Global CBD skincare sales to reach £741 million by 2024
Sales in the global CBD skincare market are forecasted to reach $959 million (£741m) by 2024, according to cannabis market and strategic consultancy firm Prohibition Partners' latest data.
The Impact Series: Disputing Beauty report reveals how cannabidiol (CBD oil) is disrupting the traditional beauty market, with consumers demanding products that contain the wonder ingredient, which has been proven to have anti-inflammatory and anti-ageing properties.
The CBD skincare market brought in $710m (£548m) sales in 2018 alone, the report found, and could account for around 10% of all global skincare sales within the next five to 10 years.
The movement has even impacted the professional beauty salon and spa market, with treatment protocols being given a CBD upgrade to help clients calm and soothe the skin.
However, research showed that it’s smaller indie brands that have driven the developments in the CBD beauty market as multinational companies wait to see if it is a long-lasting trend – Estée Lauder and L’Oréal are the first major players to enter the CBD beauty market, introducing hemp seed-oil based products into their existing brand ranges.
"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 Stephen Murphy, managing director of Prohibition Partners.
"There are constant questions on the longevity of this trend but with the ability to act as a natural anti-inflammatory agent and antioxidant, cannabis is becoming one of the most disruptive forces in the beauty and personal care industry in the past two decades."
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