The Cannabis plant family majorly is characterized into hemp and marijuana. Cannabis encompasses of variability of dissimilar compounds known as cannabinoids, which contains of tetrahydrocannabinol (THC) that tempts psychoactive effects. CBD infused drugs are utilized to cure anxiety, chronic pain, sleep ailments, and mood disorders. Another type of cannabis plant well-known as Hemp is typically grownup for its fiber. Cannabis removed from Hemp does not, comprise more than 0.3% of THC. Hemp is principally utilized in industrial applications involving paper manufacturing, clothing, biofuel, food products, oil, and other form of THC free CBD products. However, Marijuana is majorly utilized for recreational and medicinal purposes.
According to the report analysis, ‘CBD Skin Care Market by Product Type (Oils, Lotion & Creams, Masks & Serums, Bath & Soaps, and Others), Source (Hemp and Marijuana), and Distribution Channel (Departmental Stores, E-Commerce, Hypermarkets/Supermarkets, Retail Pharmacies, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026’ states that in the CBD skin care market there are several entities which presently operating more effectively for leading the fastest market growth and dominating the handsome value of market share around the globe while delivering the better consumer satisfaction, decreasing the linked prices, advancing the applications of such, developing the specifications of production technologies, spreading the awareness related to such, implementing the profitable strategies, studying and analyzing the strategies of the competitors and government, and employing the young work force includes Kiehl’s LLC, Cannuka LLC, Leef Organics, Medical Marijuana Inc., Lord Jones, KapuMaku LLC, VERTLYBALM, Elixinol Global Limited, Fab CBD Company, Endoca LLC and several others.
In addition, the worldwide CBD skin care market was worth at USD 633.6 million in 2018 and is projected to reach USD 3,484.00 million by 2026, with a CAGR of 24.80% throughout the forecast duration. The CBD skin care market revelations an incremental revenue opportunity of USD 2,747.4 million from 2019 to 2026. The increment in the acceptance of cannabis industrial, medical, and customer goods manufacturing attracts leading players across the world to invest into R&D activities in this promising market. The augmented investments from worldwide players are projected to propel the revenue growth of entire CBD skin care market during the near future.
Not only has this, the effective growth in cannabis applications around the wellness and beauty specifically for CBD oil is fascinating a lot of attention of investors to engross into manufacturing activities. The CBD oil retains unique anti-inflammatory and anti-acne possessions, which are quite popular amongst the cosmetic manufacturer. The CBD oil based products finds variability of wellness applications and are prevalent amongst the athletes and body builders. The oil claims the deduction of post-exercise inflammation and also encourages muscle growth. CBD is also creating method across makeup and cosmetic product involving the face creams, lip balms, mascara, and body lotion through its exclusive attributes of anti-inflammation. The augment in acceptance of CBD based skin care products and authorization of cannabis cultivation amongst the U.S. and Canada is projected to further boom up the revenue growth of the CBD skin care market. Therefore, in the near years, it is predicted that the market of CBD skin care will increase around the globe more effectively over the upcoming duration.
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Ankur Gupta, Head Marketing & Communications