The report explains that cannabis, with its antioxidant and anti-inflammatory effects, is disrupting the traditional beauty market and supply chain as consumer demand skyrockets for innovative natural cosmetics products.
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 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.