According to recent statistics from market research firm Mintel, the number of new vegan beauty product launches between July 2013 and June 2018 rose by 175 percent. For this reason, the market analyst is advising manufacturers in this area to focus on developing new vegan products in order to benefit from the current consumer trend.
“The vegan market is booming, in line with growing consumer concerns about the ethical and environmental impact of animal products,” said Andrew McDougall, Mintel’s Global Beauty and Personal Care Analyst. “This trend still offers room for growth in the food industry, but also in other areas, particularly beauty and fashion.”
Mintel also sees parallels between a plant-based or vegan diet and consumer behavior in cosmetics. Younger generations in particular are much more environmentally and health-conscious when it comes to shopping than was the case in the past, and consume much more sustainably. The legal situation in the beauty sector is also constantly changing – for example in California and Canada, where the sale of cosmetics tested on animals has been banned or will be banned in future.