A new report predicts the global vegan cosmetics market will exceed $21 billion by the year 2027.
Research firm MarketGlass says the industry, currently worth a staggering $15.1 billion, will grow at a CAGR of 5.1 percent over the next seven years.
It lists China, the United States, Japan, and Canada as key locations that will drive the market’s worth.
Previous reports have cited increasing concerns regarding health and safety, and consumer awareness on animal-testing as key drivers for the growth. Moreover, ’embracing natural substitutes such as plant-based personal care products is working in favor of the market’.
Earlier this year, a UK-based testing lab secured more than $14,000 to develop cruelty-free cosmetics and personal care products.
XCellR8 received the funding for its six-month study in the CRACK IT Challenges competition that ‘funds collaborations between industry, academics and SMEs’. It is sponsored by Unilever and AstraZeneca.
The animal-free testing lab aims to remove animal-derived products from in vitro tests to create new products and chemical ingredients.
The vegan cosmetics industry is also being pushed by a slew of celebrities.
Last year, singer-songwriter Selena Gomez launched a cruelty-free cosmetics brand, Rare Beauty, in Sephora.
Moreover, the brand wrote: “For the past few months, you’ve all been asking… and we’re proud to share that our products will be 100 percent vegan and cruelty-free. Like you, we love and care for our animals too.”