The global vegan cosmetics market is set to reach $20.8 billion USD, according to a new market research report by Grand View Research.
According to the report, the global vegan makeup market reached $12.9 billion in 2017 and is expected to continue to grow at a compound annual growth rate (CAGR) of 6.8 percent. A rise in demand for natural, chemical-free personal care products, combined with a growing awareness regarding the realities of cosmetics animal testing and environmental awareness are all key factors in driving the vegan and cruelty-free beauty industry’s growth.
The report highlights millennials and younger generations as being “pivotal” in the rise of the vegan beauty industry. Additionally, support from celebrities has given way to an influx of high-end vegan products on the market. Vegan men’s grooming products are also expected to increase in availability in the coming years.
E-commerce, the report says, accounts for a prominent segment in the vegan cosmetics market, allowing for many cruelty-free makeup brands to increase their global reach. Demand for vegan makeup is projected to continue to grow in the North American market, where big-name brands like Loreal and Unilever are expected to launch new products that are in line with conscious consumer values. Outside of the North American market, the report highlights that the Asia Pacific region, specifically China and Japan, will see an increased demand for cruelty-free products like makeup, skincare, sun care, and hair products.
As the report stated, the expected surge in the vegan cosmetics market is driven primarily by a growing consumer awareness surrounding animal testing. A recent survey revealed that nearly half of women support a cosmetics animal testing ban and 620 MEPs of European Parliament have signed on in support of a global ban.
Nearly 40 countries across the globe have implemented a cosmetics animal testing ban, including all of the European Union. In Canada, lawmakers are looking to put a stop to all cosmetics animal testing. Further, legislation has been introduced in New York and California that would ban the sale of animal-tested cosmetics. The Calfornia Cruelty-Free Cosmetics Act recently passed in the State Senate and is slated to move on to the Assembly. Should it pass, California would be the first state in the nation to implement such a ban.