PUBLISHER: Inkwood Research | PRODUCT CODE: 1817399
PUBLISHER: Inkwood Research | PRODUCT CODE: 1817399
Australia & New Zealand Cbd Skincare Market Forecast 2025-2032
KEY FINDINGS
The Australia & New Zealand CBD skincare market size is projected to grow with a CAGR of 22.13% during the forecast years, 2025 to 2032. The market is valued at $74.61 million as of 2025 and is set to reach $302.31 million by 2032.
The Australia & New Zealand CBD skincare market growth is primarily driven by the Therapeutic Goods Administration (TGA) regulatory framework that reclassified low-dose CBD products as over-the-counter medicines in 2021, consequently creating clear pathways for consumer access and product marketing. Additionally, New Zealand's Cannabis Legalisation and Control Bill has established comprehensive guidelines for hemp-derived CBD products, while simultaneously building consumer confidence in product safety and legal compliance.
MARKET INSIGHTS
Furthermore, both countries demonstrate strong consumer preference for natural and organic beauty products, with the Australian Bureau of Statistics reporting that 72% of consumers actively seek clean beauty alternatives. Moreover, the region's advanced e-commerce infrastructure and high smartphone penetration rates exceeding 85% have enabled direct-to-consumer CBD brands to reach geographically dispersed populations across both island nations effectively.
Australia represents the dominant market within the region, accounting for approximately 78% of the combined market value due to its larger population base and higher consumer spending power concentrated in major metropolitan areas, including Sydney, Melbourne, Brisbane, and Perth. Australian consumers demonstrate a sophisticated understanding of CBD benefits, largely influenced by the country's progressive medical cannabis programs and extensive media coverage of cannabinoid research conducted at leading universities like the University of Sydney and Monash University. Meanwhile, the market benefits from established relationships between Australian distributors and international CBD manufacturers seeking Asia-Pacific market entry points.
New Zealand's CBD skincare market, while smaller in absolute terms, shows exceptional growth potential driven by the country's reputation for natural wellness products and clean environmental standards that align with premium CBD positioning. Wellington, Auckland, and Christchurch drive primary demand, reflecting educated urban populations with disposable incomes and openness to innovative health and beauty solutions. However, New Zealand's regulatory environment requires all CBD products to undergo Medsafe approval processes, creating barriers for smaller brands while establishing quality standards that benefit established players with regulatory expertise.
Cross-border trade between Australia and New Zealand operates under the Australia-New Zealand Closer Economic Relations Trade Agreement, facilitating streamlined distribution networks and enabling brands to efficiently serve both markets from centralized operations. Consequently, many CBD skincare companies establish Australian headquarters to leverage the larger market while simultaneously accessing New Zealand through established trans-Tasman business relationships. Nevertheless, currency fluctuations and shipping logistics remain considerations for international brands seeking to penetrate these geographically isolated but economically attractive markets.
SEGMENTATION ANALYSIS
The Australia & New Zealand CBD skincare market is segmented into source, user demographic, product type, price range, packaging, and distribution channel. The distribution channel segment is further categorized into supermarket/hypermarket, specialty store, pharmaceutical store, departmental store, online retail, and other distribution channels.
The supermarket and hypermarket distribution channel segment's growth is driven by major retailers like Woolworths, Coles, and Countdown, incorporating CBD beauty products into their health and wellness sections throughout 2024. These mainstream retail environments provide CBD skincare brands with unprecedented access to everyday consumers who might otherwise avoid specialty cannabis retailers or online-only purchasing options.
Furthermore, supermarket placement legitimizes CBD products in the eyes of conservative consumers, while simultaneously enabling impulse purchases and cross-selling opportunities with complementary beauty and wellness products. Additionally, major retail chains offer sophisticated supply chain management, promotional support, and customer data insights that help CBD brands optimize product positioning and inventory management across diverse geographic markets.
Specialty store distribution channels maintain a strong market presence within the Australia & New Zealand region, primarily appealing to educated consumers seeking expert guidance and premium product selections from knowledgeable staff members. These specialized retailers, including health food stores, natural wellness boutiques, and dedicated CBD dispensaries, typically offer curated product ranges featuring higher-quality formulations and detailed educational materials about CBD benefits and usage recommendations.
