According to a new report by cannabis market intelligence firm Prohibition Partners, the CBD skincare market is forecast to shoot up to be worth US$959 million (£738 million) in sales by 2024.
The Impact Series: Disrupting Beauty report, released on 23 January, believes that CBD is disrupting the traditional beauty market and supply chain as consumer demand escalates for innovative natural products.
This rise in interest will see the global CBD skincare market – valued by Prohibition Partners at US$710 million (£546 million) in 2018 – increase by US$249 million (£192 million) over the next 24 years.
The report found that it is the smaller independent cosmetic brands that have driven recent innovations in the CBD beauty market, while the big players remain wary of the ingredient’s complicated legal status.
It also highlights that some brands are taking advantage of the growing popularity of CBD by formulating beauty products containing low-CBD hemp seed oil, in a practice known as ‘weed washing’, adding that consumer education will be crucial if the CBD beauty market is to endure.
Consumers are looking for new and exciting products derived from natural and sustainable sources and cannabis continues to fit this mould, driving product demand through the roof
“Cannabis and CBD are rapidly being integrated into a wide spectrum of mainstream consumer products, being used in everything from pet food to skincare,” comments Prohibition Partners’ MD Stephen Murphy. “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 mould, 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,” he adds.
Disrupting Beauty is the first edition of a new set of reports, called The Impact Series, documenting the rise of cannabis consumer goods and the disruption of mainstream markets. Disrupting Beauty can be downloaded here.