Report finds that global CBD skincare market could be worth $959 million by 2024

The Impact Series: Disrupting Beauty report has found that the CBD skincare market is projected to bring in US$959 million in sales by 2024.

Market intelligence and strategic consultancy firm Prohibition Partners put together the report, which explained that due to the antioxidant and anti-inflammatory effects of cannabis, consumer demand for more natural cosmetics products has skyrocketed.

Key findings included:

• 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 said: “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.”

Read the report in full here.