Moreover, specialty stores provide personalized customer service experiences that build brand loyalty and encourage repeat purchases, particularly important for premium CBD skincare products requiring consumer education about proper application techniques and expected results. Consequently, specialty retailers serve as crucial market development partners for emerging CBD brands seeking to establish credibility and gather consumer feedback before expanding into broader distribution networks.
COMPETITIVE INSIGHTS
Some of the top players operating in the Australia & New Zealand CBD skincare market include Endoca BV, Charlotte's Web, Naturecan, Extract Labs, etc.
Naturecan represents one of the most rapidly expanding and strategically positioned CBD companies operating in the Australia & New Zealand skincare market through its comprehensive Asia-Pacific expansion strategy. The company functions as a premium CBD lifestyle brand originally founded in Manchester, United Kingdom, with dedicated regional operations established specifically to serve Australian and New Zealand consumers seeking high-quality European-standard CBD products.
Furthermore, Naturecan specializes in broad-spectrum CBD skincare solutions. These include anti-aging facial serums, daily moisturizing creams, therapeutic body balms, and specialized treatment products that leverage advanced CO2 extraction technology and pharmaceutical-grade manufacturing processes.
Additionally, the company's business model emphasizes direct-to-consumer e-commerce sales through localized websites offering Australian dollar pricing and domestic shipping. Simultaneously, the company also partners with select regional retailers to establish physical market presence in major metropolitan areas.
Moreover, Naturecan differentiates itself through rigorous third-party testing protocols, celebrity athlete endorsements, and sustainability-focused packaging. This appeals to environmentally conscious consumers in both countries who prioritize product purity, ethical sourcing, and transparent supply chain practices over purely price-driven purchasing decisions.
TABLE OF CONTENTS
1. RESEARCH SCOPE & METHODOLOGY
- 1.1. STUDY OBJECTIVES
- 1.2. METHODOLOGY
- 1.3. ASSUMPTIONS & LIMITATIONS
2. EXECUTIVE SUMMARY
- 2.1. MARKET SIZE & FORECAST
- 2.2. MARKET OVERVIEW
- 2.3. SCOPE OF STUDY
- 2.4. CRISIS SCENARIO ANALYSIS
- 2.5. MAJOR MARKET FINDINGS
- 2.5.1. LEGALIZATION FRAMEWORKS IN BOTH COUNTRIES ARE CREATING REGULATED PATHWAYS FOR CBD-INFUSED BEAUTY AND SKINCARE PRODUCTS
- 2.5.2. CONSUMER DEMAND IS HIGHER IN PREMIUM AND NATURAL SEGMENTS DRIVEN BY HEALTH CONSCIOUS AND ECO-FRIENDLY PURCHASING BEHAVIOR
