A report by NielsenIQ has estimated that CBD beauty and cosmetics sales could reach up to $600 million in 2021. This is almost double the $340 million of 2020. The analytics firm suggests this will happen due to the large number of big brands joining in the sale of CBD products.
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Reasons for the increase in sales
While cosmetic sales are generally high, the meteoric rise of CBD beauty products and cosmetics was set off by a number of factors.
Big brands joining the CBD industry
Big names are trying to get in on the action and benefit from the new CBD cosmetics craze. Major brands that have recently joined the CBD industry include:
- The Body Shop
- Kiehl’s
- Colgate
- MILK MAKEUP
- Sephora
- Unilever
- Avon
Besides these famous names, more CBD centered companies are joining the market, many concentrating solely on CBD beauty products and cosmetics. Furthermore, established CBD brands are branching out from CBD oil and tinctures and adding cosmetics to their list of products, such as CBD skincare and even makeup. “For many existing brands in the cannabinoid space, the cosmetic and beauty space present a logical category extension to branch into,” says associate director of client service at Nielsen Rick Maturo.
The healthy living craze
Sales of natural and vegan beauty products are soaring, and CBD products are leading this rise. With the trend of natural and clean living reaching an all-time high, these are the types of products in vogue at the moment. And considering the direction the market is moving in, the popularity of CBD products will gain even more momentum. It is only natural that major corporations want to have a piece of the pie, and NielsenIQ predicts CBD beauty and cosmetics sales could account for 20% of the CBD sales of 2021.
Celebrities promoting CBD
It has become the norm to see celebrities promoting CBD or even starting up their own brands. Everyone from Nicole Kidman to Claudia Winkleman seems to be joining the movement and praising CBD products. Every time a star talks about CBD or gets into the business, sales explode through the roof. Consumers seem to trust and admire celebrities more than corporations, and are much more likely to buy something a star supports.
Key takeaways
The CBD beauty industry is rapidly growing, with an increasing number of people wanting greener, more natural beauty products. Scientific research into the benefits of CBD is also fuelling that growth. With big brands joining the CBD industry and the stigma surrounding CBD being removed, the number and sales of beauty products containing the cannabinoid are set to rise.
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