The global vegan cosmetics market size is projected to reach USD 20.8 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 6.3% during the forecast period. Spiraling demand for vegan cosmetics among millennials is one of the primary growth stimulants of the market.
Rapidly changing cosmetic trends are affecting the global marketplace as most of the consumers find cruelty towards animals unethical and are spreading awareness against this act. Moreover, embracing natural substitutes such as plant-based personal care products is working in favor of the market.
The use of animal products such as hair, fur, and others is banned in a few countries of the developed region such as Europe. This, in turn, is poised to boost the growth of the market. In addition, the growing popularity of safer and naturally derived cosmetics is anticipated to augment the market. Increasing concerns regarding health & safety, consumer awareness about the use of animal-tested products, and rising importance given to environmentally viable products are likely to stir up the demand for vegan cosmetics.
E-commerce retail spaces have gained tremendous momentum over the last few years owing to ease of product selection and easy order placing and delivery. With the advent of products in 2011, China recorded more than 65.0% hit in online vegan cosmetics sales, owing to a shift in consumer shopping experience from hypermarkets and specialty stores to E-commerce platforms.
Major cosmetics manufacturing companies across the globe are realizing the importance of making products that use ingredients, which are mineral-based or plant-based, rather than manufacturing products that are infused with animal extracted ingredients. Vegan cosmetics are gaining popularity due to their superior properties.
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Further key findings from the report suggest:
- Choices in cosmetics available to vegan have rapidly expanded in the past few years with new brands launching and existing brands choosing to launch new ranges of vegan products or even go completely vegan
- Skincare products dominated the market in terms of revenue, with a share of over 36.0% in 2017, owing to consumer preferences across diverse regions
- E-commerce is estimated to register a CAGR of 7.4% over the forecast period owing to ease of product selection and availability of a wide range of products and promotional offers
- The U.S. vegan cosmetics market is expected to exceed USD 3.16 billion by 2025, owing to the presence of various manufacturers and suppliers of vegan cosmetics
- The market for vegan cosmetics is highly competitive due to the presence of a number of international companies with diverse product portfolios
- Some of the key companies present in the market are Zuzu Luxe, Ecco Bella, Bare Blossom, Emma Jean Cosmetics, Modern Mineral Makeup, Urban Decay, Arbonne, Pacifica, Nature’s Gate, Beauty Without Cruelty, Billy Jealousy, and MuLondon Organic