The global vegan cosmetics market is projected to grow 6.5 percent a year to reach US$20.8 billion by 2025, according to Grand View Research.
The company’s new ‘vegan cosmetics market size, share & trends’ analysis report predicts that “spiralling demand” among millennials will be one of the primary growth stimulants in the market, which was worth approximately US$12.9 billion last year, for the next seven years.
“Consumers worldwide are becoming increasingly aware about the effects of their purchasing preferences and patterns on society and the environment,” said the report.
“Consumers are now more conscious about choosing products and they also take note of raw materials and source origin.”
The report notes that the growth of veganism in particular, especially among the younger generation, is playing a pivotal role in the development of the market.
“With more millennials embracing vegan lifestyles, it is no longer considered unconventional. It is now trendy, with many A-list celebrities supporting the benefits of living a vegan lifestyle and increased options available online and on the high street.”
Indeed, the report’s authors say that a recent survey conducted by The Physicians Committee across North America found that more than 70 percent of the population claim to more likely use vegan cosmetics that are not animal tested and favours development of animal-tested alternatives.
“The cosmetics industry is highly competitive in nature and requires top performing items that reach the uppermost levels of innovation and effectiveness.
“Growing environmental awareness has impelled several companies to avoid usage of animal derived raw materials by developing natural resources that are identical and overtake performances of conventional resources.
“Increasing research and development activities in the field is anticipated to help the market gain tremendous traction.”
Other key findings in the report include:
- Choices in cosmetics available to vegans 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
- Skin care products dominated the market in terms of revenue, with a share of over 36 percent in 2017
- The US 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.