Global Vegan Beauty Industry Set To Nearly Double By 2025

"Vegan cosmetics are gaining popularity due to their superior properties.” 

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vegan beauty industry double

A new report conducted by Grand View Research has predicted that the global vegan beauty industry will double in value by 2025.

The report predicted the industry will be worth $20.8 billion by 2025, almost double the worth of the industry in 2017 ($12.9 billion).

The forecast currently shows the industry maintaining an annual growth rate of 6.3% which has been attributed by Grand View Research to consumers preferring cruelty-free products.

“Spiraling demand for vegan cosmetics among millennials is one of the primary growth stimulants of the market,” the report explained.

Above: The predicted rate at which the US vegan beauty industry will grow by. Source: Grand View Research

“Major cosmetics manufacturing companies across the globe are realizing the importance of making products that use ingredients, which are mineral-based or plant-based, rather than manufacturing products that are infused with animal-extracted ingredients.

“Vegan cosmetics are gaining popularity due to their superior properties.” 

Earlier this year, a major investment group warned brands who fail to adapt to the changing market and rise of veganism, will face increasing pressure and difficulties in the coming years.

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