The vegan beauty movement is more than just a trend, according to a new report by Grand View Research, Inc. The global vegan cosmetics market looks set to reach USD 20.8 billion by the year 2025 — a compound annual growth rate of 6.3%. This is partly due to an increase in demand driven by millennials, said the market research firm. [1]
A growing appetite for cruelty-free beauty products, in addition to concerns regarding health and safety and an increasing importance placed on environmental issues, means that natural substitutes such as plant- and mineral-based ingredients are becoming increasingly popular within the industry, the report states. In the US, the vegan cosmetics market is predicted to surpass a value of USD 3.16 billion by 2025.
“Online stores are emerging channel of distribution, which can be convenient medium for customers to buy these products,” adds Grand View Research.
The past few years have seen a rise in popularity of vegan and cruelty-free beauty brands eschewing ingredients that come from or are tested on animals, with headline brands such as Kat Von D, Too Faced, Urban Decay and Fenty Beauty by Rihanna leading the way. Cult cosmetics brand Milk Makeup declared itself 100% vegan back in March, after eliminating animal-based products such as honey, beeswax and collagen from its formulas, while this week saw stationery company Crayola launch a vegan beauty line with Asos.
