NEW YORK, June 9 — The vegan beauty movement is more than just a trend, according to a new report.
Research by Grand View Research, Inc, has found that the global vegan cosmetics market looks set to reach US$20.8 billion (RM82.9 billion) by the year 2025 — a compound annual growth rate of 6.3per cent. This is partly due to an increase in demand driven by millennials.
A growing appetite for cruelty-free beauty products, in addition to concerns regarding health and safety and an increasing importance placed on environmental issues, means that natural substitutes such as plant— and mineral-based ingredients are becoming increasingly popular within the industry, the report states. In the US, the vegan cosmetics market is predicted to surpass a value of US$ 3.16 billion by 2025.
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 100per cent 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.
To read the report Vegan Cosmetics Market Size, Share & Trends Analysis Report By Product (Skin Care, Hair Care, Makeup), By Sales Channel (E-Commerce, Supermarket, Departmental Store, Specialty Store), And Segment Forecast, 2018 — 2025, see this link. — AFP-Relaxnews