The CBD skincare market is projected to bring in US$959 million in sales by 2024, leading cannabis market intelligence and strategic consultancy firm Prohibition Partners has found in its latest report, The Impact Series: Disrupting Beauty
The report explains that cannabis, with its antioxidant and anti-inflammatory effects, is disrupting the traditional beauty market and supply chain as consumer demand skyrockets for innovative natural cosmetics products.
Key findings include:
- Smaller indie brands have driven recent developments in the CBD beauty market, as multinational companies remain wary of CBD's complicated legal status.
- The global CBD skincare market is projected to rise to US$959 million by 2024.
- Select brands are exploiting the interest surrounding cannabis-derived CBD oils to sell beauty products containing low-CBD hemp seed oil, in a practice known as "weed washing".
- Continued consumer education will be vital to ensuring the longevity of the CBD beauty market
Prohibition Partners' Managing Director Stephen Murphy, states, "Cannabis and CBD are rapidly being integrated into a wide spectrum of mainstream consumer products, being used in everything from pet food to skincare. As the market for cannabis consumer goods gets ready to take off in 2020, The Impact Series helps to cut through the noise and the hype to identify real value, long-term trends and commercial opportunity for key stakeholders of the consumer goods market. Thus far, the disruption we've seen in the beauty industry is nothing short of remarkable, attracting attention from high-street retailers, global brands and indie entrepreneurs. Consumers are looking for new and exciting products derived from natural and sustainable sources and cannabis continues to fit this mold, driving product demand through the roof. There are constant questions on the longevity of this trend but with the ability to act as a natural anti-inflammatory agent and an antioxidant, cannabis is becoming one of the most disruptive forces in the beauty and personal care industry in the last two decades. In this new report, we offer a comprehensive look at the state of the cannabis beauty market, explore potential future trends and commercial opportunities, and analyse some of the most pressing issues that are facing the sector today."
Disrupting Beauty is the first edition of a new set of reports, entitled 'The Impact Series', documenting the rise of cannabis consumer goods and the disruption of mainstream markets. Disrupting Beauty launches on 23rd January 2020 and can be downloaded via the Prohibition Partners reports homepage, here, alongside a full suite of other industry reports.