The global vegan cosmetics market size is projected to reach $20.8 billion by 2025, progressing at a Compound Annual Growth Rate (CAGR) of 6.3 percent during the forecast period.
Spiraling demand for vegan cosmetics among millennials is one of the primary growth stimulants of the market, according to a new report released by ResearchAndMarkets.com. Most consumers find cruelty towards animals unethical and are spreading awareness against this act. Moreover, embracing natural substitutes such as plant-based personal care products is working in favor of the market.
Choices in cosmetics available to vegans have rapidly expanded in past few years with new brands launching and existing brands choosing to launch new ranges of vegan products or even go completely vegan. Some of the key companies present in the market 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.
Skin care products dominated the market in terms of revenue, with a share of over 36.0 percent in 2017, owing to consumer preferences across diverse regions. E-commerce retail spaces have gained tremendous momentum over the last few years owing to ease of product selection and easy order placing and delivery.