The CBD skin care market could account for 10% of global skin care sales by 2024, according to Prohibition Partners' "Disrupting Beauty" report.
The report is the first edition of a new set of reports titled "The Impact Series," which documents the rise of cannabis consumer goods and the disruption of mainstream markets, Prohibition Partners explained.
According to the report:
- Smaller indie brands have driven recent developments in the CBD beauty market, as multinational companies remain wary of CBD’s complex legal status.
- The global CBD skin care market has been valued at $710 million in 2018, with sales projected to rise to $959 million by 2024—which would account for an estimated 10% of global skin care product sales.
- Select brands have been accused of 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."
- Future changes in regulation and consumer education efforts will be key to ensuring the longevity of the CBD beauty market.
For the full report, please visit www.prohibitionpartners.com.