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Robust growth predicted for vegan cosmetics market
The global vegan cosmetics market is slated to reach $20.6 Billion by 2026, according to a new market study published by Global Industry Analysts Inc.
Forty-two vegan cosmetics brands were covered in the survey, in the skin care, hair care and make-up segments.
The study notes that amid the COVID-19 crisis, the global market for vegan cosmetics was estimated at US$15.1 Billion in the year 2020 and is projected to grow at a CAGR (Compound Annual Growth Rate) of 5.1% over the analysis period. Skin care alone is likely to reach $7.8 billion by the end of 2026, growing at a CAGR of 5.6%.
America’s vegan cosmetics market is estimated at US$4.3 billion this year. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.2 billion by the year 2026, trailing a CAGR of 7.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR. For more information go to www.strategyr.com.