Many factors have contributed to the steady growth of the vegan cosmetics market, which is projected to grow exponentially by the year 2025. According to Statista, the global vegan market will reach $20.8 Billion, which translates to about 6.3% annually.
Vegan cosmetics products do not contain animal-origin ingredients in the entire product supply chain. Instead, they contain natural and organic plant-based ingredients. The product types in the vegan cosmetics market are categorized as eye cosmetics, facial cosmetics, lip and nail make-up products, and hair styling and coloring products, among others. Below are factors that have led to the growth of the vegan cosmetic market boom.
Increased Consumer Awareness
Increased consumer awareness has led to a shift in consumer preference for healthier make-up options. The COVID-19 pandemic led to a surge in vegan and organic product sales. Increased consumer concerns on safety and health matters with regard to animal-tested products, together with a rise in demand for environmentally viable products, has pushed the demand for vegan skincare products to an all-time high.
A Generational Change
Millennials' increased demand for vegan cosmetics has positively impacted the market and is a primary growth stimulant. The availability of information on demand and the emergence of social media influencers have continued to play a significant role. Experimental exposure and rapidly-changing trends associated with millennials have kept the vegan cosmetics market on an upward trend. Vegan cosmetics continue to enjoy elaborate market distribution channels such as e-commerce retail spaces, hypermarkets/supermarkets, specialty stores, and convenience stores, among others.
Millennials are intent on keeping up with rapidly-changing trends. This trait cuts across many sectors, including cosmetics. The increased awareness in the marketplace of unethical acts such as animal cruelty heightens appreciation of natural plant-based substitutes in cosmetics production.
Animal Products Ban
The banning of animal-product use in the cosmetics industry by some countries in Europe has contributed to the exponential growth of the vegan cosmetics industry. Animal products such as fur and hair are outlawed in the manufacture of skincare products. Increased campaigns have popularized and pitched vegan cosmetics as the safer and superior brands compared to products infused with animal-extracted ingredients. That alone has increased the demand for vegan skincare products.
Expanding Retail Spaces
The COVID-19 crisis affected the global market and altered consumers' buying behavior. They moved towards natural and organic products and became cautious of the skin side effects caused by chemically composed cosmetics. Meanwhile, the 2020 pandemic lockdowns expanded online retail spaces. E-commerce gave rise to private labels and brands on the global platform, fueled by government-imposed store closures, regulations, and indoor restrictions. The international market witnessed sales growth courtesy of e-commerce websites rather than in-person visits to retail stores.
Over the past few years, owing to easy product selection, order placement, and delivery, e-commerce platforms have tremendously gained momentum globally, and so has the demand for vegan-certified skincare products.