The Persisting Growth in the Sale of Vegan Beauty Products
In the past years, the number of people opting for plant-based products has grown rapidly and steadily. In consequence, corresponding growth has been recorded in the vegan industry, with lots of focus being directed to individual and group choices for vegan beauty products. More and more people are visiting beauty shops or making online orders for vegan cosmetics, skin and hair care products. Indeed, studies are consistently showing that the demand and sales of vegan beauty products are on the rise.
The trend in sales of vegan beauty products
A trend analysis report by Grand View Research.com depicts a steady growth in the demand for vegan beauty products since 2014. In the report, the global sale for the products was estimated at 12.9 million dollars in 2017, and the market is expected to record a sales increase of up to 20.8 billion dollars by 2025, with a steady growth record of 6.3%. In a similar vein, Forbes estimated the value of vegan beauty and cosmetics industry at $445bn in 2017, and the figure is predicted to grow to $675bn by 2020.
This unstoppable rise in vegan beauty products sales is recording similar trends in specific continents and nations. While the largest vegan beauty products are in Europe and North America, the fastest-growing market in Asia. According to a global information company, NPD Group, sales in vegan prestige beauty products grew by 38% in the UK between February 2017 and January 2018. Business Wire.com reports more than 65.0% rise in online sales of vegan cosmetics in China by 2011. The third-largest country in the world currently ranks second-biggest market for vegan beauty products after the US, according to WWD Reports.
The growth-fueling factors
As with vegan food products, vegan beauty products are winning favor among users for the same three reasons; health, environmental conservation, and animal ethics.
From the health perspective, vegan beauty products are made from natural plant ingredients such as seaweed, aloe vera, chamomile and a wide range of essential oils. This implies that they are free of the synthetic and chemical ingredients that may have adverse effects on your skin, hair, nails, and even eyes.
The environmental conservation factor is especially supported by two key factors:
- The processes of production and packaging emit minimal chemicals to the environment
- The products don’t have destructive effects on nature and wildlife.
As concerns the animal ethics factor, vegan beauty products are often described as 100% cruelty-free, underlining the fact that they are not tested on animals. Besides, the basic products are plant-based, which saves animals from maltreatment.
With Millennials accounting for 2/3 of global buying power, their perceptions and beliefs about market products are decisive and drive decision-making processes in industries. The beauty industry is no exception in this regard. As a consequence, the preferences of millennials and other consumers in opposition of cruelty against animals, the emission of carbon and other toxins to the environment, and personal preferences for chemical-free products is going to drive the vegan beauty products market for years to come.