Could be worth $959 million by 2024, according to new report.
Beauty Packaging Staff01.23.20
The report offers a comprehensive look at the state of the cannabis beauty market, explores potential future trends and commercial opportunities and analyzes some of the most pressing issues that are facing the sector today.
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 $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.
“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,” said Prohibition Partners’ managing director Stephen Murphy. “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.”
The report can be downloaded via the Prohibition Partners reports homepage, here, alongside a full suite of other industry reports.