The global vegan cosmetics market is witnessing a steady growth and is expecting to increase by $3.32 billion (£2.5 billion).
The Global vegan cosmetics market has seen steady growth throughout the years. Now it’s expecting to grow by $3.32 billion (£2.5 billion) during 2020-2024, progressing at an annual growth rate of 4% during the forecast period, according to Reportlinker.
The main reasons for this growth are:
The increasing preference for vegan products from consumers, as well as “promotional and marketing strategies employed by vegan cosmetic vendors”.
BusinessWire also mentions the increasing consciousness regarding cruelty-free brands, the environmental impact of animal-based products, and the benefits of using natural or plant-based ingredients in vegan cosmetics.
The growth is reflected in vegan skincare company Bolt Beauty, which revealed that, despite launching during the Covid-19 pandemic, the company has been growing.
A spokesperson for Bolt Beauty told The Vegan Review:
“The business has been steadily growing, and we hope it will continue to do so. Launching in the cusp of a global lockdown has had its challenges. However, we are grateful that the products have enthusiastically received and reviewed.”
The company launched in May with four skincare capsules: a cleanser, moisturizer, a vitamin A retinol serum, and a skin-perfecting serum.
These were not only vegan and cruelty-free but also made from seaweed, making the products biodegradable.
Bolt Beauty has since expanded its range. By adding the Mad About Moisture Compostable Bags, plastic-free bags for the capsules that are fully compostable.
According to the company, the product sold out within the first 48 hours of launch.
It is also looking forward to talking more about circular packaging. The need to reduce and reuse, and educating its customers about its sustainable seaweed drops.
The consciousness is reflected in mainstream cosmetics, with Rihanna launching a new vegan and earth-conscious skincare line, Fenty Skin.