Find out how conscious consumers are changing the beauty industry.
According to Mordor Intelligence, the vegan cosmetics market is anticipated to reach USD 20.8 billion by 2025, progressing at a CAGR of 6.5%. They reported a spiraling demand for vegan cosmetics that has been attributed to several factors.
- Rapidly changing cosmetic trends are influencing more and more consumers. Many are finding cruelty towards animals unethical and are spreading awareness against this act. Hence, the market is favoring natural, vegan-certified substitutes such as plant-based personal care products. In fact, the use of animal products such as hair, fur, and others have already been banned in a few countries of developed regions such as Europe.
- Millenial customers, whom ironically tend to be more attracted towards innovative products, are the major consumers of the market.
- There is an increased demand for natural hair colors in the cosmetics market. This is forcing hair product manufacturers to put their emphasis on vegan, toxin-free ingredients.
- Increasing health & safety concerns, consumer awareness about the use of animal-tested products, and rising urgency of sourcing environmentally viable products are also anticipated to augment the market.
Businesswire.com additionally attributes the spiraling demand for vegan cosmetics to consumer interest in the many benefits of plant-based ingredients. One is the minimal number of chemicals. Others include anti-aging properties, skin hydration, reduction of acne, dark circles under eyes, uneven skin tone and other skin abnormalities. Thus, it is expected that these benefits will continue to attract consumers thereby driving market growth during the forecast period.
Major cosmetics manufacturing companies worldwide are realizing the significance of mineral-based or plant-based products. In turn, they are becoming more aware of the adverse effect of manufacturing products that are infused with animal extracted ingredients. Ultimately, vegan cosmetics are gaining popularity due to their superior properties.
It’s clear that conscious consumers are in fact changing the beauty industry. Are you among them? Are you using the power of your dollar to demand more from beauty companies?
