TAGS: Skin Care Hair Care Sustainability / Natural Cosmetics
ReportLinker anticipates that the global market for vegan cosmetics estimated at US$16.5 Billion in the year 2020, is projected to reach a revised size of US$24.2 Billion by 2027, growing at a CAGR of 5.6% over the analysis period 2020-2027.
Skin Care, one of the segments analyzed in the report, is projected to record a 6.1% CAGR and reach US$8.9 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Hair Care segment is readjusted to a revised 5.6% CAGR for the next 7-year period.
U.S. Market is Estimated at $4.5 Billion
The Vegan Cosmetics market in the U.S. is estimated at US$4.5 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$5 Billion by the year 2027 trailing a CAGR of 8.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 5% respectively over the 2020-2027 period.
Within Europe, Germany is forecast to grow at approximately 3.4% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.2 Billion by the year 2027.
Makeup Segment to Record 5% CAGR
In the global Makeup segment, USA, Canada, Japan, China and Europe will drive the 5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.5 Billion in the year 2020 will reach a projected size of US$3.4 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Latin America will expand at a 6.1% CAGR through the analysis period.
Source: ReportLinker