The Vegan Skincare Market Soars Upward

Vegan Cosmetic

The vegan cosmetics market is on fire.  The global vegan cosmetic market is expected to reach $20.8 billion USD by 2025, with a CAGR of 6.3% during the next five years, according to new research from Grand View Research. Skincare is expected to continue to dominate the vegan cosmetic market, as it has since 2017, and the e-commerce segment s expected to grow as well, exhibiting a 7.4% CAGR.

What’s behind this phenomenal growth? Three key factors: a shift in consumer attitudes, the Millennial vegan lifestyle push, and an expansion of vegan cosmetic options that were never available to consumers before.

Consumer conscience goes green

The vegan personal care product push is a natural extension of the current consumer obsession with purchasing the most natural or eco-friendly products possible.  Vegan cosmetic products are formulated without any animal products, animal by-products (i.e. honey from bees), or animal derivatives, and viewed as one of the “greenest” and “kindest” cosmetic products possible.

“Consumers today are doing more research and reading up on the products and services they buy more than ever before,” according to Mintel’s Global Beauty Trends 2018 report.

Additionally, it’s important to note that 33% of consumers are now choosing to buy from brands they believe are doing social or environmental good, according to a study conducted by Unilever.

This consumer embracing of natural claims, and thus vegan products, is two-fold. First, buying eco-friendly personal care products allows consumers to purchase items with minimized environmental impact, an issue which has become increasingly important as of late.

Consumers today are doing more research and reading up on the products and services they buy more than ever before.

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Secondly, natural claims products are often seen as safer, healthier, and even more effective than their more traditional counterparts.

Vegan products neatly satisfy both of these consumer desires to go greener. Vegan cosmetic items are viewed as more environmentally friendly, as animal farming is often seen as one of the biggest contributors to climate change. Additionally, vegan products are also viewed by consumers as being safer to use on the hair, skin, body, and nails, thanks to formulations typically packed with popular natural products like oils, extracts, and plants.

As consumer attitudes about animal testing and environmental impact continue to evolve, the global vegan personal care product market will surely feel the benefit.

A Millennial push

The vegan personal care market growth is being led by one key segment: Millennials. Why?

“Millennials find cruelty towards animals unethical and are spreading awareness against this act,” according Grand View Research.

But, Millennials aren’t just driving the vegan cosmetic market. Research shows that Millennials are also helming the vegan movement at the table and in the shopping mall.

“The shift toward plant-based foods is being driven by Millennials, who are most likely to consider the food source, animal welfare issues, and environmental impacts when making their purchasing decisions,” said Fiona Dryer, Consumer Analyst at GlobalData, in an interview with Forbes.

As Millennials aim to veganize their entire lifestyles, from buying leather-free shoes for their feet to selecting vegan soap for their shower stall, we can expect more notable brands and formulators to increase their vegan cosmetic product offerings and ingredient lines to meet this insatiable demand. As the Millennial appetite for all products vegan continues to grow, the international cosmetic market will see the spiraling upwards growth, in every category from skincare to haircare to makeup.

Product expansion

The third and final driver behind the vegan cosmetic market growth is the veritable explosion behind vegan cosmetic brands. A few years ago, the number of vegan products and beauty brands was slim to none. But now, there are not only vegan options for everything from toothpaste to leave-in conditioner, but there are also entire vegan skincare, personal care, and makeup brands. Simply put, as consumers are presented with more vegan options, they are buying more vegan products and driving overall market growth.

Plus, the expansion of notable brands like high-end Kat Von D Beauty, budget friendly Pacifica Cosmetics, and buzzy Inika Organic, all offer consumers an exciting selection of cosmetic product options that not only deliver on vegan product claims – but also deliver on the results. Once seen as a “fringe” movement, the variety of both prestige and drugstore vegan cosmetic lines now available to consumers has seriously upped the cache of vegan beauty, and made the category simply irresistible to consumers today.

The vegan cosmetic market shows no signs of slowing down anytime soon – and this unstoppable market growth offer formulators and brands a unique opportunity to create innovative, appealing products to newly conscientious consumers.

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