoY growth (%): 32.45%
4. Performing market contribution: North America at 41%
5. Key consumer countries: US, UK, China, Canada, Germany

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Regional Market Analysis

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.

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Key Vendors and Vendor Strategies

Cannuka LLC, Cronos Group Inc., Elixinol Global Ltd., Endoca BV, Isodiol International Inc., Josie Maran Cosmetics LLC, Khiron Life Sciences Corp., L'Oréal SA, Medical Marijuana Inc., and The CBD Skincare Co. are few of the key vendors in the CBD skincare market.

To make the most of the opportunities, market vendors are focusing more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

• Cronos Group Inc. offers hemp-derived consumer products in the US through its subsidiary Redwood. Moreover, the company also holds operations of various manufacturing facilities in the Canadian provinces of Manitoba, Ontario and British Columbia and in Hadera, Israel, as well as an R&D facility in Beit Shemesh, Israel.
• Endoca BV offers CBD skincare products such as CBD cream, CBD salve, and CBD balm.
• Isodiol International Inc. offers CBD skincare products through its brand CannaCeuticals.

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Key Market Drivers

Our analysts have extensively outlined the information on the key market drivers and their impact on the CBD skincare market.

• Skincare benefits offered by CBD:
• CBD is the most commonly used active ingredient in various skincare products owing to its 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 helping 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 skincare 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.

To know about few other market drivers, trends, and challenges.

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