Global CBD skincare sales set to reach £741m by 2024

Sales in the global CBD skincare market are forecasted to reach £741 million ($959m) by 2024, according to data from strategic consultancy firm Prohibition Partners “The Impact Series: Disputing Beauty Report”.

The CBD skincare market brought in £548m ($710m) in 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.

However, research showed that it’s smaller indie brands that have been driving the developments in the market as multinational companies wait to see if CBD is a long-lasting trend.

Consumers are looking for new 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. Turn to page 68 to check out the many CBD-focused brands coming to the Professional Beauty London show on March 29-30.