Hemp CBD Skin Care Market Size (2024 – 2030)

The Global Hemp CBD Skin Care Market was valued at USD 2.58 billion and is projected to reach a market size of USD 5.81 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 12.3%. 

CBD (Cannabidiol) constitutes a naturally occurring chemical compound found in various cannabis plants, including marijuana and hemp. It stands as one of the primary active elements within cannabis, with THC (tetrahydrocannabinol) being the alternative major constituent. In contrast to THC, pure CBD operates as a non-psychoactive cannabinoid, devoid of inducing a heightened state in the individual. Studies suggest that CBD holds potential benefits in mitigating anxiety, chronic inflammation, pain, insomnia, and specific forms of childhood epilepsy.

Hemp, a variant of the Cannabis sativa plant species, is selectively cultivated for industrial purposes, contributing to a diverse array of products, such as medical marijuana. Similar to bamboo, hemp stands as one of the most rapidly growing plants globally. Its applications extend to addressing conditions such as constipation, elevated cholesterol, eczema (atopic dermatitis), and inflammation. Hemp seeds contain fats, proteins, and other compounds, with the fats potentially aiding in reducing inflammation, fostering the expansion of the hemp CBD industry. The endocannabinoid system collaborates with CBD to alleviate a broad spectrum of symptoms, engaging various biological pathways believed to yield therapeutic effects.

Specific compounds within hemp seeds facilitate bowel movements and reduce blood pressure. The Hemp CBD Industry is advancing, fueled by the increasing acceptance of sophisticated CBD products and the legalization of medical marijuana and marijuana-derived products for diverse medical purposes. Moreover, the use of hemp CBD is on the rise, owing to its anti-inflammatory, anti-aging, and antioxidant attributes. Industries such as pharmaceuticals, personal care and cosmetics, and food and beverages are actively producing CBD-derived products for health and wellness purposes, contributing to anticipated market growth throughout the forecast period spanning from 2023 to 2028.

Impact of COVID-19 on the Hemp CBD Skin Care Market:

COVID-19, an infectious ailment stemming from the novel coronavirus, emerged in Wuhan, China, in December 2019 and swiftly evolved into a global pandemic. The pandemic intensified the strain on healthcare systems worldwide, prompting increased research and development efforts to combat the virus. Although vaccine-related research operations remained largely unaffected, niche markets experienced neglect due to the emphasis on COVID treatment-oriented research.

While the beauty and personal care sector witnessed a decline due to the pandemic, the impact was less pronounced compared to other industries. The CBD skincare market faced adverse effects from reduced sales of personal care items and heightened consumer preferences for health, hygiene, and safety products. Consumers exhibited a preference for products with an extended shelf life and reduced susceptibility to contamination. Notably, closures of hypermarkets, supermarkets, and department stores resulted in substantial losses, compelling companies to concentrate on bolstering their online presence.

Market Drivers:

The market is experiencing growth driven by the increased utilization of hemp seed in food products.

 Hemp seeds sourced from the "Cannabis Sativa Plant" contain minimal levels of tetrahydrocannabinol (THC) and are rich in essential fatty acids, vitamins (E, B1, B2, B6, D), calcium, magnesium, potassium, and other nutrients. Being among the few plant-based sources of complete protein, hemp seeds add substantial value to a vegan diet. Their inclusion is particularly beneficial, given that humans cannot produce essential fatty acids independently.

Market Restraints:

The growth of the market is hampered by the lack of manufacturing facilities and inadequate planting and harvesting equipment. Despite the rapid development of the hemp CBD industry following the legalization of industrial hemp in countries like the U.S. and Germany, the absence of suitable planting and harvesting equipment poses a significant constraint. The delicate nature of hemp seeds requires the use of air seeders with low air volume during planting, impacting growth negatively.