- 2.5.3. ONLINE RETAIL IS THE FASTEST GROWING CHANNEL SUPPORTED BY CROSS-BORDER E-COMMERCE AND DIRECT TO CONSUMER BRANDS
3. MARKET DYNAMICS
- 3.1. KEY DRIVERS
- 3.1.1. RISING ACCEPTANCE OF CANNABIS DERIVED PRODUCTS IN AUSTRALIA AND NEW ZEALAND BOOSTS CONSUMER CONFIDENCE AND DEMAND
- 3.1.2. GROWING AWARENESS OF ANTI-INFLAMMATORY AND ANTI-AGING BENEFITS OF CBD IS FUELING SKINCARE ADOPTION
- 3.1.3. EXPANDING RETAIL NETWORKS INCLUDING ONLINE PLATFORMS AND SPECIALTY STORES, ENABLE BROADER PRODUCT AVAILABILITY
- 3.1.4. INCREASING INVESTMENTS BY INTERNATIONAL AND LOCAL BRANDS ARE ACCELERATING MARKET ENTRY AND PRODUCT INNOVATION
- 3.2. KEY RESTRAINTS
- 3.2.1. STRICT REGULATORY APPROVAL PROCESSES LIMIT THE SPEED OF PRODUCT LAUNCHES AND INCREASE ENTRY BARRIERS
- 3.2.2. CONSUMER CONFUSION AROUND CBD SAFETY DOSAGE, AND LEGAL STATUS REDUCES ADOPTION IN MASS MARKET SEGMENTS
- 3.2.3. HIGH COST OF CBD INGREDIENTS AND PREMIUM PRICING MAKE PRODUCTS LESS ACCESSIBLE TO PRICE-SENSITIVE CONSUMERS
- 3.2.4. LIMITED LOCAL PRODUCTION CAPACITY INCREASES DEPENDENCE ON IMPORTS AND CREATES SUPPLY CHAIN CHALLENGES
4. KEY ANALYTICS
- 4.1. KEY MARKET TRENDS
- 4.1.1. BRANDS ARE POSITIONING CBD SKINCARE AS CLEAN, GREEN, AND NATURAL BEAUTY SOLUTIONS TO ATTRACT HEALTH-CONSCIOUS BUYERS
- 4.1.2. MULTIFUNCTIONAL CBD PRODUCTS COMBINING HYDRATION ANTI ANTI-AGING, AND ACNE CARE BENEFITS ARE GAINING POPULARITY
- 4.1.3. SUSTAINABLE PACKAGING AND ETHICAL BRANDING ARE INCREASINGLY IMPORTANT FOR DIFFERENTIATION IN THE REGION
- 4.1.4. STRATEGIC PARTNERSHIPS BETWEEN LOCAL DISTRIBUTORS AND GLOBAL CBD COSMETIC COMPANIES ARE EXPANDING MARKET PRESENCE
- 4.2. PORTER'S FIVE FORCES ANALYSIS
- 4.2.1. BUYERS POWER
- 4.2.2. SUPPLIERS POWER
- 4.2.3. SUBSTITUTION
- 4.2.4. NEW ENTRANTS
- 4.2.5. INDUSTRY RIVALRY
- 4.3. GROWTH PROSPECT MAPPING
- 4.3.1. GROWTH PROSPECT MAPPING FOR AUSTRALIA & NEW ZEALAND
- 4.4. MARKET MATURITY ANALYSIS
- 4.5. MARKET CONCENTRATION ANALYSIS
- 4.6. VALUE CHAIN ANALYSIS
- 4.6.1. HEMP CULTIVATION
- 4.6.2. CBD EXTRACTION
- 4.6.3. PRODUCT FORMULATION
- 4.6.4. MANUFACTURING PROCESSING
- 4.6.5. DISTRIBUTION CHANNELS
- 4.6.6. RETAIL SALES
- 4.6.7. CONSUMER EXPERIENCE
- 4.7. KEY BUYING CRITERIA
- 4.7.1. NATURAL INGREDIENTS
- 4.7.2. PRODUCT QUALITY
- 4.7.3. PRICE AFFORDABILITY
- 4.7.4. BRAND TRANSPARENCY
- 4.8. REGULATORY FRAMEWORK
5. CBD SKINCARE MARKET BY SOURCE
- 5.1. NATURAL
- 5.2. ORGANIC
- 5.3. SYNTHETIC
6. CBD SKINCARE MARKET BY USER DEMOGRAPHIC
- 6.1. MALE
- 6.2. FEMALE
7. CBD SKINCARE MARKET BY PRODUCT TYPE
- 7.1. CBD OIL, CREAM
- 7.2. MOISTURIZER AND LOTIONS
- 7.3. BALM
- 7.4. MASK & SERUM
