The vegan cosmetics products market is expected to expand at a compound annual growth rate (CAGR) of 6% between 2022 and 2028 as millennials opt for animal cruelty-free products, according to a report published by Fact.MR.
Europe is anticipated to overtake Asia as the largest market for vegan cosmetic products during that period, while the Middle East and Africa are predicted to have the highest growth rate.
The global vegan cosmetic products market grew at a CAGR of about 4% between 2013 and 2017.
The demand for vegan cosmetic products is expected to grow significantly as consumers seek out cruelty-free and plant-based goods by 2028.
In terms of product type, the skin care and hair care segment will witness prolific growth over the upcoming decade, the Vegan Beauty Products Market report states.
Based on sales channel, online segment will showcase growth at an impressive rate on the back of boom that social media is witnessing
Fact.MR said the growing number of social media platforms and beauty bloggers are advocating makeup tricks with vegan cosmetic products, fuelling the demand.
“Consumers are showing a notable aversion to beauty products that include chemicals and are drawn to those that are marketed as ‘natural’ and ‘safe.’ This is anticipated to further encourage the use of vegan cosmetic products,” it added.
“Customers are choosing items that are ecologically friendly. This is creating excellent conditions for the widespread use of vegan cosmetic products.”
Fact.MR identified some market growth restraints, including the availability of counterfeit goods.
Another barrier to the widespread use of vegan cosmetic products market is the lower shelf life of vegan goods compared to synthetic ones, it said.