The global vegan beauty products market is predicted to be worth a staggering $25.3 billion by 2029, according to a new report.
Researchers from Prophecy Market Insights say the industry’s compound annual growth rate (CAGR) will increase by 5.9 percent during the next nine years.
Drivers for the surge include ‘rising awareness regarding cruelty-free beauty‘ and increased demand for ‘personal care products’.
“Growing consumer preference towards cruelty-free and plant-based products [is] stimulated by ethical-led choices, involving personal care products,” the report analysis states.
“This, in turn, is possible to create countless opportunities for the manufacturers of vegan beauty products over the forecast period.”
The report also suggests consumers are moving away from ‘chemical-based beauty’ due to ‘safety reasons’ – and are drawn to products perceived as ‘safe’ and ‘natural’.
“Furthermore, a growing number of social media channels and beauty bloggers are promoting makeup hacks using vegan beauty products. This, in turn, is boosting manufacturers of vegan beauty products,” the report added.
You can read the report summary or purchase the full report here