The vegan boom has revolutionized the health and wellness market.
So much so that the global vegan cosmetics market could be worth up to $20.8 billion over the next five years, according to Grand View Research.
“Consumers are shifting their preference from chemical-based beauty products, owing to safety reasons, and are drawn towards ‘natural’ and ‘safe’ products. This, in turn, is likely to drive the adoption of vegan beauty products in the coming years. Furthermore, a growing number of social media channels and beauty bloggers are promoting makeup hacks using vegan beauty products. This, in turn, is boosting manufacturers of vegan beauty products,” added Prophecy Market Insights.
In addition, “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,” as noted by Research and Markets.