According to leading market intelligence and consulting firm, FMI, the CBD skin care market value is expected to expand at a CAGR of over 33% through 2027.
The report, published by Future Market Insights titled â€˜CBD Skin Care Market: Global Industry Analysis and Opportunity Assessment 2019-2027,â€™ states that the revenue generated from sales of CBD skin care products is estimated to be valued at over US$ 645 million (~â‚¬570 million) in 2019.
The CBD skin care market value is further anticipated to expand at a CAGR of over 33% through 2027.
According to the report, CBD oil, the top selling product in CBD skin care market, will continue to hold a major market share.
Besides pharmaceutical, and food & beverage industries, the visibly increasing usage of CBD within personal care industry will remain a prominent factor uplifting the demand growth of CBD skin care products.
The report suggests that consumption of CBD skin care products, like CBD face masks and creams will be particularly high in cosmetics.
Whereas, CBD skin care products are available in several types such as creams & moisturisers, serums, cleansers, sunscreens, and oils have been distinctly formulated for different applications. Growing availability of application-specific product lines, according to FMIâ€™s analysis, will boost sales of CBD skincare products in the near future.
Late last year the Brightfield Group, cannabis industry analysts, estimated the CBD market could hit $22 billion by 2022, as it continues to gain credibility in various jurisdictions.