- 7.5. FACE & BODY CLEANSER
- 7.6. SOAP
- 7.7. OTHER PRODUCT TYPES
8. CBD SKINCARE MARKET BY PRICE RANGE
- 8.1. ECONOMIC
- 8.2. PREMIUM
9. CBD SKINCARE MARKET BY PACKAGING
- 9.1. PUMP AND DISPENSERS
- 9.2. TUBE
- 9.3. JAR/BOTTLE
- 9.4. STICK
- 9.5. OTHER PACKAGING
10. CBD SKINCARE MARKET BY DISTRIBUTION CHANNEL
- 10.1. SUPERMARKET/HYPERMARKET
- 10.2. SPECIALTY STORE
- 10.3. PHARMACEUTICAL STORE
- 10.4. DEPARTMENTAL STORE
- 10.5. ONLINE RETAIL
- 10.6. OTHER DISTRIBUTION CHANNELS
11. COMPETITIVE LANDSCAPE
- 11.1. KEY STRATEGIC DEVELOPMENTS
- 11.1.1. MERGERS & ACQUISITIONS
- 11.1.2. PRODUCT LAUNCHES & DEVELOPMENTS
- 11.1.3. PARTNERSHIPS & AGREEMENTS
- 11.1.4. BUSINESS EXPANSIONS & DIVESTITURES
- 11.2. COMPANY PROFILES
- 11.2.1. ENDOCA BV
- 11.2.1.1. COMPANY OVERVIEW
- 11.2.1.2. PRODUCTS
- 11.2.1.3. STRENGTHS & CHALLENGES
- 11.2.2. CHARLOTTE'S WEB
- 11.2.2.1. COMPANY OVERVIEW
- 11.2.2.2. PRODUCTS
- 11.2.2.3. STRENGTHS & CHALLENGES
- 11.2.3. ORANGE COUNTY CBD
- 11.2.3.1. COMPANY OVERVIEW
- 11.2.3.2. PRODUCTS
- 11.2.3.3. STRENGTHS & CHALLENGES
- 11.2.4. EXTRACT LABS
- 11.2.4.1. COMPANY OVERVIEW
- 11.2.4.2. PRODUCTS
- 11.2.4.3. STRENGTHS & CHALLENGES
- 11.2.5. NULEAF NATURALS
- 11.2.5.1. COMPANY OVERVIEW
- 11.2.5.2. PRODUCTS
- 11.2.5.3. STRENGTHS & CHALLENGES
- 11.2.6. R&R CBD (R&R MEDICINALS)
- 11.2.6.1. COMPANY OVERVIEW
- 11.2.6.2. PRODUCTS
- 11.2.6.3. STRENGTHS & CHALLENGES
- 11.2.7. NATURECAN
- 11.2.7.1. COMPANY OVERVIEW
- 11.2.7.2. PRODUCTS
- 11.2.7.3. STRENGTHS & CHALLENGES
- 11.2.1. ENDOCA BV
LIST OF TABLES
- TABLE 1: MARKET SNAPSHOT - CBD SKINCARE
- TABLE 2: MARKET BY SOURCE, HISTORICAL YEARS, 2018-2023 (IN $ MILLION)
- TABLE 3: MARKET BY SOURCE, FORECAST YEARS, 2025-2032 (IN $ MILLION)
- TABLE 4: MARKET BY USER DEMOGRAPHIC, HISTORICAL YEARS, 2018-2023 (IN $ MILLION)
- TABLE 5: MARKET BY USER DEMOGRAPHIC, FORECAST YEARS, 2025-2032 (IN $ MILLION)
- TABLE 6: MARKET BY PRODUCT TYPE, HISTORICAL YEARS, 2018-2023 (IN $ MILLION)
- TABLE 7: MARKET BY PRODUCT TYPE, FORECAST YEARS, 2025-2032 (IN $ MILLION)
- TABLE 8: MARKET BY PRICE RANGE, HISTORICAL YEARS, 2018-2023 (IN $ MILLION)
- TABLE 9: MARKET BY PRICE RANGE, FORECAST YEARS, 2025-2032 (IN $ MILLION)
- TABLE 10: MARKET BY PACKAGING, HISTORICAL YEARS, 2018-2023 (IN $ MILLION)
- TABLE 11: MARKET BY PACKAGING, FORECAST YEARS, 2025-2032 (IN $ MILLION)
- TABLE 12: MARKET BY DISTRIBUTION CHANNEL, HISTORICAL YEARS, 2018-2023 (IN $ MILLION)
- TABLE 13: MARKET BY DISTRIBUTION CHANNEL, FORECAST YEARS, 2025-2032 (IN $ MILLION)
- TABLE 14: LIST OF MERGERS & ACQUISITIONS
- TABLE 15: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS
