The vegan beauty industry is estimated to be worth US$18.3bn with predictions that it could hit $29.3bn in value by 2030.
But how is the vegan trend evolving and what do beauty consumers look for in a vegan product in 2023?
Here, Natacha Rodrigues, Senior Trademark Officer at The Vegan Society and Ben Elmadi, Technical Manager – Cosmetics at MSL Solution Providers answer Cosmetics Business’ questions on the topic.
How has the vegan trend evolved and why?
Natacha Rodrigues, The Vegan Society: Interest in vegan beauty has grown steadily over the past ten years. In 2022, the global market for vegan cosmetics was estimated to be worth $18.3bn.
Vegan cosmetics and toiletries is our largest sector with over 30,000 products certified. Consumers are largely driven by ethical concerns; a UK survey in 2020 by the Fund for Replacement of Animals in Medical Experiments (FRAME) found that 84% of respondents would not buy a cosmetic product if they knew it, or one of its ingredients, had been tested on animals.