The CBD beauty craze is one we should all be paying attention to…
From Kim Kardashian to our members here at the National Institute for Cannabis Investors, it seems like everyone is singing CBD’s praises. Many of you, including our very own Executive Director Don Yocham, have even shared your own personal recovery stories.
Companies are responding to this epic consumer demand with all sorts of brand-new CBD-infused offerings – from beverages to sports recovery creams.
And CBD-infused beauty products are no exception.
Known for its anti-inflammatory properties, CBD is an obvious choice for use in beauty products. It has also been found to be safe for use on skin and effective in the treatment of common skin disorders such as acne.
The use of CBD in beauty products was made popular in 2019 and is now well on its way to becoming a major market segment.
Measuring the Value of the CBD Beauty Craze
If you’ve ever walked into a CVS or a Walgreens that has CBD products on the shelves, you’ve likely seen plenty of oils, balms, lotions, and creams.
These products are popular with everyone from professional athletes to working moms, but you couldn’t always find them at the local drugstore or Dollar General. As recently as 2019, there were more CBD sales being made in dispensaries ($1.7 million) than in retail stores ($1.2 million).
That’s changing rapidly.
As CBD sales are projected to increase by a whopping 3,622% over the next two years, the number of CBD products purchased in retail stores is expected to far surpass dispensaries, according to research from the wealth management company Canaccord Genuity.
By 2025, CBD beauty product revenue in the United States is expected to surpass $1 billion. That’s already a sizeable portion of what’s projected to be a $22 billion global CBD market by just 2022.
And it’s clear that consumer demand is on the rise.
The Rising Demand for CBD Beauty Products
In 2018, 45% of consumers reported that they were willing to try cannabis-infused products in the skincare, cosmetics, and fragrances category – third only to foods (56%) and vitamins, supplements, and other edibles (53%).
And a notable 2019 survey found that, of eight categories, the largest share of respondents was interested in starting to purchase skincare products that use CBD as an ingredient.
That growing interest is carrying CBD beauty products into the mainstream.
In May, the CBD beauty brand, Prima, will be available in 300 Sephora stores across the country. These products aren’t cheap, either.
A single bottle of Prima’s award-winning Night Magic facial oil goes for $88. A bottle of Lord Jones Royal Oil goes for $100.
But with Google searches for CBD surpassing popular health terms like “exercise” and “veganism,” and recent comments from the Food and Drug Administration (FDA) showing support for the increased demand for CBD, one thing is clear.
CBD is here to stay.
Don’t miss your chance to profit from this rapidly expanding market. Find out how to claim your piece right here.
7 responses to “The CBD Beauty Craze Is More Than Just a Trend”
April 02 2020