According to a new Global Vegan Cosmetics Market Report, the vegan cosmetics market was valued at $16.6 billion in 2021, and is estimated to reach $28.5 billion by 2031, growing at a CAGR (compound annual growth rate) of 5.9% from 2022 to 2031.
As noted by the report, vegan cosmetics are composed of chemical compounds produced from natural or synthetic sources that do not contain any animal-derived ingredients. Animal-derived substances include, “honey, beeswax, lanolin, collagen, albumen, carmine, cholesterol, gelatin, and many others. Vegan cosmetics are also devoid of animal testing and cruelty.”
Vegan cosmetics are used to cleanse or protect the body or hair and are meant for personal care, skincare, face care, and hair care. Vegan cosmetics “are used to improve or modify one’s appearance (makeup) by hiding imperfections, accentuating natural features (such as brows and eyelashes), adding radiance to a person’s face, or completely redefining the look.”
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