- TABLE 16: LIST OF PARTNERSHIPS & AGREEMENTS
- TABLE 17: LIST OF BUSINESS EXPANSIONS & DIVESTITURES
LIST OF FIGURES
- FIGURE 1: KEY MARKET TRENDS
- FIGURE 2: PORTER'S FIVE FORCES ANALYSIS
- FIGURE 3: GROWTH PROSPECT MAPPING FOR AUSTRALIA & NEW ZEALAND
- FIGURE 4: MARKET MATURITY ANALYSIS
- FIGURE 5: MARKET CONCENTRATION ANALYSIS
- FIGURE 6: VALUE CHAIN ANALYSIS
- FIGURE 7: KEY BUYING CRITERIA
- FIGURE 8: SEGMENT GROWTH POTENTIAL, BY SOURCE, IN 2024
- FIGURE 9: NATURAL, 2025-2032 (IN $ MILLION)
- FIGURE 10: ORGANIC, 2025-2032 (IN $ MILLION)
- FIGURE 11: SYNTHETIC, 2025-2032 (IN $ MILLION)
- FIGURE 12: MARKET GROWTH POTENTIAL, BY USER DEMOGRAPHIC, IN 2024
- FIGURE 13: MALE, 2025-2032 (IN $ MILLION)
- FIGURE 14: FEMALE, 2025-2032 (IN $ MILLION)
- FIGURE 15: SEGMENT GROWTH POTENTIAL, BY PRODUCT TYPE, IN 2024
- FIGURE 16: CBD OIL, CREAM, 2025-2032 (IN $ MILLION)
- FIGURE 17: MOISTURIZER AND LOTIONS, 2025-2032 (IN $ MILLION)
- FIGURE 18: BALM, 2025-2032 (IN $ MILLION)
- FIGURE 19: MASK & SERUM, 2025-2032 (IN $ MILLION)
- FIGURE 20: FACE & BODY CLEANSER, 2025-2032 (IN $ MILLION)
- FIGURE 21: SOAP, 2025-2032 (IN $ MILLION)
- FIGURE 22: OTHER PRODUCT TYPES, 2025-2032 (IN $ MILLION)
- FIGURE 23: SEGMENT GROWTH POTENTIAL, BY PRICE RANGE, IN 2024
- FIGURE 24: ECONOMIC, 2025-2032 (IN $ MILLION)
- FIGURE 25: PREMIUM, 2025-2032 (IN $ MILLION)
- FIGURE 26: SEGMENT GROWTH POTENTIAL, BY PACKAGING, IN 2024
- FIGURE 27: PUMP AND DISPENSERS, 2025-2032 (IN $ MILLION)
- FIGURE 28: TUBE, 2025-2032 (IN $ MILLION)
- FIGURE 29: JAR/BOTTLE, 2025-2032 (IN $ MILLION)
- FIGURE 30: STICK, 2025-2032 (IN $ MILLION)
- FIGURE 31: OTHER PACKAGING, 2025-2032 (IN $ MILLION)
- FIGURE 32: SEGMENT GROWTH POTENTIAL, BY DISTRIBUTION CHANNEL, IN 2024
- FIGURE 33: SUPERMARKET/HYPERMARKET, 2025-2032 (IN $ MILLION)
- FIGURE 34: SPECIALTY STORE, 2025-2032 (IN $ MILLION)
- FIGURE 35: PHARMACEUTICAL STORE, 2025-2032 (IN $ MILLION)
- FIGURE 36: DEPARTMENTAL STORE, 2025-2032 (IN $ MILLION)
- FIGURE 37: ONLINE RETAIL, 2025-2032 (IN $ MILLION)
- FIGURE 38: OTHER DISTRIBUTION CHANNELS, 2025-2032 (IN $ MILLION)
LIST OF TABLES
- TABLE 1: MARKET SNAPSHOT - CBD SKINCARE
- TABLE 2: MARKET BY SOURCE, HISTORICAL YEARS, 2018-2023 (IN $ MILLION)
- TABLE 3: MARKET BY SOURCE, FORECAST YEARS, 2025-2032 (IN $ MILLION)
- TABLE 4: MARKET BY USER DEMOGRAPHIC, HISTORICAL YEARS, 2018-2023 (IN $ MILLION)
- TABLE 5: MARKET BY USER DEMOGRAPHIC, FORECAST YEARS, 2025-2032 (IN $ MILLION)
- TABLE 6: MARKET BY PRODUCT TYPE, HISTORICAL YEARS, 2018-2023 (IN $ MILLION)
- TABLE 7: MARKET BY PRODUCT TYPE, FORECAST YEARS, 2025-2032 (IN $ MILLION)
- TABLE 8: MARKET BY PRICE RANGE, HISTORICAL YEARS, 2018-2023 (IN $ MILLION)
