The global market for vegan cosmetics will be worth $20.8 billion by 2025, and progress at a CAGR of 6.3% during the forecast period, according to this new report by Grand View Research.
In the U.S., the vegan cosmetics market is expected to exceed USD 3.16 billion by 2025 -- due to the expanding presence of various manufacturers and suppliers of vegan cosmetics.
Vegan skin care products have dominated the market in terms of revenue, with a share of over 36.0% in 2017. E-commerce is estimated to register a CAGR of 7.4% over the forecast period, due to the ease of vegan product selection online and the availability of a wide range of products.
What's Driving the Demand?
Spiraling demand for vegan cosmetics among millennials is one of the primary growth stimulants of the market.
In addition, most consumers now find cruelty towards animals unethical, researchers say, and are spreading awareness.
Moreover, embracing natural substitutes such as plant-based personal care products is working in favor of the market. More consumers have increasing concerns regarding the safety of certain ingredients and are looking for natural cosmetic products.
Some of the key companies present in the market -- and covered in the report -- are Zuzu Luxe, Ecco Bella, Bare Blossom, Emma Jean Cosmetics, Modern Mineral Makeup, Urban Decay, Arbonne, Pacifica, Nature's Gate, Beauty Without Cruelty, Billy Jealousy, and MuLondon Organic.
Photos above: MuLondon, Modern Minerals, and Ecco Bella.