The majority of consumers may not consume a vegan diet, but the vegan beauty market is on the rise—projected to reach $21.4 billion by 2027.
Vegan beauty, which means the products are void of animal ingredients, is not new, but the demand for it seems stronger. No longer a fringe category, vegan skincare and makeup products are sold at mainstream retailers like Target, Ulta Beauty, and Sephora and upscale beauty boutiques like Bluemercury.
“While the clean category is now a beauty standard, it’s the subcategories that are unique. Vegan beauty is a great example of this, it has become quite popular,” says Erin Schmidt, beauty industry analyst at Coresight Research, a global advisory and research firm specializing in retail and technology.