There is no doubt that the CBD industry is huge right now, but how big is it? And what segments are growing the fastest?
I have written in other articles about where the cannabidiol industry is headed. Last year it was around a $1 billion to $2 billion industry, and the coming years it is expected to grow by leaps and bounds. Some experts anticipate that the whole market will grow to over $20 billion in just three years.
One of the fastest growing areas within the CBD niche is in beauty products. It’s not something that you often think of – instead, your first thought is probably on oil tinctures, edibles, and capsules. But the market for CBD beauty products is already big business and poised to grow to even bigger heights.
How Big is the CBD Beauty Industry?
According to this article that I found on benzinga.com, industry experts are estimating that the market for CBD beauty products could grow to as much as $25 billion annual revenue within 10 years. At that rate, they would account for 15% of the entire skin care market!
A lot of this is due to migration over to more natural remedies and herbal ingredients that are known for their medicinal properties. Everyone is buzzing about CBD in other areas of life, and the industry has capitalized on this demand for products. The interest in these kinds of products has risen at a high rate, with search trends for CBD beauty-related search terms on the internet growing by nearly 400% since the beginning of last year.
Another thing that could spur even more growth in these kinds of products is if prescription dermatological products begin to be replaced by CBD counterparts.
However, it is stated that while the demand for cannabidiol-infused beauty products is rising, it won’t necessarily grow the entire skin care and beauty industry as a whole. Rather, it will cannibalize against non-CBD products and not significantly alter the market size.
Recommended CBD Beauty Products
This recent trend has not been ignored by some of the big conglomerates in the beauty and skin care industry, with huge brands like L’oreal, Estee Lauder, and Kiehl’s already entering the fray.
However, for me, when it comes to products like this, I want to go with a brand that is known for CBD rather than beauty products as a whole. While big conglomerates certainly have the resources to catch-up, I rest assured in the knowledge and discipline from CBD-dedicated brands.
A few of my favorite products in this regard are those you can find at Thought Cloud. They are by far our most recommended brand of CBD as a whole, and they sell a wide variety of beauty and skin care products infused with cannabidiol. If you’re interested in checking some of them out, I recommend taking a look at our reviews posted below. Whether it be for healthier and brighter skin, getting rid of acne, or soaking in a relaxing bath, they have all kinds of products to serve a myriad of topical needs.