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 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.
Use of animal products such as hair, fur, and others is banned in few countries of developed region such as Europe. This, in turn, is poised to boost the growth of the market. In addition, growing popularity of safer and naturally derived cosmetics is anticipated to augment the market. Increasing concerns regarding health & safety, consumer awareness about 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 sale, owing to 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.
To find out more key findings from the report: