With skin being the largest organ in the human body, it makes sense that skin care would be a massive industry — one with a market value of $134.8 billion and an estimated compound annual growth rate of 4.4%, according to Grand View Research.
Sales in the U.S. accounted for 20% of the global beauty industry during 2018. According to The NPD Group (National Purchase Diary), 2018 sales for skin care products reached $5.6 billion, an increase by 13% over the previous year. Natural products were a significant contributor to the industry’s growth in 2018, netting $1.6 billion in sales and growing by 23% over 2017 sales. Segments within the skin care industry include lip treatments, facial cleansers, toners, facial creams (and sprays) as well as skin care for the body such as lotion, sunscreen and tanners.
According to Linkage Research & Consulting, a reported 15% of consumers are already buying CBD-infused beauty products and 40% say they are interested in buying infused products in the future.
An August 2019 report from Grand View Research estimated that the global 2018 CBD skin care market was valued at $234.1 million and will have a compound annual growth rate of 32.9% from 2019-2025.
48% of millennials say they would purchase products with CBD oil for skin care.
18% of millennials already buy CBD skin care products
Source: Linkage Research & Consulting, April 2019
2% of U.S. CBD consumers use CBD skin care products
Source: Consumer Reports
American CBD consumers by age
Age 18-29 20%
Age 30-49 16%
Age 50-64 11%
Age 65+ 8%
Skin care products can affect my health (by % agreeing)
Gen Z 78%
Millennials 80%
Gen X 77%
Boomers 66%
Understanding skin care ingredients is important to me (by % agreeing)
Gen Z 81%
Millennials 80%
Gen X 81%
Boomers 80%
Source: Linkage Research & Consulting, April 2019