CBD cannabis lotion

CBD Skin Care Market Forecast To Reach $14 Billion By 2030

Certain sectors of the emerging legal cannabis industry have the potential to experience a massive boost in demand in the coming years for various reasons, and one of those sectors is cannabis topicals and skin care.

According to Grand View Research, the global skin care market was worth an estimated $135.83 billion in 2022. Cannabis topicals are appealing to many cannabis consumers, especially newbies and people using cannabis after a long hiatus. Looking toward the future, cannabis topicals are set to gain a larger share of the overall global skin care market.

Persistence Market Research conducted an analysis in late 2023, looking specifically at the potential trajectory of the global CBD skin care market between the period of 2022 and 2030.

“The projected trajectory of the global CBD Skin Care market indicates a robust growth rate, with a forecasted Compound Annual Growth Rate (CAGR) of 22.1%. This anticipated expansion is poised to propel the market from its estimated value of US$3.4 billion in 2023 to an impressive US$14 billion by the conclusion of the year 2030.” Persistence Market Research stated in a press release at the time of the publishing of their findings.

“Factors contributing to this growth include the increasing awareness of CBD’s skincare benefits, changing consumer preferences towards natural ingredients, and the expanding legalization of cannabis-derived products in various regions.” Persistence Market Research also stated.

“The market appeals to a diverse consumer base, including individuals seeking natural remedies for skin conditions, anti-aging solutions, and those interested in sustainable and cruelty-free products.” the press release also stated.

Persistence Market Research also listed the following contextual industry analysis information in regards to their reported findings:

Market segmentation plays a pivotal role in understanding and catering to the diverse needs of consumers within the rapidly expanding CBD skincare market. This niche market, characterized by the integration of cannabidiol (CBD) into skincare products, can be effectively segmented based on several key factors.

  • Product Type: The CBD skincare market exhibits a wide array of product types, ranging from creams and serums to balms and cleansers. Each product type targets specific skincare concerns, such as anti-aging, acne management, or general skin health. For instance, anti-aging creams infused with CBD extract appeal to consumers seeking natural and holistic solutions for maintaining youthful skin.
  • Price Range: Market segmentation based on price caters to diverse consumer budgets. The CBD skincare market offers products spanning from affordable options for the budget-conscious consumer to premium, high-end formulations. This segmentation ensures accessibility for a broad spectrum of customers, allowing them to choose products aligned with their financial preferences.
  • Packaging Type: CBD skincare products come in various packaging types, each designed to enhance convenience and aesthetic appeal. Segmentation based on packaging may include traditional tubes, pump dispensers, or eco-friendly options like recyclable jars. The choice of packaging can influence consumer perceptions and align with their preferences for sustainability and ease of use.
  • Source Type: Considering the source of CBD is crucial for market segmentation. CBD can be derived from hemp or marijuana plants, with each source offering distinct properties. Segmentation based on source type allows consumers to make informed choices, taking into account factors like THC content, legal considerations, and the entourage effect associated with different plant sources.
  • Region: Geographical segmentation acknowledges the varying regulatory landscapes and cultural preferences across different regions. Consumer preferences and regulations may differ significantly between, for example, North America, Europe, and Asia. Tailoring marketing strategies and product formulations to regional nuances ensures better market penetration and consumer acceptance.