A new beauty industry report has projected the global vegan cosmetics market will reach $20.8 billion by 2025, propelled by millennials. Brands already in the space include Urban Decay, Arbonne, and Pacifica.
The report, published by Grand View Research, explains that “Rapidly changing cosmetic trends are affecting 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 vegan beauty industry was valued at $12.9 billion in 2017, according to another report released by Grand View.
The projection of $20.8 billion aligns the industry with a compound annual growth rate of 6%, or almost 40% growth from its current value.Other key findings include a 65% uptick in online vegan cosmetics sales in China and the expectation that the US vegan beauty market alone will hit a value of $3.16 billion.The report points out that millennials are driving the vegan cosmetics movement pushed by the belief that plant-based products are better for their health than those that are animal-based.
Additionally, consumer sentiment towards using animal products is changing on the whole, as evidenced by fur and angora hair bans becoming more common.The landscape for vegan beauty is already competitive, with global brands fighting for market share. Additional vegan beauty brands that are already established include Zuzu Luxe, Ecco Bella, Bare Blossom, Emma Jean Cosmetics, Modern Mineral Makeup, Nature’s Gate, Beauty Without Cruelty, Billy Jealousy, and MuLondon Organic.The full 100-page report is available on Grand View Research’s website.