Vegan Cosmetics Market Expected To Surpass $ 20 Billion Over Next 5 Years
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The cruelty-free and vegan beauty industry is reaching new heights, according to new market research.
Global Industry Analysts published the study, which found that the vegan cosmetics market is expected to reach $ 20.6 billion by 2026.
Global Vegan Cosmetics Market
The global vegan cosmetics market was worth around $ 15.1 billion in 2020, according to the report. New estimates predict that it will increase at a CAGR of 5.1% during the analysis period.
China – the world’s second-largest economy after the United States – is expected to experience a CAGR of 7.9% over the period, reaching $ 4.2 billion by 2026.
This is roughly the value of the US vegan cosmetics market for 2021, which is estimated at $ 4.3 billion.
Canada and Japan will also see significant changes in the coming years, the report points out, with expected growth of 4.6% and 2.8% respectively. And the German sector is expected to grow at a CAGR of around 3.2%.
What are vegan cosmetics?
Colloquially, “vegan” and “cruelty-free” are often used interchangeably, despite the fact that they mean different things.
Cruelty-free cosmetics are those that have not been tested on animals, but may contain ingredients of animal origin. For example, beeswax, lanolin (derived from wool), or dairy products may appear on ingredient lists for cruelty-free products.
The definitive meaning of vegan cosmetics is less clear.
In 2019, the New York Times reported that “it is possible that a vegan item has been tested on an animal and that a cruelty-free product contains ingredients of animal origin.”
However, many certifiers disagree. BIORIUS, for example, monitors regulatory compliance for cosmetic brands across Europe.
The company only offers its vegan certification to products that do not contain any animal ingredients or genetically modified organisms involving animal genes. Additionally, animal testing should not be used for any of the ingredients or for the final product.
Likewise, BeVeg requires that its certified products do not involve animal ingredients or animal experiments.