HEMP CBD SKIN CARE MARKET REPORT COVERAGE:

Global Hemp CBD Skin Care Market - By Type

• Hemp Seed

• Hemp Fiber

• CBD Hemp Oil

• Hemp Seed Oil

In terms of Type, Hemp Fiber secured the highest market share in revenue in 2022. Predominantly utilized in the textile and pulp & paper industry due to its extended and robust characteristics, hemp fiber is sourced from the Cannabis sativa plant, serving as a renewable material. Its usage has proliferated across diverse sectors such as construction, animal bedding, agriculture, furniture, and automotive. Moreover, the anticipation of increased demand stems from its application in biofuels and bioplastics. Cellulose fiber derived from hemp contributes to the creation of various products, including jeans, tops, skirts, caps, bags, ropes and canvas, skincare items, building materials, paper, and a variety of food products within the Hemp CBD Industry. The CBD Hemp Oil segment is poised to exhibit the most rapid Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period 2023-2028, attributed to its role in preventing issues like anxiety, depression, pain, and acne.

Global Hemp CBD Skin Care Market - By Region

• North America

• Europe

• Asia Pacific

• South America

• Middle East and Africa

From a geographical perspective, North America is anticipated to be the fastest-growing region between 2023 and 2028. The surge in consumer focus on the nutritional benefits of the Cannabis sativa plant, particularly hemp, is expected to drive the market for hemp-based food and personal care products in this region. Additionally, the increasing legalization of industrial hemp is poised to further augment market growth in the Asia-Pacific region.

The Asia Pacific Hemp CBD Skin Care Market accounted for 38% of revenue share in 2022, primarily due to extensive cultivation and utilization of hemp fiber in the textile and paper industry. Furthermore, the market for cosmetics and personal care products in the Asia Pacific region, coupled with the legalization of industrial hemp in dietary supplements, is projected to enhance market expansion. The rising number of hospital pharmacies and an increasing incidence of conditions such as cancer, sclerosis, diabetes, and others in the region are driving market development.

The implementation of new governmental policies supporting the industry, coupled with the lowest cannabidiol production costs, substantial large-scale manufacturing infrastructure, and expertise, is expected to foster lucrative growth. China, as the largest hemp cultivator in Asia, contributes nearly half of the world's hemp supply. The country exports approximately 90% of its products to the United States, Germany, the United Kingdom, and Japan, and has initiated hemp cultivation for cannabidiol extraction in three provinces, contributing significantly to regional growth.

Global Hemp CBD Skin Care Market Share by Company

1. GenCanna

2. Marijuana Company of America Inc.

3. HempFlax BV

4. Ecofibre

5. Hempco

6. MH Medical Hemp

7. Plains Industrial Hemp Processing

8. Canah International

9. Konoplex Group

10. South Hemp Tecno.

Mergers and acquisitions within the industry have afforded companies the opportunity to diversify and enhance their service offerings.

Sephora, a prominent French multinational retailer specializing in personal care and beauty products, has recently introduced a range of cannabis-derived beauty and skincare products, including hemp seed facial oils and CBD body lotions. Notably, none of these products contain THC, and only one, the Lord Jones High CBD Formula Body Lotion, features elevated levels of CBD.

Key market players are actively involved in product innovation, research and development initiatives, and the launch and approval of new products to strengthen their positions relative to competitors. The introduction of novel patents and ongoing research and development activities are expected to be critical success factors for manufacturers looking to bolster their presence in the industry. Increased research and development funding by leading manufacturers to advance cutting-edge technology products is emerging as a key element for sustaining competitiveness. The market is characterized by numerous players striving to enhance the demand for their products, leading to a plethora of product launches.

Notable Events in the Global Hemp CBD Skin Care Market in the Recent Past:

• Partnership - In March 2022, GenCanna Global Inc. and Specialty Oil Extractors, LLC formed a partnership aimed at meeting the needs of GenCanna's Accredited Farming Network, expanding its reach throughout Kentucky and providing valuable options for farmers across the state.