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 $ 20.8 billion by the year 2025, a compound annual growth rate of 6.3 percent. 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 United States, the vegan cosmetics market is predicted to surpass a value of $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 100 percent 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. JB