A new report predicts that CBD will be worth billions when it comes to its place in the beauty industry.
Since its mainstream introduction a couple of years ago, CBD has become one of the biggest disruptors in the beauty industry. The compound has been embraced by consumers of all kinds, causing beauty companies to look for original ways to make their mark on the blooming business. A new study predicts that by 2024, the CBD industry will be worth over 950$ million.
This study was conducted by a strategic consultancy firm called Prohibition Partners, who called CBD’s breakthrough within the beauty industry unprecedented.
“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,” said Stephen Murphy, the managing director of Prohibition Partners.
While the report still mentions there are questions regarding the longevity of the trend, CBD has already left an imprint in beauty companies of all types, from large retailers like Sephora to independent boutique brands. In order for CBD to become a mainstay and not a fad, the study says, the education of the public regarding the compound is a must. That way the influence of ripoffs and sketchy companies can be reduced by a significant margin.
“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 analyse some of the most pressing issues that are facing the sector today,” concludes Murphy.
The report is called Disrupting Beauty and it discusses the rise of cannabis products and how the plant has infiltrated mainstream businesses. You can check out the report in full here.