A new report compiled by market research firm Grand View Research (GVR) projected the worth of the global vegan cosmetics industry to reach $20.8 billion by 2025—up from $12.9 billion in 2017. GVR explained that growth in the vegan beauty industry—which it expects to steadily increase at a compounded annual growth rate of 6.3 percent—is primarily attributed to the increased consumer concern about animal welfare. “Spiraling demand for vegan cosmetics among millennials is one of the primary growth stimulants of the market,” the report stated. “Major cosmetics manufacturing companies across the globe are realizing the importance of making products that use ingredients, which are mineral-based or plant-based, rather than manufacturing products that are infused with animal-extracted ingredients. Vegan cosmetics are gaining popularity due to their superior properties.” A number of popular cosmetics brands, including Milk Makeup and Hourglass Cosmetics, have pledged to remove animal products from their collections to support the growing trend of vegan beauty products. In a separate report, GVR projected positive growth for vegan leather in the fashion industry, predicting that it will be a $85 billion global industry by 2025.
Photo courtesy of Hourglass Cosmetics