According to a report titled The Impact Series: Disrupting Beauty from cannabis market intelligence and strategic consultancy firm Prohibition Partners, the CBD skincare market is projected to be worth $959 million by 2024.
The report explains that cannabis is disrupting the traditional beauty market and supply chain as consumer demand skyrockets for innovative natural cosmetics products. It also found that smaller indie brands have driven recent developments in the CBD beauty market; select brands are exploiting the interest surrounding cannabis-derived CBD oils to sell beauty products containing low-CBD hemp seed oil; and continued consumer education is vital to ensuring the longevity of the CBD beauty market.
“Cannabis and CBD are rapidly being integrated into a wide spectrum of mainstream consumer products, being used in everything from pet food to skincare,” says Stephen Murphy, managing director at Prohibition Partners. “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. 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 analyze some of the most pressing issues that are facing the sector today.”