- TABLE 9: MARKET BY PRICE RANGE, FORECAST YEARS, 2025-2032 (IN $ MILLION)
- TABLE 10: MARKET BY PACKAGING, HISTORICAL YEARS, 2018-2023 (IN $ MILLION)
- TABLE 11: MARKET BY PACKAGING, FORECAST YEARS, 2025-2032 (IN $ MILLION)
- TABLE 12: MARKET BY DISTRIBUTION CHANNEL, HISTORICAL YEARS, 2018-2023 (IN $ MILLION)
- TABLE 13: MARKET BY DISTRIBUTION CHANNEL, FORECAST YEARS, 2025-2032 (IN $ MILLION)
- TABLE 14: LIST OF MERGERS & ACQUISITIONS
- TABLE 15: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS
- TABLE 16: LIST OF PARTNERSHIPS & AGREEMENTS
- TABLE 17: LIST OF BUSINESS EXPANSIONS & DIVESTITURES
LIST OF FIGURES
- FIGURE 1: KEY MARKET TRENDS
- FIGURE 2: PORTER'S FIVE FORCES ANALYSIS
- FIGURE 3: GROWTH PROSPECT MAPPING FOR AUSTRALIA & NEW ZEALAND
- FIGURE 4: MARKET MATURITY ANALYSIS
- FIGURE 5: MARKET CONCENTRATION ANALYSIS
- FIGURE 6: VALUE CHAIN ANALYSIS
- FIGURE 7: KEY BUYING CRITERIA
- FIGURE 8: SEGMENT GROWTH POTENTIAL, BY SOURCE, IN 2024
- FIGURE 9: NATURAL, 2025-2032 (IN $ MILLION)
- FIGURE 10: ORGANIC, 2025-2032 (IN $ MILLION)
- FIGURE 11: SYNTHETIC, 2025-2032 (IN $ MILLION)
- FIGURE 12: MARKET GROWTH POTENTIAL, BY USER DEMOGRAPHIC, IN 2024
- FIGURE 13: MALE, 2025-2032 (IN $ MILLION)
- FIGURE 14: FEMALE, 2025-2032 (IN $ MILLION)
- FIGURE 15: SEGMENT GROWTH POTENTIAL, BY PRODUCT TYPE, IN 2024
- FIGURE 16: CBD OIL, CREAM, 2025-2032 (IN $ MILLION)
- FIGURE 17: MOISTURIZER AND LOTIONS, 2025-2032 (IN $ MILLION)
- FIGURE 18: BALM, 2025-2032 (IN $ MILLION)
- FIGURE 19: MASK & SERUM, 2025-2032 (IN $ MILLION)
- FIGURE 20: FACE & BODY CLEANSER, 2025-2032 (IN $ MILLION)
- FIGURE 21: SOAP, 2025-2032 (IN $ MILLION)
- FIGURE 22: OTHER PRODUCT TYPES, 2025-2032 (IN $ MILLION)
- FIGURE 23: SEGMENT GROWTH POTENTIAL, BY PRICE RANGE, IN 2024
- FIGURE 24: ECONOMIC, 2025-2032 (IN $ MILLION)
- FIGURE 25: PREMIUM, 2025-2032 (IN $ MILLION)
- FIGURE 26: SEGMENT GROWTH POTENTIAL, BY PACKAGING, IN 2024
- FIGURE 27: PUMP AND DISPENSERS, 2025-2032 (IN $ MILLION)
- FIGURE 28: TUBE, 2025-2032 (IN $ MILLION)
- FIGURE 29: JAR/BOTTLE, 2025-2032 (IN $ MILLION)
- FIGURE 30: STICK, 2025-2032 (IN $ MILLION)
- FIGURE 31: OTHER PACKAGING, 2025-2032 (IN $ MILLION)
- FIGURE 32: SEGMENT GROWTH POTENTIAL, BY DISTRIBUTION CHANNEL, IN 2024
- FIGURE 33: SUPERMARKET/HYPERMARKET, 2025-2032 (IN $ MILLION)
- FIGURE 34: SPECIALTY STORE, 2025-2032 (IN $ MILLION)
- FIGURE 35: PHARMACEUTICAL STORE, 2025-2032 (IN $ MILLION)
- FIGURE 36: DEPARTMENTAL STORE, 2025-2032 (IN $ MILLION)
- FIGURE 37: ONLINE RETAIL, 2025-2032 (IN $ MILLION)
- FIGURE 38: OTHER DISTRIBUTION CHANNELS, 2025-2032 (IN $ MILLION)
