According to Custom Market Insights (CMI), the cannabis infused beauty products market presented revenue of USD 5.45 billion in the year 2021 and is foreseen to record a growth of up to USD 8.86 billion by the end of 2030 at a compound annual growth rate of 5.5% during the forecast period (2022-2030).
The cannabis infused beauty product market mainly deals with the skin care segment which includes cannabinoids and their medicinal properties. The huge benefits which are obtained with the usage of cannabis infused beauty products have helped the market to record considerable revenue over a period of time. The cosmetic market has received a huge acceptance from potential buyers which proved to be a positive impact over the growth phase of the market and is foreseen to benefit the size of the market during the forecast period.
The recently introduced beauty products into the market by this sector have focused on improving their quality in order to provide faster results in a shorter period of time.
Browse the full “Cannabis Infused Beauty Products Market Size, Trends and Insights Product Type (Oils, Creams, Serum, Cleansers, Others), Category (Organic, Conventional), Distribution Channel (Hyper Markets, Supermarkets, Convenience Stores, Specialty Stores), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/cannabis-infused-beauty-products-market/
Regional Snapshots
The geographical area of North America has emerged as the fastest growing market for cannabis infused beauty products pertaining to the huge demand and supply experienced by this sector. The huge demand for cannabis infused beauty products among the people belonging to this region has helped the market to show considerable growth and is expected to continue in a similar fashion in the future as well. The European market has also presented considerable growth as a result of the huge demand for aesthetic appearance and spotless skin.
The use of cosmetics in these countries has increased tremendously which has helped to boost the market. The organic value of cannabis infused beauty products has attracted potential buyers who aim at minimum side effects while using advanced beauty products in order to obtain maximum benefits. Further, many countries have offered legalization of the use of cannabis products which has boosted the size of the market tremendously. The region of Asia Pacific has shown a steady growth which is quite slow as a result of the strict restrictions which are imposed on the use of cannabis products.
Market Dynamics
Drivers
The extensive research and development carried out by the key market players with a view to introducing advanced cosmetic products into the market have behaved as a major driving factor for the growth phase of the market. The numerous health benefits that are offered with the usage of cannabis infused beauty products such as anti-aging and cancer prevention prove to be an attractive feature that is presented by the market to increase the demand and supply of these products. T
he advanced healing properties against inflammatory conditions have also helped to support the growth of the market during the forecast period. These multiple factors will prove to be the driving forces for this market.
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Restraints
The key market players faced a major restraint with the appearance of side effects after the usage of cannabis infused beauty products. Complications such as itching, skin peeling, and swelling were presented by the consumers after the usage of cannabis infused beauty products which proved to be an obstacle for the growth of the market. This makes the consumers less confident regarding the effect of these beauty products. The lack of variety among the cannabis infused beauty products hampers the growth of the market to a great extent.
Opportunities
Many countries have crossed the world have legalized the usage of cannabis infused beauty products which have proved to be a great opportunity for many key market players in order to increase the sales and supply of products. This has encouraged the introduction of many new products into the market. The key market players are investing huge amounts in order to take complete advantage of these opportunities.
Challenges
Various skin care products have been launched into the market for particular types of skin disorders which confuses the consumers in order to make a perfect selection. The initial steps of this market word were challenged by the existence of the various side effects which presented themselves as a restraining factor. Many countries have laid down strict rules and regulations regarding the use of cannabis infused beauty products which have hampered the growth of the market to a great extent. These multiple reasons have the talent for the growth of the market during the forecast period.
Report Highlights
On the basis of category, organic beauty products have shown a considerable increase in demand pertaining to the lesser number of side effects that have been experienced by the potential buyers. The increasing awareness regarding the healthcare sector and the side effects which appear after usage of chemically formulated applications has boosted the demand for the organic segment of cannabis infused beauty products.
Key Market Players
- Ulta Beauty
- Whoopi & Maya
- Estee Lauder
- High Beauty
- l.f Beauty
- Lord Jones LLC
- Milk Makeup
- Talyoni Labs
- Papa & Barkley
- Nature Plus
- Herb Essntls
Table of Contents: https://www.custommarketinsights.com/report/cannabis-infused-beauty-products-market/#table-of-contents
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