Global Vegan Beauty Market Expected to Reach $20 Billion in Next Five Years
Similar to the booming plant-based food market, the vegan beauty industry is also experiencing rapid growth: Consumers worldwide have shifted towards plant-based and cruelty-free products as concerns regarding animal welfare and sustainability have entered the spotlight. A new study entitled Vegan Cosmetics – Global Market Trajectory & Analytics from Global Industry Analysts found that the vegan cosmetics market is expected to reach $20.6 billion by 2026.
The market research found that the vegan cosmetics market surpassed $15 billion in 2020, meaning that the market will experience a growth CAGR of 5.1 percent over the next 6 years. The study details how the rise in plant-based consumer demand is driving the popularity of vegan products across all categories.
Vegan cosmetics will experience a significant rise, especially within the world’s two largest economies: The US and China. Currently, the US vegan cosmetics market is estimated at $4.3 billion in 2021. Trailing immediately behind, China’s vegan cosmetic market is expected to reach $4.2 billion by 2026 with a CAGR of 7.9 percent. The market report found that the Chinese vegan cosmetics market will be growing at an accelerated rate within the analysis period.
Among the US and China, the report found that several other major economies would experience similar growth within the vegan cosmetics sector. The report details that Japan and Canada are projected to grow at 2.8 percent and 4.6 percent respectively by 2026. Alongside these major economies, Germany is also forecasted to grow at 3.2 percent CAGR over the analysis period.
The report found that the US, Japan, Canada, Europe, and China will lead the growth of vegan makeup products over the next five years. The estimated CAGR is valued a 4.2 percent. The current collective valuation of the makeup market is $2.2 billion, but the report predicts that it will reach $3 billion by 2026. Within the top economies, China remains the fastest growing for this category.
Although cruelty-free and vegan may be used to mean the same thing colloquially, some cosmetic products that avoid animal testing still contain animal-derived ingredients in the manufacturing process. The vegan cosmetics market surveyed in the study includes products that exclude both animal testing and animal-derived materials.
The global cosmetic industry is rapidly moving away from animal testing. Several countries have already passed bans on the sale and manufacturing of cosmetic products that involved animal testing. Consumer demand is driving the movement away from animal involvement when creating new products. Recently, Mexico became the first North American country to ban animal testing completely within the cosmetics industry. The bill will extend to the domestic sales and imports of animal-tested cosmetics.
Although Mexico is the first country in North America to ban cosmetic animal testing, it joins an already extensive list of countries that have abandoned animal testing over recent years. 40 other countries have passed legislation to ban the sale and manufacturing of animal-tested beauty products.
“For Mexico to become the 41st country to ban animal testing for cosmetics is a great advance for the entire region,” Director of Communications and Corporate Affairs at ONG Te Protejo Nicole Valdebenito said. “Cosmetic consumers are increasingly convinced that their products should not involve animal suffering and brands. They are meeting these requirements by changing their analysis processes to ones that are kind to animals and better for human beings.”
Cosmetics companies across the global market have begun adopting new methods of producing signature beauty products. While consumer demand rapidly abandons animal-tested products, cosmetic giants have redesigned their product lines. The bill to abandon cosmetic testing is supported by cosmetic giants P&G, Unilever, L’Oreal, LUSH, Avon, and more. The support signifies a remarkable change in the global cosmetic market as vegan cosmetics rapidly become the standard.