A new report from MarketGlass predicts the global vegan cosmetics market to reach a staggering $21.4 billion by 2027.
Market intelligence exchange platform MarketGlass has predicted that the global vegan cosmetic industry will be worth a staggering $21.4 billion by the year 2027.
This indicates a compound annual growth rate (CAGR) of 5.1% overall, with skincare in particular projected to grow by 5.6%.
The vegan cosmetic market in the US alone is already estimated at a whopping $4.1 billion, indicating the future of beauty is vegan.
In fact, many brands are future-proofing their business by becoming cruelty-free and vegan, as the plant-based trend is going nowhere. One example is Garnier, which has just been certified cruelty-free by Cruelty Free International.
Garnier is a household name available in supermarkets, drug stores and other retailers across 65 countries, and it could be the only brand that animal-conscious shoppers have access to. Therefore, this certification is truly groundbreaking and will help consumers choose more ethical products.
Moreover, China recently announced that it would end the required animal-based testing of ‘ordinary’ imported cosmetics in a groundbreaking turn of events. This means that cosmetics like general make-up, shampoos and body washes that don’t have any ‘special’ claims will not have to go through animal testing for importation.
The rise of vegan skincare
Vegan skincare ranges have almost tripled in the past seven years according to The Vegan Society, indicating a growing trend for plant-based beauty. Moreover, during Veganuary 2019, Superdrug saw a 750% increase in sales of their own-brand vegan cosmetics.
And celebrities are also cashing in on the huge market value of vegan cosmetics. Whether it’s makeup or skincare, celebrity vegan ranges are popping up everywhere.
For example, Pharrell William launched a vegan skincare range for ‘all races and genders’ into Sephora last year. Entitled ‘Humanrace’, the range consists of three products: a rice powder cleanser, a lotus enzyme exfoliator, and a humidifying cream moisturiser.
The increase in vegan ranges not only benefits the global vegan cosmetics market but also those transitioning to more plant-based and cruelty-free lifestyles, so bring on the vegan products!
Want to learn more about vegan cosmetics?
Read our article on The Cruelty-Free Beauty Revolution: Which Brands Can We Trust?