Vegan beauty is definitely not just a trend. The increase in the number of vegan beauty products available has increased, and so has the market. Consumers are becoming increasingly aware that their purchasing preferences and patterns have an impact on society and the environment. Consumers pay closer attention to raw materials and source origin.
- The global vegan cosmetics market size was estimated at USD 12.9 billion in 2017.
- The global market for vegan cosmetics will be worth $20.8 billion by 2025, and progress at a CAGR of 6.3% during the forecast period.
- The vegan cosmetics market in the United States is expected to exceed USD 3.16 billion by 2025.
- Vegan skincare products have dominated the market in terms of revenue, with a share of over 36.0% in 2017. E-commerce is estimated to register a CAGR of 7.4% over the forecast period.
- In a survey conducted by The Physicians Committee across North America, more than 70% of the population claims to be more likely to use vegan cosmetics that are not animal tested and favors development of alternatives to animal testing.
- Millennials can be attributed as the primary growth stimulants to driving the demand for vegan cosmetics.
- Vegan beauty products fall under the larger natural clean category umbrella, benefiting from consumers’ increasing concerns regarding ingredient safety.
- Most consumers now find cruelty towards animals unethical and are spreading awareness.
Read more about the full report from Grand View Research.