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.
“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.